SpaceX (SPCX.US) sees its first signal of executive stock reduction after listing, as the President plans to sell $52 million worth of shares ahead of Starship’s first orbital test.

According to Jinse Finance APP, the latest regulatory filings reveal that SpaceX (SPCX.US) President and COO Gwynne Shotwell has filed to sell nearly $52 million worth of stock; another disclosure shows that an investment account held in the name of U.S. President Donald Trump bought and sold the company’s stock in July.

SPCX's share price rose 2% on Tuesday, closing at $154.72, ending a two-day losing streak.

SpaceX transaction disclosures attract attention

Shotwell’s latest regulatory filing indicates she plans to sell 342,170 shares, with a total market value of $51.96 million. The company received these shares on Tuesday through the cash exercise of stock options.

In its first quarterly report after going public, SpaceX disclosed that Shotwell adopted a 10b5-1 trading plan on June 23, covering up to 585,605 shares. The company stated that the majority of her holdings are still under an extended lock-up period. The shares listed in Tuesday’s sale notice did not exceed the maximum disclosed in that plan.

Additionally, a financial disclosure released on Tuesday shows that on July 10, an account held in Trump's name bought between $15,001 and $50,000 in SpaceX stock, and subsequently sold $1,001 to $15,000 worth on July 17. Last month's disclosure also showed that an account under Trump's name purchased between $15,001 and $50,000 in SpaceX stock on June 23.

White House spokesperson Davis Engel stated: "President Trump and any of his family members have no ability to direct, influence, or give advice on the investment portfolio's investments or the timing of trades." His holding of SpaceX stock has drawn attention because the company holds significant contracts with NASA and the Department of Defense.

Starship’s first orbital test approaches

These transaction disclosures come just before SpaceX’s next major operational test. The company is targeting no earlier than September 28 for Starship’s 14th flight, which aims to send the upper stage into Earth orbit for the first time and deploy 26 operational Starlink V3 satellites. This 10-hour mission is planned to circle the Earth six times, with the spacecraft splashing down in the Pacific Ocean afterward.

Amid this test, SpaceX is preparing to shift more launches from Falcon 9 to Starship. Some commercial clients are already finding it difficult to book Falcon 9 launches beyond 2028 and are seeking other routes to orbit. SpaceX is gradually reducing Falcon 9 production, though the rocket is expected to keep flying for years—especially for government missions—while Starship remains under development.