Why Did SpaceX Stock Fall 4% Days Before Starship's Biggest Flight?

SpaceX stock fell more than 4% on September 23, one day before a lockup expiration freed about 328 million shares for trading.

The selling pressure comes ahead of Starship Flight 14, the rocket’s first planned trip into Earth orbit and its first revenue-generating mission.

Starship Flight 14 Targets Orbit With Paying Cargo

SpaceX CEO Elon Musk said on September 24 that the company is preparing for a Monday launch, which falls on September 28. By then, the launch tower’s mechanical arms had already stacked Ship 41 on top of Super Heavy Booster 21.

Preparing for launch on Monday https://t.co/uoRfT549bl

— Elon Musk (@elonmusk) September 24, 2026

Until now, every Starship test stayed on a suborbital path by design. This time, the fully assembled 124-meter rocket aims for an orbit roughly 275 kilometers above Earth, SpaceX says. The flight should last nearly 10 hours and circle the planet about six times.

Moreover, the ship will carry 26 Starlink V3 satellites instead of dummy mass. Chief Financial Officer Bret Johnsen described the flight as the vehicle’s first revenue-generating mission.

However, SpaceX will not try a tower catch. Both stages are expendable, so the booster will splash down in the Gulf of Mexico. Meanwhile, SpaceX plans a deorbit burn that brings the ship down in the Pacific west of Chile.

Why SpaceX Stock Faces Selling Pressure

News of the orbital attempt first lifted shares above $150 in mid-September. Since then, fresh supply has weighed on SpaceX stock. The company releases insider shares in stages rather than all at once, and the first tranche unlocked in August.

The previous tranche unlocked on September 9, and the stock fell 3.9% that day.

Still, the expiration does not force anyone to sell. Instead, the real impact depends on how many insiders cash out. Further tranches are scheduled through June 2027.

On the fundamental side, Wall Street treats Flight 14 as a key proof point. Morgan Stanley analyst Adam Jonas holds a Buy rating and a $300 price target, implying about 99% upside. In his view, the market underprices SpaceX’s AI and orbital computing plans.

A clean orbit and satellite deployment would give Starship its first commercial proof. Until then, SpaceX stock looks caught between launch progress and a growing pool of tradable shares.