SpaceX employees and early investors will unlock 911 million shares on Thursday, a move that could send the company’s stock price even lower after it has already fallen 20% from its June IPO price of $135 per share. The lockup expiration comes as the company prepares its first quarterly earnings call, but analysts say financial results alone may not offset the immediate selling pressure from insiders. The shares being released represent 12% of the company’s total stock, according to filings, and many insiders have reportedly pledged their stock as collateral for personal assets, including real estate and luxury vehicles, as noted by venture capitalist Paul Kedrosky. Short sellers have already bet heavily on a decline, with 34% of publicly available shares shorted as of last week, according to S3 Partners data. That short interest has generated about $8.3 billion in paper profits for investors since the IPO. SpaceX’s initial public offering in early June included 640 million shares for the public, but insiders held the rest under lockup agreements that expired this week. The company’s market value has dropped to about $45 billion from its $60 billion debut, raising concerns about its ability to retain value amid the influx of shares hitting the market. The lockup expiration is the first major test for SpaceX as a publicly traded company, with insiders now free to sell without restrictions. Some insiders have already begun liquidating shares, according to trading data, though SpaceX has not commented on the impact of the lockup expiration. The company’s first earnings call, set for Thursday, will provide more insight into its financial health but may not immediately halt the selloff. Investors are watching closely to see if SpaceX can stabilize its share price amid the onslaught of new supply from insiders.