The first batch of stocks worth over $100 billion will be unlocked on Thursday. SpaceX (SPCX.US) is facing its first test under the nine-stage lock-up period arrangement, with the market wary of selling pressure and volatility.

According to Zhitong Finance APP, investors who still hold SpaceX (SPCX.US) stock after its price fell below the IPO issuance price are facing their next test. As scheduled, on Thursday local time, approximately $101 billion worth of SpaceX shares will undergo their first round of unlocking, allowing insiders to begin selling their holdings. Due to the unprecedented nine-stage phased unlocking mechanism and the large scale of the first unlocking, the market generally expects that SpaceX's stock price may face a new round of volatility.