Stocks
SpaceX unlocked more shares last week, and a rival landed a booster. Only one of those moved the stock. SpaceX unlocked more shares last week, and a rival landed a booster. Only one of those moved the stock.
Last Thursday another block of SpaceX shares became legally sellable. It was the second release since the June listing, and more than a dozen are queued between now and the middle of next year. Elon Musk's own stake, about half the company, stays locked until June 2027.
The stock trades on that schedule. It drifted down into the unlock date and firmed once the date passed, and ten weeks after listing it sits roughly where it priced. On August 19 a Chinese startup called LandSpace landed the first stage of an orbital rocket on solid ground, the first booster recovery on land by any Chinese company. That is the kind of news a rocket business reacts to. The stock didn't.
It helps to remember what was being bought in June. SpaceX was the company Americans could not own. At the IPO under 5 percent of it was in public hands, which is why those first weeks priced like a shortage. The unlock calendar is that shortage coming apart on a published timetable.
The money that paid for the shortage did not go home. Two closed-end funds, DXYZ and VCX, hold slices of OpenAI, Anthropic, Databricks and Anduril. Both are busy retail tickers, and both trade far above the asset value they themselves report — VCX at more than twice its last stated net asset value. VCX's own restricted shares came free earlier this month and the premium held anyway.
The premium was never attached to SpaceX. It attaches to whatever is still out of reach, and it moved on as soon as SpaceX stopped being that.
How does this work where you are? If you want a piece of a company before it lists, is there a route for an ordinary account in Korea or Japan, and what does that market actually look like?Last Thursday another block of SpaceX shares became legally sellable. It was the second release since the June listing, and more than a dozen are queued between now and the middle of next year. Elon Musk's own stake, about half the company, stays locked until June 2027.
The stock trades on that schedule. It drifted down into the unlock date and firmed once the date passed, and ten weeks after listing it sits roughly where it priced. On August 19 a Chinese startup called LandSpace landed the first stage of an orbital rocket on solid ground, the first booster recovery on land by any Chinese company. That is the kind of news a rocket business reacts to. The stock didn't.
It helps to remember what was being bought in June. SpaceX was the company Americans could not own. At the IPO under 5 percent of it was in public hands, which is why those first weeks priced like a shortage. The unlock calendar is that shortage coming apart on a published timetable.
The money that paid for the shortage did not go home. Two closed-end funds, DXYZ and VCX, hold slices of OpenAI, Anthropic, Databricks and Anduril. Both are busy retail tickers, and both trade far above the asset value they themselves report — VCX at more than twice its last stated net asset value. VCX's own restricted shares came free earlier this month and the premium held anyway.
The premium was never attached to SpaceX. It attaches to whatever is still out of reach, and it moved on as soon as SpaceX stopped being that.
How does this work where you are? If you want a piece of a company before it lists, is there a route for an ordinary account in Korea or Japan, and what does that market actually look like?
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