Investor Gary Black of The Future Fund LLC said on Monday that Elon Musk-led Space Exploration Technologies Corp. (NASDAQ:SPCX) shares could drop below the IPO price of $135/share in the coming days.

SPCX’s Share Lock-Up

In a post on X, the investor said that the company’s shares will likely fall below “its $135 IPO price as 20% of locked shares become free in early-August.”

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The investor is pointing to the IPO’s structure that will allow insiders, excluding Musk and other majority shareholders, to sell up to 20% of the shares owned by them following SpaceX’s second-quarter earnings…