SpaceX stock jumps as tokenized SPCX logs $700M

SpaceX shares rose 6.1% to about $114.92 on Aug. 6 after Gate’s tokenized SPCX recorded roughly $700 million of trading over Aug. 4-5 as traders positioned for a 911.5 million Class A share unlock.

Gate’s SPCX token posted $332 million in volume on Aug. 4 and $360 million on Aug. 5. Similar wrapped tokens trade on other exchanges as SPCXx and are backed 1:1 by shares held with third-party custodians. These tokens let global crypto traders track SpaceX price moves without owning the Nasdaq-listed shares.

The Aug. 6 unlock made 911.5 million Class A shares eligible for sale, increasing the public float from 4.9% to 11.8% of shares outstanding.

SpaceX had fallen nearly 14% on Aug. 5, closing at $108.27, after quarterly results that showed revenue rose 92% year over year to $7.8 billion and disclosed about $23.6 billion of planned AI-related capital expenditures and uncertainty around a cancelable contract in the company’s AI unit.

Despite the prior decline and the larger supply, shares closed up 6.1% at roughly $114.92 on Aug. 6 and later traded around $133.11.

Analysts responded to the lockup expiration with several bullish ratings. Morgan Stanley analyst Adam Jonas described the event as an entry opportunity and called SpaceX a “generational compounder.” Argus Research upgraded to buy with a $160 target. Citi maintained a buy rating with a $200 target, and Bernstein raised its target to $248.

SpaceX’s regulatory filing shows a corporate bitcoin holding of 18,712 BTC, acquired years earlier for about $661 million and valued near $1.29 billion at the time of the filing. Tesla holds 11,509 BTC. Elon Musk owns more than 40% of SpaceX, and his shares remain locked until June 12, 2027.