Blockonomi says SpaceX stock fell as share unlocks increased selling pressure

Stock decline after October peak

Blockonomi reports that SpaceX stock, trading under the ticker SPCX, has dropped nearly 24% from its October high. The article says market analyst Ali Charts reported the decline on November 1. SPCX reached $176.42 on October 6 and has since fallen to about $134.50. Blockonomi says the move happened in less than a month, and the analyst described the stock as moving toward an important support area.

Share unlocks and possible selling pressure

According to Blockonomi, nearly 2 billion shares were unlocked in October, creating roughly $307 billion in potential selling pressure at current prices. Ali Charts said this was part of a broader pattern of supply increasing after October’s heavy unlock. The article says another large unlock is scheduled for June 2027, and at today’s share price it could represent more than $900 billion in stock that becomes eligible for sale. Blockonomi notes that this estimate depends on where SPCX trades when that unlock arrives.

How the unlocks work

Blockonomi says Ali Charts explained that these unlocks do not create new shares. Instead, they allow holders of previously restricted SpaceX stock to sell shares they already own. The article says the total share count does not change. Blockonomi also says the analyst connected the extra supply to the recent slide in the stock and presented the October unlock total and the June 2027 estimate in the same thread on X.

Technical levels and valuation

Blockonomi reports that Ali Charts said the stock is nearing a crucial support zone. If SPCX falls below the middle of its trading channel, the analyst said the next major support level is $108. The article also says the analyst questioned whether SpaceX’s valuation is justified. Blockonomi cites a $1.83 trillion market cap and $32 billion in annual revenue, which it says puts the stock at about 57 times sales.

Revenue needed at lower multiples

Blockonomi says the analyst also estimated the revenue SpaceX would need to support the same valuation at lower sales multiples. At 30 times sales, revenue would need to reach $61 billion. At 20 times sales, it would need $91.5 billion. At 10 times sales, it would need $183 billion. The article says that would be nearly six times current annual revenue at a 10x multiple. Blockonomi reports that Ali Charts said SpaceX has a strong growth story, but investors are paying a large premium for future growth.