SpaceX shares are hitting a peak unlock period from August to November, with outstanding shares increasing from 640 million to 5.2 billion, mainly due to employee stock holdings—basically a lot of retail selling pressure. Regardless of future prospects, it's going to be tough for the stock to see significant gains in the next six months. From January to June next year, institutional investors will have their shares unlocked, but the volume is small and can be mostly ignored. In June 2027, Musk's 52% stake will also be unlocked, but as the founder, he doesn't have a strong incentive to sell immediately, so that can be set aside for now.