SpaceX Shares Retreat as Lockup Expiry and $40 Billion Borrowing Plan Test Investor Resolve

SpaceX shares slid as a lockup on up to 328.4 million shares expired and reports of a roughly $40 billion AI-chip financing package weighed on sentiment.

Two separate pressures converged on SpaceX this week, and the stock buckled under both. The shares closed Thursday at EUR 143.22, down 4.3%, while Friday's session brought a further 3.6% slide to EUR 144.38 as investors digested news of a massive debt-financing package tied to artificial-intelligence hardware.

The first headwind was calendar-driven. Lockup restrictions on as many as 328.4 million SpaceX shares were set to lapse on Friday, according to media reports. Such expiries are routine for recently listed companies, opening the door for early backers and insiders to sell. Whether those holders actually head for the exits is far from certain — but the mere prospect of a wave of newly tradeable stock was enough to weigh on sentiment a day ahead of the event.

A Borrowing Package That Reframes the Risk

The second, and arguably heavier, drag came from reports that SpaceX intends to raise roughly $40 billion to procure Nvidia AI chips. The package is said to comprise about $10 billion in bank loans alongside some $30 billion in senior notes, with Apollo Global Management leading the process, according to agency reports.

That is a striking shift in profile for a company whose investment case has rested on rocket-launch dominance and the global buildout of its satellite network. Venturing into the hardware-intensive AI arena pits SpaceX against deep-pocketed competitors and demands sustained capital outlays. For shareholders who bought into the spaceflight story, the pivot forces a reassessment of where the risk now sits.

The scale of the borrowing matters in a sector already defined by its capital hunger. With interest rates elevated and bond-market return expectations having shifted, debt of this magnitude carries a meaningful burden on future cash flows. Worries about rising interest costs have, for now, crowded out enthusiasm about new AI revenue streams.

Operational Wins Pile Up — and Fade Into the Background

None of this reflects a struggling business. On Tuesday, the Federal Communications Commission granted SpaceX approval to deploy 15,000 satellites for direct-to-cell and mobile satellite services, covering both supplementary offerings in the United States and services abroad. The transport unit has been equally busy: a Falcon Heavy lifted off on October 1, completing the third Falcon launch of that day. Crew-12 Dragon undocked from the International Space Station on Thursday to ferry its crew home. And on September 29, the Federal Aviation Administration opened a review process for expanded Starship launches at Launch Complex 37.

SpaceX also moved to deepen its spectrum holdings. Reuters reported Thursday that the company agreed to acquire the nationwide 800 MHz frequency portfolio from Grain Management, securing up to 14 megahertz of paired spectrum to expand Starlink Mobile. The deal still requires FCC approval, and financial terms were not disclosed.

Yet these operational milestones have been overshadowed by financing concerns. The appetite for infrastructure, computing power and spectrum bands consumes enormous sums, and the operating business keeps demanding fresh capital. When vast expansion plans meet a growing supply of freely tradeable shares, the room for valuation premiums narrows noticeably.

Wall Street Splits on What Comes Next

Analysts are not speaking with one voice. On October 5, Goldman Sachs' Eric Sheridan raised his price target to $230 from $220 while reaffirming a buy rating, a clear bet on the earnings power of SpaceX's global growth initiatives. Susquehanna took a more guarded line on October 7, when Charles Minervino lifted his target to $173 from $144 but kept a neutral stance. The market applauds the infrastructure buildout, his positioning suggests, but wants hard evidence of durable cash generation given the lofty valuation.

The expiry of a lockup marks a passage for any newly public heavyweight — from euphoric debut to the sober routines of daily trading. For SpaceX, this Friday amounts to a genuine stress test: with liquidity rather than scarcity now setting the price, the depth of broader market conviction is about to be revealed.