By Pre-IPO holders of SpaceX stock are not waiting on a single expiry date. The SpaceX lock-up releases their shares in nine steps, five have already passed, and the largest is pinned to a third-quarter earnings report SpaceX has not yet scheduled.
SPCX closed at $163.42 on 12 October, 21% above the $135 offer price, and changed hands at $162.33 in Tuesday’s pre-market session. Every step still to come in the SpaceX lock-up adds sellable supply at those levels.
The SpaceX Lock-Up Trades One Supply Shock for Nine Smaller Ones
The outer boundary of the SpaceX lock-up sits in the underwriting agreement dated 11 June 2026, where Section 6(o) defines the restricted period as running to and including the date 180 days after the date of the U.S. prospectus. Goldman Sachs holds sole discretion over any waiver.
That anchor date decides every other date in the sequence, and it is not the one most calendars use. The prospectus is dated 11 June 2026 and the stock began trading on 12 June, so every day count runs from the pricing document rather than from the first session. SpaceX lock-up calendars that count from the listing date land a day late on every window, which is why published dates for the same tranche disagree.
SpaceX filed the release terms with the SEC before pricing, in a free writing prospectus. Holders under the standard SpaceX lock-up could transfer up to 20% of their restricted shares from the second full trading day after the company released results for the quarter ended 30 June 2026. A further 10% was available if the closing price reached at least 30% above the offer price on five of the ten consecutive trading days ending on and including that first earnings release date.
Five further windows release up to 7% each at 70, 90, 105, 120 and 135 days. Another 28% comes off after the second full trading day following results for the quarter ended 30 September 2026. On day 180, everything remaining is free.
Four of the Five Day-Count Windows Have Already Passed
SpaceX released second-quarter results on 4 August, posting revenue of $7.81 billion and a net loss of $541 million, which opened the first SpaceX lock-up tranche two full trading days later. Roughly 911.5 million shares became transferable on 6 August.
The 10% accelerator attached to that date never activated, because it needed closes of at least $175.50 and SPCX spent that stretch of the summer below its own offer price, reclaiming $135 only on 10 August. Those shares stay in the day-180 pool, making December heavier than a straight reading of the percentages suggests.
Counting from 11 June, the 7% windows fell on 20 August, 9 September, 24 September and 9 October, each worth about 328 million shares against a SpaceX lock-up pool of roughly 4.7 billion. The day-135 window on 24 October is the only one left. FinanceFeeds put the running total at up to 2.75 billion Class A shares becoming transferable before 8 December.
Investor Takeaway
The failed 10% accelerator pushes shares into the day-180 pool rather than removing them, which makes December heavier than the headline percentages imply.
The Q3 Print Releases 28% in a Single Session
The 28% tranche reshapes the float, worth roughly 1.3 billion shares, close to four times any 7% window. It opens on the second full trading day after SpaceX publishes third-quarter results.
SpaceX has not announced that date, and the providers tracking it currently disagree by two weeks. Stocktwits lists 3 November, TradingView estimates 5 November against consensus of $0.14 a share on revenue of $12.86 billion, and StockAnalysis projects 17 November. MarketBeat lists nothing scheduled. Until the company confirms, the largest release in the SpaceX lock-up schedule has no fixed date, and the announcement itself becomes a supply event.
Day 180 Ends the Standard Lock-Up While Musk Waits for Day 366
The remaining 17% of the standard pool, about 798 million shares, comes free on day 180, which falls on 8 December on an 11 June anchor. That date closes the schedule for ordinary pre-IPO holders.
It closes nothing for the two groups holding the bulk of the company, and this is where most coverage collapses two different arrangements into one. Certain significant shareholders sit under an extended SpaceX lock-up running until the second full trading day after results for the quarter ended 30 June 2027, with staggered releases along the way: 20% after fourth-quarter 2026 results, a further 10% at 280 days, another 20% after first-quarter 2027 results, 10% more at 340 days, and 20% at 366 days.
Elon Musk sits on stricter terms than either group, with no early release of any kind. His holding is restricted until immediately after the close of trading on the 366th day after the pricing date, and the filing states that the founder’s shares carry no early release provisions during the lock-up period. The extended group and Musk together account for approximately 7.8 billion shares, more than 63% of the shares outstanding before the offering.
Investor Takeaway
The 28% tranche tied to third-quarter results is the largest remaining release and has no confirmed date, so the earnings announcement is itself the catalyst to diary.
SPCX Rose 6% the Day 911 Million Shares Came Free
The evidence so far argues against treating these dates as automatic selling pressure. SPCX gained 6% on 6 August, the session the first tranche opened, and the September windows passed without a visible break in trend, according to TradingView data.
SPCX since listing, with the $135 offer price and the completed release windows marked. Source: TradingViewPart of that resilience comes from news flow rather than the SpaceX lock-up structure. The stock reclaimed its offer price on a Starlink phone plan, ran on launch cadence as Starship reached orbit three times in 13 hours, and recently on a reported $8 billion spectrum deal. Each release landed into demand.
That pattern holds only until a window opens on a weak quarterly print. The 28% tranche is the first scheduled to land directly in an earnings reaction, a different test from a date visible months ahead.