DZ Bank Starts SpaceX at Sell With $100 Target as 319 Million Shares Unlock
Updated
Updated · Yahoo Finance · Aug 20
DZ Bank Starts SpaceX at Sell With $100 Target as 319 Million Shares Unlock
3 articles · Updated · Yahoo Finance · Aug 20
Summary
$100 is DZ Bank's fair value for SpaceX, which it initiated at Sell on Thursday as a second post-IPO lockup tranche freed up to 319 million restricted shares.
319 million shares equal about 7% of stock subject to the 180-day lockup, adding to supply concerns that analyst Markus Leistner said could trigger a valuation "crash risk" given the capital needed for future businesses.
SpaceX shares fell 3.34% premarket after the latest unlock; an earlier August 6 tranche released about 911.5 million shares without breaking the stock.
389 million new Class A shares were also issued in SpaceX's $60 billion all-stock acquisition of Cursor, which closed on August 14, further swelling tradable supply over time.
More than a dozen staggered lockup dates will keep releasing shares instead of ending at once, though Elon Musk's roughly 48% stake remains locked until June 12, 2027.