Space Exploration Technologies Corp (NASDAQ: SPCE) stock dropped 1.4% in morning trading Tuesday, reaching $145.92, as investors awaited the company's Q3 2026 earnings report set for release after market close.

Analysts project revenue between $12.74 billion and $12.89 billion for the quarter, nearly double the prior quarter's $7.8 billion. Earnings per share estimates range from $0.13 to $0.15, which would represent the company's first profitable quarter since its Nasdaq initial public offering in June 2026.

The stock faces pressure from an upcoming lockup expiration. Up to 1.3 billion shares will become freely tradable two days after the earnings release, with an additional 328 million shares unlocking on October 24.

Analysts forecast capital expenditure of roughly $19.6 billion for Q3 and negative free cash flow of approximately $11.6 billion. The company's AI segment revenue is expected to surpass Starlink's connectivity revenue for the first time.

Options traders are pricing in a stock movement of approximately 7.8% in either direction following the earnings report.