SpaceX Lockup, Shotwell Sale, Trump Trades: SPCX Update

Three supply-side stories converge on SPCX this week: a large lockup expiration hits tomorrow, the company’s second-ranking executive has filed a significant stock sale plan, and President Trump’s financial disclosures show he briefly held a position in SpaceX shares over the summer.

Key points

• Approximately 328 million shares are set to unlock on September 24, adding to the float and raising near-term supply concerns.
• COO Gwynne Shotwell has filed plans to sell 342,200 shares, valued at roughly $52 million at current prices.
• President Trump’s July financial disclosures show he bought up to $50,000 of SPCX and then sold a portion about a week later.
• Boeing subsidiary Insitu and connectivity firm Gogo have tested a Starlink alternative for military drones using Eutelsat’s OneWeb network.
• Motley Fool has published a 100-day post-IPO report card for SpaceX, marking roughly three months of life as a public company.

What does tomorrow’s lockup expiration mean for the stock?

The 328 million share unlock scheduled for September 24 is a straightforward supply event. More shares becoming eligible for sale does not mean all of them will be sold, but the potential overhang tends to weigh on price action around the expiration date, particularly when insider sentiment is already visible through filed sale plans. Investors will be watching daily volume closely to gauge how much of that newly available supply actually comes to market.

What should investors make of Shotwell’s $52M sale plan?

Gwynne Shotwell, SpaceX’s COO and one of its most senior executives, filed plans on September 22 to sell 342,200 shares worth approximately $52 million. The filing cites the company’s high price-to-sales valuation as context, though insider sales are routine at newly public companies where executives hold large equity positions built up over many years. Shotwell’s plan does not necessarily signal a view on near-term business performance. That said, the timing, landing just before a major lockup expiration, means the market is absorbing two bearish supply signals at once. The Gurufocus report notes the elevated valuation backdrop without providing specific price-to-sales figures, so investors seeking that data will need to consult SpaceX’s most recent filings directly.

Trump’s SpaceX trades: politically notable, financially small

Donald Trump’s July 2026 financial disclosures show a purchase of up to $50,000 in SPCX shares, followed by a partial sale roughly a week later. His July trading activity was broad, spanning more than 1,150 transactions including Microsoft, Amazon, bonds, and ETFs. The SpaceX position is small in dollar terms relative to the company’s market cap and relative to the other trades disclosed. The disclosure is worth flagging given the political relationship between Trump and Elon Musk, but the transaction size does not suggest a material directional bet.

A Starlink competitor takes shape for military drones

Away from SPCX share mechanics, Boeing’s Insitu unit and Gogo have completed tests of a military drone using Gogo’s Galileo HDX antenna connected to Eutelsat’s OneWeb satellite network. The system is described as ITAR-free, meaning it can be offered to international customers without U.S. export-control restrictions that apply to Starlink hardware. No deployment timeline has been disclosed. For SpaceX, military connectivity revenue from Starlink has been a meaningful growth driver. The emergence of credible alternatives, even at an early testing stage, is a competitive development worth tracking over time, though the immediate revenue impact is unclear.

SpaceX marked its first 100 days as a public company this week. The milestone has attracted a fresh round of investor-focused analysis, with Motley Fool among those publishing a post-IPO assessment. The sources available do not detail the specific grades or conclusions of that report card, so readers should consult the full piece directly. Nothing in this update constitutes investment advice.