SpaceX is entering a critical phase of its public market debut as its first post-IPO lockup expires this week, allowing employees and early investors to sell shares for the first time.

Beginning Thursday, about 912 million shares will become eligible for trading, more than doubling the company’s current public float and potentially increasing pressure on the stock price.

Since its blockbuster June IPO, SpaceX shares have swung sharply, briefly surging before falling nearly 50 percent from their peak and slipping below the $135 offering price.

Analysts say lockup expirations often trigger increased volatility as insiders cash in gains. On average, stocks decline about 1.5 percent following the end of lockup periods, according to IPO researchers.

The development is being closely watched across Wall Street, as SpaceX’s performance could influence upcoming public offerings from major AI companies, including OpenAI and Anthropic.

Despite recent declines, SpaceX remains one of the world’s most valuable companies with a market capitalization of about $1.43 trillion. However, bearish sentiment has intensified, with the company now among the most shorted stocks in the US.

The next major milestone comes later this year, when an additional 1.3 billion shares are scheduled to be unlocked following the company’s earnings report.