SpaceX (SPCX) President Gwynne Shotwell Sells Shares, Exercises Options

What Happened

Gwynne Shotwell, President, COO and a director of Space Exploration Technologies Corp. (SpaceX / SPCX), exercised stock options on April 18 and September 22, 2026 to acquire a total of 555,480 shares (paid approximately $6.50M in aggregate). On September 22, 2026 she sold a block of 342,170 shares in multiple open‑market trades for an aggregate proceeds of about $52.5M. Exercise strikes included $8.40, $11.20 and $19.40 per share; sale prices ranged roughly from $150.61 to $154.94 per share (weighted averages and price ranges are reported in filing footnotes).

Key Details

• Transaction dates: option exercises on 2026-04-18 and 2026-09-22; open‑market sales on 2026-09-22. Filing date: 2026-09-24.
• Exercise breakdown (amount paid):
  • 138,900 shares @ $8.40 = $1,166,732 (4/18 and again 9/22),
  • 74,410 / 74,405 shares @ $11.20 = $833,392 and $833,336,
  • 128,865 shares @ $19.40 = $2,499,981.
    (Total exercised: 555,480 shares; total paid ≈ $6,500,173.)
• Sales breakdown (all 9/22, totals shown as reported):
  • 12,500 @ $151.15 = $1,889,394
  • 7,600 @ $151.93 = $1,154,647
  • 145,809 @ $153.27 = $22,348,568
  • 151,844 @ $153.95 = $23,376,095
  • 24,417 @ $154.72 = $3,777,788 (Total sold: 342,170 shares; proceeds ≈ $52,546,492.)
• Shares owned after transactions: not provided in the data you supplied.
• Notable footnotes:
  • Reporting person adopted a Rule 10b5‑1 trading plan on June 23, 2026 (used for at least some trades).
  • Several footnotes provide weighted average sale prices and highest/lowest prices within ranges; the filing offers to supply per‑price allocation on request.
  • Vesting notes: remaining outstanding options vest monthly through Nov. 15, 2026 and Nov. 15, 2029 (per filing).
• Filing timing: The filing was dated 2026-09-24 while it reports trades as early as 2026-04-18; the April transaction(s) therefore appear to have been reported after the normal two‑business‑day Form 4 window.

Context

• These transactions consist of option exercises (code M) and open‑market sales (code S). Exercising low‑strike options and selling shares on the same day is a common practice to cover exercise costs, taxes, or to monetize gains; the filing shows exercises and large sales on the same September date.
• The presence of a Rule 10b5‑1 plan for some trades means portions of the sales were pre‑arranged according to a preset plan adopted June 23, 2026.
• This summary is factual only and does not infer motivation. If you want, I can fetch the full Form 4 text or calculate per‑share weighted averages and exact timing details from the filing.