# SpaceX (SPCX) IPO lock-up unlocks

- As of: 2026-10-22

When SpaceX went public, most existing shareholders agreed not to sell for a while. Those shares are being freed up in batches. 7 batches have been freed so far, and 9 more are coming.

**The next batch frees up to 328 million shares on Saturday 24 October, so they can be sold from Monday 26 October.**

SpaceX priced its IPO at $135 a share on 11 Jun 2026 and first traded on 12 June 2026, selling 638.9 million shares to the public, including the underwriters' extra (greenshoe) shares. The rest were locked in three groups. Most employees and early investors (4.7 billion shares) are freed bit by bit until 8 December. A few big investors (1.8 billion) wait until mid-2027. Elon Musk's 6.42 billion shares stay locked until 12 June 2027.

Freed doesn't mean sold. It just means the owners are allowed to sell if they want to.

- Denominator: 13,572,821,625 shares (~13.573B). 13,572,821,625 shares is our own sum: 13,181,779,945 from the 10-Q cover (as of 28 Jul 2026) plus 391,041,680 Class A issued in the Cursor merger (8-K, 14 Aug 2026). It is not a company-reported total. It will be replaced by the Q3 10-Q count in November.
- Released so far: 3,579,000,000 shares = 26.369% (~$570.2B at the $159.31 close on Wed 21 Oct 2026)
- Still locked: 9,290,547,515 shares = 68.450% (Musk 6,418,547,515)
- Groups: 180-day ~4.69B · extended ~1.76B · Musk 6.42B
- All figures are maximums: shares that may be sold, not a forecast that they will be.

| # | Date / trigger | Who | Shares (up to) | % of all shares | Status | Running % unlocked |
| ---: | --- | --- | ---: | ---: | --- | ---: |
| 01 | Thu 6 Aug 2026 · 2nd full trading day after Q2 results (out 4 Aug after the close) | 180-day group, non-affiliates | 911,500,000 | 6.716% | Released | **6.716%** |
| 02 | Thu 6 Aug 2026 · only if SPCX closed at or above $175.50 on 5 of the 10 trading days ending on results day | 180-day group, non-affiliates (additional release shares) | 455,800,000 | 3.358% | Didn't trigger | **6.716%** |
| 03 | Thu 20 Aug 2026 (day 70) | 180-day group, non-affiliates | 319,000,000 | 2.350% | Released | **9.066%** |
| 04 | Wed 9 Sep 2026 (day 90) | 180-day group, non-affiliates | 319,000,000 | 2.350% | Released | **11.416%** |
| 05 | Thu 10 Sep 2026 (day 91) | 180-day group, Rule 144 affiliates | 59,100,000 | 0.435% | Released | **11.852%** |
| 06 | Thu 24 Sep 2026 (day 105) | 180-day group (all) | 328,400,000 | 2.420% | Released | **14.271%** |
| 07 | Fri 9 Oct 2026 (day 120) | 180-day group | 328,400,000 | 2.420% | Released | **16.691%** |
| 08 | Thu 22 Oct 2026 (2nd full trading day after Q3 results on Tue 20 Oct) | 180-day group | 1,313,600,000 | 9.678% | Released | **26.369%** |
| 09 | Sat 24 Oct 2026 (day 135) · first tradable session Mon 26 Oct | 180-day group | 328,400,000 | 2.420% | Next | **28.788%** |
| 10 | Tue 8 Dec 2026 (day 180) | 180-day group, remainder | 784,000,000 | 5.776% | Pending | **34.565%** |
| 11 | 2nd full trading day after Q4 2026 results · date not set (~Feb/Mar 2027) | Extended group (not Musk) | 351,900,000 | 2.593% | Pending | **37.157%** |
| 12 | Thu 18 Mar 2027 (day 280) | Extended group | 176,000,000 | 1.297% | Pending | **38.454%** |
| 13 | 2nd full trading day after Q1 2027 results · date not set (~May 2027) | Extended group | 351,900,000 | 2.593% | Pending | **41.047%** |
| 14 | Mon 17 May 2027 (day 340) | Extended group | 176,000,000 | 1.297% | Pending | **42.343%** |
| 15 | Sat 12 Jun 2027 (day 366) · first tradable session Mon 14 Jun | Extended group | 351,900,000 | 2.593% | Pending | **44.936%** |
| 16 | Sat 12 Jun 2027 (day 366) | Elon Musk, all shares | 6,418,547,515 | 47.290% | Pending | **92.226%** |
| 17 | 2nd full trading day after Q2 2027 results · date not set (~Aug 2027) | Extended group, remainder | 351,900,000 | 2.593% | Pending | **94.819%** |

Cap check: IPO float 4.707% + released 26.369% + pending 68.450% + other / not in lock-up schedule 0.172% = 100%.

## Notes
- #2 needed SPCX at or above $175.50 on 5 of 10 trading days before Q2 results. Closes were $108–$125, so it did not trigger and those 455.8M shares roll into 8 Dec.
- The Q3 2026 earnings tranche is Thu 22 Oct 2026 (results Tue 20 Oct). The Q4 2026, Q1 2027 and Q2 2027 earnings-dated tranches have no date yet.
- Goldman Sachs, for the underwriters, can waive the lock-up early at any time. No waiver or early-release filing found in EDGAR through 30 Sep 2026, or in the news or on X.
- Musk's schedule line (6.42B) includes 350M option shares that are not outstanding yet, so his share of today's 13.573B is 44.7%. The 391M Cursor deal shares (2.9%) are not in the IPO lock-up schedule and we could not confirm whether they can be sold. Rounding / other is what's left after the printed "up to" figures.

## Corrections
- Motley Fool and @MaisaCorp said ~319M shares unlocked on 9 Oct. The prospectus says up to 328.4M.
- @growthrapidly (4 Oct) said "more than 2.3 billion shares" unlocked since August. By 4 Oct it was ~1.94B. It only reached ~2.27B after 9 Oct.

## Who's been unlocked: Musk and the 13F names

- Musk: 0 of 6,418,547,515 unlocked (all locked until 12 Jun 2027). Prospectus-stated.
- Named 13F holders excluding Musk: 0–2.12B of 3.12B could be unlocked by lock-up releases (estimate). If the 13F lines are right, prospectus math says at least ~963M of them is tradable now.
- The rest of the 3.579B released, 1.46B–3.58B, went to holders not on the board (employees, smaller pre-IPO holders). Estimate only.
- Per-holder figures are estimates unless marked prospectus-stated. 13F lines are 30 June snapshots (Valor 11 Sep) and can mix locked pre-IPO shares with never-locked IPO allocations or market buys. Releases are written as a percentage "of the shares" subject to each lock-up period. The prospectus never says "pro rata". Its release terms are written as a percentage of the shares under each lock-up, so we assume each holder's locked shares free up at the same rate.
- Per-holder terms: 20% (6 Aug) + 7% (20 Aug) + 7% (9 Sep) + 7% (24 Sep) + 7% (9 Oct) + 28% (22 Oct, 2nd full trading day after Q3) = 76%. The #2 10% price trigger failed. The printed aggregate, 3,579.0M of 4,691.4M = 76.29%, runs slightly higher because the 59.1M affiliate catch-up on 10 Sep was printed assuming the 10% trigger. This is released-of-the-180-day-pool; the share of ALL 13.573B shares free to trade is the 31% on /float and the headline above.

| Holder | 13F shares | Lock-up group | Unlocked so far (shares, % of stake) | Still locked | Next release | Basis |
| --- | ---: | --- | --- | --- | --- | --- |
| Elon Musk | 6,418,547,515 | Musk 366-day lock-up | 0 (0%) | 6.42B | Sat 12 Jun 2027, all shares (first trade Mon 14 Jun) | prospectus-stated |
| Alphabet / Google | 551,189,500 | Unknown group (not named) | 0–418.9M (0–76%) | 132.3M–551.2M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Valor / Antonio Gracias | 460,624,307 | Mixed: mostly extended (derived) | 0–101.8M (0–22%) | 358.9M–460.6M | Sat 24 Oct for any 180-day part; after Q4 2026 results (20%) for the extended part | derived from prospectus totals + estimate |
| Founders Fund / Peter Thiel | 427,300,000 | Unknown group (not named) | 0–324.7M (0–76%) | 102.6M–427.3M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Fidelity (FMR) | 302,600,000 | Unknown group (not named) | 0–230.0M (0–76%) | 72.6M–302.6M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Gigafund | 171,800,000 | Unknown group (not named) | 0–130.6M (0–76%) | 41.2M–171.8M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Saudi Public Investment Fund | 154,146,835 | Unknown group (not named) | 0–117.2M (0–76%) | 37.0M–154.1M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Baron Capital | 145,800,000 | Unknown group (not named) | 0–110.8M (0–76%) | 35.0M–145.8M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| D1 Capital | 126,000,000 | Unknown group (not named) | 0–95.8M (0–76%) | 30.2M–126.0M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Nvidia | 122,800,000 | Unknown group (not named) | 0–93.3M (0–76%) | 29.5M–122.8M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Sequoia Capital | 122,500,000 | Unknown group (not named) | 0–93.1M (0–76%) | 29.4M–122.5M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Capricorn | 120,800,000 | Unknown group (not named) | 0–91.8M (0–76%) | 29.0M–120.8M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Darsana Capital | 101,500,000 | Unknown group (not named) | 0–77.1M (0–76%) | 24.4M–101.5M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Andreessen Horowitz | 74,900,000 | Unknown group (not named) | 0–56.9M (0–76%) | 18.0M–74.9M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Baillie Gifford | 51,400,000 | Unknown group (not named) | 0–39.1M (0–76%) | 12.3M–51.4M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| BlackRock | 51,037,137 | Unknown group (not named) | 0–38.8M (0–76%) | 12.2M–51.0M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Ontario Teachers | 50,700,000 | Unknown group (not named) | 0–38.5M (0–76%) | 12.2M–50.7M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Brookfield | 19,200,000 | Unknown group (not named) | 0–14.6M (0–76%) | 4.6M–19.2M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Coatue | 18,600,000 | Unknown group (not named) | 0–14.1M (0–76%) | 4.5M–18.6M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Harvard Management | 12,900,000 | Unknown group (not named) | 0–9.8M (0–76%) | 3.1M–12.9M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Temasek | 9,800,000 | Unknown group (not named) | 0–7.4M (0–76%) | 2.4M–9.8M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Hancock Prospecting | 8,000,000 | Unknown group (not named) | 0–6.1M (0–76%) | 1.9M–8.0M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Norges Bank | 7,300,000 | Unknown group (not named) | 0–5.5M (0–76%) | 1.8M–7.3M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Balyasny | 3,400,000 | Unknown group (not named) | 0–2.6M (0–76%) | 0.8M–3.4M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| AMD | 3,309,470 | Unknown group (not named) | 0–2.5M (0–76%) | 0.8M–3.3M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |
| Tiger Global | 375,000 | Unknown group (not named) | 0–0.3M (0–76%) | 0.1M–0.4M | Sat 24 Oct (+7%) if 180-day; after Q4 2026 results (20%) if extended | estimate (pro rata), group unknown |

### Prospectus language
- "For those shares subject to the 180-day lock-up period, there are automatic early releases ... up to 20% of the shares may be Transferred ... up to an additional 7% of the shares may be Transferred on or after each of August 20, 2026, September 9, 2026, September 24, 2026, October 9, 2026, October 24, 2026 ... on or after December 8, 2026 ... all of the shares may be Transferred." (424B4, Underwriting – Lock-up Agreements, p. 273)
- "Several of our shareholders have agreed with the underwriters that certain shares of our common stock owned by them are subject to the restrictions described above until ... the quarter ended June 30, 2027 (such period of time, the "extended lock-up period") ..." (424B4, p. 272 (holders not named))
- "Our founder has agreed with the underwriters that all of the shares of our common stock owned by him are subject to the restrictions described above until immediately after the close of the trading day on the 366th day ... Our founder's shares are not subject to any early release provisions during the lock-up period." (424B4, p. 272)
- "All other outstanding shares of our common stock are subject to the Transfer restrictions described above until immediately after the close of the trading day on the 180th day ..." (424B4, p. 273)
- "These restrictions do not apply to: (a) the shares sold in this offering ..." (424B4, p. 269. IPO shares are not locked)
- "If purchased by these persons, these shares will not be subject to a lock-up restriction." (424B4, Directed Share Program, p. 274)

## Sources
- SpaceX final prospectus (424B4): https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm (Shares Eligible for Future Sale pp. 259–261; Underwriting – Lock-up Agreements pp. 269–273)
- SpaceX Q2 2026 earnings 8-K (4 Aug 2026): https://www.sec.gov/Archives/edgar/data/1181412/000162828026052515/0001628280-26-052515-index.htm (Sets the first earnings release date)
- SpaceX 10-Q, Q2 2026 (cover share count): https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm (13,181,779,945 shares as of 28 Jul 2026)
- Cursor merger 8-K (14 Aug 2026): https://www.sec.gov/Archives/edgar/data/1181412/000162828026056945/spcx-20260814.htm (391,041,680 Class A issued)

Not financial advice.