EL7.AI
Stocks•23 July 2026•
1 min read

HSBC Initiates SpaceX with 'Hold' Rating Ahead of Lock-up Expiry

Key Facts

1HSBC initiated coverage on SpaceX with a 'Hold' rating and a price target of $118.24.
2The public float is expected to increase from 4.9% to approximately 12% following the lock-up expiry on August 4.
3Starlink business showed strong 50% year-over-year revenue growth in 2025.

In a move reflecting market caution over upcoming liquidity shifts in the space sector, HSBC has initiated coverage on SpaceX with a 'Hold' rating. This assessment follows strong performance in the Starlink division, which achieved 50% year-over-year revenue growth in 2025. However, the bank highlights potential headwinds stemming from increased share supply as the lock-up period nears its conclusion.

According to analyst reports, the public float is expected to expand significantly from 4.9% to approximately 12% following the August 4 expiry date. This increase in tradable shares coincides with investor anticipation for the company's first quarterly earnings report, potentially triggering short-term volatility as insider shares are released into the open market.

Regarding price action, SPCX stood at $123.54 at the close of July 21, 2026, slightly above the HSBC price target of $118.24. Traders are currently monitoring support and resistance levels within the recent trading range of $120.36 to $129.88, as the market awaits the upcoming earnings catalyst.