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Shares of SpaceX (NASDAQ:SPCX) fell 3.9% to $147.55 on Wednesday -- the same session another batch of the company's stock became free to trade.
Up to 319 million shares held by employees and early investors came out of lockup on Sept. 9, the third scheduled release since the space and artificial intelligence company's June initial public offering (IPO). A smaller batch of 59.1 million shares held by affiliates (officers and other controlling holders) followed on Thursday. Both dates came straight from SpaceX's prospectus.
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The timing invites a temptingly overly simplified conclusion: new supply arrived, so the stock fell. Maybe some of it did. But shares had climbed 9% across the three sessions before the release, so Wednesday's decline left the stock about where it ended the prior week.