By Jared Blikre

Retail investors have bought SpaceX (SPCX) stock every day since its IPO. The rocket company's first earnings plunge only brought them back for more.

Individual investors bought a net $22.7 million of SpaceX shares during the first hour of trading on Wednesday, according to Vanda Research. That was more than three times the stock's average opening-hour inflow and its third-largest opening-hour haul across 37 trading sessions.

Retail buying surged as SpaceX plunged after earnings. (Chart: Vanda). Vanda

Wednesday extended an unbroken streak. SpaceX has yet to record a single day of net retail selling since its June 12 debut, Vanda said.

The enthusiasm had cooled. Retail investors bought $405 million during the first five sessions, compared with $103 million over the five sessions leading into earnings. But they never became net sellers.

That loyalty has been expensive.

SpaceX stock soared from its $135 IPO price to an intraday high of $225.64 on June 16. The stock has since surrendered more than half its value from that peak and fallen below its offering price.

Vanda argues that retail investors are looking far beyond the next quarterly report.

"Retail continue to see SPCX as a transformational AI story — as opposed to a space exploration or interplanetary travel stock," the firm wrote.

SpaceX's first results as a public company gave both sides something to work with. Revenue and adjusted earnings topped expectations, while nearly $16 billion in quarterly spending on AI and data centers underscored the cost of the expansion.

Retail investors treated that spending as a down payment on future growth. The stock still sold off.

Now another wave of potential sellers is arriving.

As many as 912 million shares held by employees and other pre-IPO investors are set to become eligible for sale Thursday as the first major lockup expires. That could more than double the stock's current public float, or the pool of shares available for trading.

The expiration does not force anyone to sell. It simply removes the restriction for eligible holders, including employees and early backers who acquired shares well below the IPO price.

The added supply has been looming since shortly after the debut.

"Retail investors want to own stocks with 10-bagger potential; SPCX happens to be one of those names for retail right now," Vanda wrote, referring to an investment that grows to 10 times its original purchase price.

Thursday brings a tougher test — whether those buyers can withstand the potential supply from nearly 1 billion newly eligible shares.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

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