SpaceX shares halted the post-listing surge and fell for a second straight day. The stock, which had jumped in a short period helped by a low free float, is now facing concerns over lock-up expiries and overheating in the options market, heightening investor caution.

Major foreign media including Cryptopolitan reported that SpaceX shares fell 3.57 percent on Wednesday. That followed a decline of close to 5 percent the previous day, marking two consecutive sessions of weakness.

Strong buying that had pushed the stock up after the listing appears to have cooled. Even so, it is still trading about 37 percent above its initial public offering price of $135 per share. The early post-listing uptrend is holding, with the stock up about 15 percent this week until the U.S. market holiday for Juneteenth.

The market is focusing on SpaceX’s extremely low free-float ratio. The company has about 13 billion shares outstanding, but only about 640 million shares are actually available for trading. That is less than 5 percent of the total. The limited float is seen as a key reason for the sharp rise right after listing because even a surge in buying could drive prices up quickly when few shares are available.

The issue is what happens after second-quarter results. Once SpaceX releases results, 20 percent or 30 percent of locked shares could be converted into sellable stock. The size of the first lock-up release depends on the share price at the time. Additional releases are scheduled for the rest of this year, giving existing holders who cannot sell now another chance to do so. That would mean the supply shortage that fueled early buying could ease. While it opens a chance for existing investors to take profits, it could also create additional selling pressure in the market.

Overheating in the options market is also cited as a factor that could raise short-term volatility. Trading in SpaceX stock options surged to 1.26 million contracts within three sessions of launch. Call and put option volumes were similar at about 630,000 contracts each. The analysis is that trading aimed at short-term gains is active rather than bets on a specific direction.

Ultra-short-dated options expiring on June 18 accounted for more than half of total trading, suggesting short-term speculative demand led activity. Susquehanna Investment Group data showed SpaceX ranked third among all stocks by options volume on the day. Only Nvidia and Tesla recorded higher volumes.

Market-cap rankings also shifted again. SpaceX briefly overtook Amazon on June 17 to climb into the top tier of global market value, but its market capitalisation fell to $2.44 trillion by Wednesday’s close. Amazon, meanwhile, posted $2.62 trillion to move back ahead. The gap between the two stood at about $180 billion.

On governance, a new outside director joined but there was no major change in Elon Musk’s influence. Roelof Botha of venture capital firm Sequoia Capital joined SpaceX’s board and audit committee, expanding the board to eight members. Musk still serves as chairman, chief executive officer and chief technology officer, and controls more than 82 percent of voting rights.

Long-term growth expectations are also on investors’ radar. Musk said on June 15 on his social media platform X, formerly Twitter, that "SpaceX might roughly reach $1 trillion in revenue by 2030." The comment came when the share price was surging after listing, but the stock has since pulled back for two consecutive sessions.

The market sees key variables for SpaceX’s share direction as when the low free-float ratio that drove the post-listing surge will ease, how large the lock-up release will be after the second-quarter results, and how much speculative trading centred on ultra-short-dated options will amplify volatility.