SpaceX stock in focus after China rocket milestone, share unlock ahead

SpaceX's stock saw a drop of 2.6% on Wednesday as China's LandSpace achieved a first-in-Chinese history by landing a rocket booster on land. This milestone came shortly after SpaceX's share price recovered from its IPO price on August 10, with the stock closing above its offering price for the first time since mid-July. The Chinese company's Zhuque-3 rocket successfully delivered satellites to orbit on its second flight, but the booster was lost during descent due to abnormal combustion.

Despite the setback, SpaceX remains the leading player in reusable rocketry, having landed boosters over 600 times since 2015. However, the competitive landscape is narrowing, as SpaceX faces increasing pressure from Chinese competitors. The upcoming share unlock of 319 million shares, set to release on Thursday, may also put downward pressure on the stock.

This lockup, which will release approximately 88% of SpaceX's 13 billion shares by 2027, follows a recent unlock of up to 911.5 million shares on August 6, which saw the stock rise by 6%.