SpaceX President and COO Gwynne Shotwell sold $52.5 million worth of company shares on Sept. 22, days before Starship’s planned first attempt to reach a stable orbit. The sale was the first sizable transaction by a SpaceX executive since the company listed on Nasdaq in June. Regulatory filings show it was carried out under a trading plan established months before the launch schedule was set.
Shotwell exercises options and sells 342,170 shares
A Form 4 filing received by the U.S. Securities and Exchange Commission on Sept. 24 shows that Shotwell exercised options to buy 342,170 shares at prices ranging from $8.40 to $19.40 per share, at a total cost of about $4.5 million. She then sold all of the shares the same day through Morgan Stanley for approximately $151 to $155 each, generating about $52.5 million.
The transactions were made under a Rule 10b5-1 trading plan Shotwell adopted on June 23. These plans set trading instructions in advance and are intended to prevent executives from making trade decisions based on material nonpublic information. While the sale came just days before the planned Starship launch, the filing indicates that the arrangement had been in place well before the current launch schedule.
Shotwell retains about 5.58 million shares
After the sale, Shotwell directly held about 2.47 million Class A shares. Two family trusts held a further 3.11 million shares, bringing her total holdings to roughly 5.58 million. At SpaceX’s Friday closing price of $148.68, those shares were worth about $830 million.
The sale represented roughly 6% of her shareholdings. Shotwell also held 575,005 unexercised options.
Starship targets its first stable orbit attempt
SpaceX scheduled Starship Flight 14 for 7:15 a.m. Central Time on Monday, launching from Starbase in Texas. The mission marks the rocket’s first attempt to reach a stable orbit and is set to carry 26 Starlink internet satellites. SpaceX had previously targeted Sept. 22 before changing the schedule; that launch plan had helped lift the company’s shares 6% at the time.
Shotwell’s trading plan and the shifting launch timetable were set at different times: the plan dates to June 23, about three months before the current flight schedule. The mission’s outcome could shape market views of SpaceX’s development progress, but a single sale made under a prearranged plan does not indicate Shotwell’s view of the launch or the company’s prospects.
Lockup expirations add to the share supply
Post-listing lockup expirations are another factor investors are watching. About 328 million shares became eligible for sale on Sept. 24, and SpaceX shares fell more than 4% the previous day. Early investors and other holders can sell after the lockup period ends, with further expirations scheduled through June 2027.
TipRanks’ consensus rating from 33 analysts is “Moderate Buy,” with an average price target of $232.07, about 56% above Friday’s close. The shares remain roughly 34% below their peak of $225.64. Monday’s Starship launch and the continuing release of locked-up shares are two near-term developments investors are tracking.