Key Information You Need to Know About SpaceX Stock Lockup Expiry

TradingKey - SpaceX (SPCX) went public on Nasdaq on June 12, 2026, at an IPO price of $135. The company initially issued approximately 556 million shares, and the underwriters subsequently fully exercised their over-allotment option, increasing the total offering size to about 639 million shares and ultimately raising around $85.7 billion, setting a global record for IPO proceeds.

Less than two months after going public, SpaceX saw its first batch of restricted shares unlocked. On August 6, approximately 911.5 million shares became eligible for public trading. As the shares issued in the IPO accounted for only about 4.8% of the company's total share capital, the subsequent gradual unlocking of pre-IPO shares will significantly expand the volume of tradable shares.

How Does SpaceX's Lockup Mechanism Differ?

SpaceX has not set a uniform lockup expiration date for all pre-IPO shares. According to the prospectus, a portion of the shares subject to the 180-day lockup period may be released in tranches following earnings releases and on certain preset dates starting from the IPO pricing date.

SpaceX's latest disclosure shows a combined total of approximately 13.18 billion Class A and Class B common shares, with approximately 639 million shares offered in the final IPO.

Based on the calculation that the first tranche of approximately 911.5 million shares represents 20% of the relevant locked-up shares, the total size of these 180-day locked-up shares is approximately 4.56 billion. This figure is extrapolated from the release percentages specified in the prospectus and does not indicate that all such shares will ultimately be sold by shareholders.

What Are SpaceX's Next Lockup Expiry Dates?

According to the prospectus, SpaceX still has multiple phased release dates following the initial lockup expiration:

Future tranches in the table reflect maximum or approximate sizes calculated based on prospectus-defined percentages; actual shares eligible for trading remain subject to whether relevant conditions are met.

Around December 8 is also not the final expiration date for all of SpaceX's restricted shares. Elon Musk, as well as certain major investors, executives, and directors, are subject to longer lockup arrangements, with some shares remaining restricted until 2027.

How Will SpaceX Lockup Expiration Impact Stock Prices?

The initial lockup expiration did not immediately trigger a share price decline.

On August 6, the day approximately 911.5 million shares became eligible for trading, SPCX rose 6.14% to close at $114.92. Prior to this, SpaceX shares had already pulled back significantly from their post-listing intraday high of $225.64.

A lockup expiration indicates that shares are eligible for sale, but it does not equate to actual selling. In the short term, the stock price ultimately depends on the relationship between actual selling volume and market buying interest.

Data from S3 Partners showed that short interest in SpaceX accounted for about 34% of the floating shares at the end of July. Following the initial lockup expiration, as the float increased and short positions were adjusted, this ratio dropped to around 11% by mid-August.

Retail investor flows also shifted. Data from Vanda Research showed net retail selling of approximately $4.5 million on August 7, marking the first single-day net selling by retail investors since SpaceX went public.

In addition, SpaceX joined the Nasdaq 100 Index on July 7 with an initial weighting of about 1.3%. JPMorgan estimated at the time that the index inclusion could bring roughly $4.3 billion in passive inflows. Such index allocations generate additional buying demand, but they cannot be simply offset one-to-one against the nominal number of unlocked shares.

SpaceX Share Unlock: What Other Factors Should Investors Watch?

Based on beneficial ownership disclosures filed with the SEC, Elon Musk holds approximately 6.42 billion shares of SpaceX common stock and related equity interests.

Musk's shareholdings are subject to a 366-day lockup period and are therefore not included in the 180-day lockup expiration schedule for 2026. Certain other major investors, executives, and directors are subject to longer, phased lockup expiration schedules.

Beyond changes in share supply, the company's operating metrics are equally important. SpaceX's first quarterly report after listing showed quarterly revenue of approximately $7.8 billion and capital expenditures of about $18.4 billion, with capital expenditures representing roughly 2.36 times revenue over the same period.

SpaceX continues to expand its investments in satellites, launches, data centers, and AI-related infrastructure. Revenue growth, capital expenditures, and cash flow trends in subsequent financial reports will influence investors' assessments of the company's capital needs and operating performance.

SpaceX still has multiple tranches of shares awaiting lockup expiration, but the volume of shares unlocked cannot be directly equated with selling pressure. The actual size of share reductions, trading volume, and company operating data will ultimately determine the real impact of newly tradable shares on the stock price.