There is no selling pressure in the first round of lifting the ban! SpaceX (SPCX.US)'s two-day cumulative increase was about 23%, and its market capitalization surged by more than US$320 billion

After the first batch of restricted shares was lifted, there were no large-scale sell-offs that the market was concerned about. SpaceX (SPCX.US) shares rose sharply for the second consecutive trading day, approaching the $135 IPO price. This is the first time since falling below this key price level last month that it is close to recovering lost ground.

The Zhitong Finance App learned that on Friday, SpaceX's stock price surged nearly 16%. The two-day cumulative increase was about 23%, and the cumulative market capitalization increased by more than 327 billion US dollars. Although the ban on the first batch of restricted shares was officially lifted on Thursday, allowing some early shareholders to sell their holdings, investors are still actively buying, driving the stock price to continue to rebound.

After the ban was lifted, the number of SpaceX tradable shares more than doubled from 639 million shares at the time of the IPO to 1.55 billion shares. Earlier, many analysts had warned that the lifting of the ban on restricted shares in the first round could put a lot of selling pressure on stock prices.

Matt Maley, chief market strategist at Miller Tabak, said that as the unban period gradually comes to an end, the market ultimately still needs to decide whether it is willing to pay such a high valuation to a company that will take years to actually realize its growth potential.

In fact, prior to this round of rebound, SpaceX's stock price continued to be under pressure for a while. The company hit an all-time high soon after going public, but since then it has accumulated a market value of more than 1 trillion US dollars. Earlier this week, the company announced its first financial report after listing. As the capital expenditure of the artificial intelligence business was higher than market expectations, the stock price fell sharply by 14% in a single day on Wednesday.

However, the lifting of the ban did not trigger the concentrated sell-off expected by the market; on the contrary, it prompted some bears to make up their positions, further boosting stock prices.

According to S3 Partners data, up to now, about 250 million SpaceX shares have been short sold, accounting for about 16% of the current tradable shares. However, before the ban on about 912 million shares was lifted, this ratio was once as high as 36% due to the small circulation market.

Maley said that what is certain is that some bearish positions had to choose to close on the same day, which has also become an important factor driving up stock prices.

Prior to this round of rebound, investors who shorted SpaceX had accumulated surpluses of more than 9 billion US dollars due to continued falling stock prices.

However, analysts pointed out that the lifting of the ban on restricted shares only gave early investors the right to sell shares; it did not mean that they had to sell them immediately.

Meanwhile, Wall Street as a whole remains optimistic about SpaceX. Argus Research upgraded SpaceX's rating from “hold” to “buy” on Friday, believing that the company's AI infrastructure investment has begun to show signs of “rapid return.”

According to the data, nearly 80% of analysts currently covering SpaceX have given a “buy” rating, and the average target price is about 221 US dollars. There is still room for an increase of more than 65% from Friday's closing price, indicating that the agency is still full of confidence in the company's long-term growth prospects.