SpaceX Stock Rises Overnight: Elon Musk’s Stake Tops $900B — But Billions In Shares Still Depend On ‘Extremely Crazy Good’ Outcomes

Some vesting targets involve multitrillion-dollar valuations, space-based computing and a million-person Mars settlement.

• Musk currently owns 6.42 billion shares, representing 48.4% of SpaceX.
• The dual-class structure gives Musk more than 82% of the company’s voting power.
• Musk said his fully vested ownership stake is lower because many of his shares carry demanding performance conditions.

Shares of SpaceX (SPCX) rose 0.4% overnight late Thursday after CEO Elon Musk disclosed a 48.4% stake worth more than $900 billion, while clarifying that a significant portion will vest only if the company delivers extraordinary results.

SPCX stock fell 3% on Thursday but remained on track for a second consecutive weekly gain, rising 6% so far this week. 

Musk Discloses 48.4% SpaceX Stake

According to a fresh filing on Thursday, Musk reported beneficial ownership of 6.42 billion SpaceX shares as of June 30, representing 48.4% of the company on an as-converted basis. The stake includes nearly 849.5 million Class A shares and 3.92 billion Class B shares held through trusts where Musk serves as trustee. It also counts about 1.30 billion restricted Class B shares held directly by Musk and another 350 million shares obtainable through options exercisable within 60 days of June 30.

Although his economic interest is below 50%, SpaceX’s dual-class structure gives Class B shares 10 votes each, compared with one vote for publicly traded Class A shares, leaving him with more than 82% of the company’s voting power.

Musk Says Full SpaceX Stake Is Lower

The ownership figure does not mean every share has been earned outright. Responding to the disclosure on X, Musk said, “A bunch of it only vests on extremely crazy good outcomes for SpaceX, so actual full vested percentage is lower.”

The filing includes 1.30 billion restricted Class B shares whose vesting remains subject to performance and other conditions. However, Musk can vote those shares before they fully vest, allowing them to count toward both his disclosed beneficial ownership and voting control.

The awards are related to unusually ambitious targets. Portions require SpaceX to clear multitrillion-dollar valuation milestones, while some operational conditions stretch as far as establishing a permanent Mars settlement with at least one million residents.

A separate grant associated partly with SpaceX’s merger with xAI carries additional valuation hurdles and a requirement involving non-Earth data centers capable of delivering enormous amounts of computing capacity.

SpaceX Stock Defies Lockup Fears

Musk’s disclosure comes as SpaceX shares stage a recovery from their early-August lows. Wall Street had braced for heavy selling when the company’s largest lockup expired on Aug.6, freeing 911.5 million shares, which is more than the number sold in its record IPO.

Instead, the stock rallied 35% over the following five sessions. The rebound erased the immediate lockup concerns, restored the shares above their $135 IPO price and added around $500 billion to SpaceX’s cap. Its first public earnings report also delivered stronger-than-expected revenue and a narrower loss, giving investors reasons to reconsider the selloff. 

More SpaceX Shares Set To Unlock

However, the lockup risk has not disappeared. SpaceX adopted a nine-stage release schedule designed to prevent billions of restricted shares from reaching the market simultaneously. The next expiration arrives on Aug.20, when as many as 319 million shares could become eligible for sale. Similar blocks are expected over the following months, while Musk’s 6.4 billion-share position remains locked until June 2027 under a longer, 366-day restriction.

Investors will continue watching whether Musk’s sweeping ambitions can justify the capital required to pursue them. He has projected that annualized revenue for SpaceX will exceed $100 billion by year-end and reach $1 trillion as early as 2029 or 2030.

How Do Retail Traders Feel About SpaceX?

On Stocktwits, retail sentiment for SpaceX jumped to ‘extremely bullish’ from ‘bullish’ levels a week ago amid ‘normal’ message volume.

One user weighed in on the ownership stake, saying, “This means effective market cap is around 850 billion because he never sells. This means you are buying the largest and most capable company in the world for sub trillion valuation.

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Another user said, “$SPCX Of course Elon is making money on this. He deserves to. He took a $100 million risk in 2002 to found the company and has seen it through since.”

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SpaceX stock has declined 12% over the past three months. 

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