SpaceX Loses $900B Since Its ATH: Lockup Expiry, Opaque Governance, and Ignored Risk Premium

Since its peak on June 16, SpaceX has erased approximately $900 billion in market capitalization. The expiration of the insiders' lockup period brings back into focus the structural fragilities of a private company valued through secondary markets without financial transparency.

The Fact

SpaceX has lost approximately $900 billion in market capitalization since its peak on June 16, 2026 (Le Figaro Économie, 23/06). The question of lockup expiry-potentially releasing significant volumes of insider sales-is now at the heart of investor concerns regarding the governance of the unlisted company (Yahoo Finance, 23/06). The correction comes amid a widespread tech sell-off, but SpaceX is facing a double discount: that of the sector and that of its opaque shareholder structure.

Our Take

The SpaceX paradox is instructive: the company benefits from massive government contracts (NASA Artemis, DoD), a real technological lead (reusability, Starlink), yet its valuation on secondary markets remains fundamentally speculative due to the lack of published accounts accessible to outside investors. The expiration of a lockup for an unlisted company creates an asymmetric risk: insiders can sell on secondary platforms, but outside investors lack the information to reassess the price. This is the governance risk premium-long ignored during the euphoria phase-that is now abruptly reasserting itself in the market.

To Watch

• Exact date of SpaceX’s lockup expiry and potential volumes of insider sales.
• Possible publication of financial results accessible to investors.
• Positioning of secondary-market specialized funds (Sequoia, a16z, ARK).
• SpaceX/Nasdaq correlation during the sell-off: decoupling or amplification?