Gelation in the Smoluchowski coagulation equation is commonly interpreted as a finite-time singularity marked by mass loss or moment divergence. We instead characterize gelation as a loss of dynamical stability of the Smoluchowski flow, quantified through the time-dependent spectrum of the Jacobian along the evolving aggregation dynamics. Studying homogeneous kernels together with the classical Smoluchowski, we show that gelation is consistently preceded by the appearance of positive real eigenvalues, indicating a loss of local dynamical stability. While non-gelling kernels exhibit only transient finite-size effects, gelling kernels display persistent spectral destabilization associated with macroscopic gel formation. Our results identify gelation as a genuine dynamical instability of the Smoluchowski flow.

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