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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsSpaceX’s disclosed lock-up schedule is staggered: some pre-IPO shares can become eligible to trade well before others. That can affect expectations about the supply of shares, but eligibility is not proof that a holder sold—and an unlock alone does not predict whether the stock will rise or fall.
What SpaceX’s lock-up schedule says
SpaceX’s 2026 offering summary lists an offering price of $135 per share and several restrictions rather than one lock-up expiration date for every holder. The schedule described here reflects the cited prospectus terms; later filings, waivers or amendments could change them. SpaceX’s SEC offering summary
| Holder group or provision | When shares may become eligible | What that means |
|---|---|---|
| Elon Musk | 366 days after the IPO, under the offering summary | Not included in the early-release provisions described by CII. |
| Select investors, officers and directors | Staggered releases beginning after Q4 2026 earnings and continuing through Q2 2027 earnings | A separate, later track; the cited summary does not give a single release date for the group. |
| Other shares covered by the shorter track | Staged releases beginning after Q2 2026 earnings and continuing through 180 days after the IPO | Some releases depend on earnings timing, a stock-price condition or specified days after the prospectus. |
| Certain other significant shareholders | 366-day restriction, with no early release described | CII’s letter describes this treatment in the prospectus version it reviewed. |
| Directed-share-program shares | No lock-up restriction described | CII’s letter says these shares are not subject to a lock-up. |
The SEC summary sets out the broad tracks; the Council of Institutional Investors (CII) describes specific mechanics for the shorter track in its June 9, 2026 letter. The letter is an account of the prospectus provisions, not evidence that every eligible share was sold. CII’s June 9, 2026 letter
How the shorter release track works
CII says the prospectus allows the following maximum amounts of covered shares to become transferable under specified clauses. These are eligibility caps, not amounts reported as sold.
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- Up to 20%: may become transferable on or after the second full Nasdaq trading day following release of Q2 2026 results.
- An additional 10%: may become transferable if the Class A closing price meets the specified condition of being at least 30% above the $135 offering price on at least five of the ten consecutive trading days ending on the first earnings release date.
- Five further installments of up to 7% each: may be released on the 70th, 90th, 105th, 120th and 135th days after the prospectus date.
- Up to 28% after Q3 2026 results: CII describes a further release at that point; the remaining balance is governed by the other lock-up terms.
The clauses are tied to different milestones, and the price condition applies only to the additional 10% provision as CII describes it. The schedule should not be collapsed into a single “insider lock-up expiration” date.
Why a lock-up release can matter to retail investors
A lock-up restricts transfer or sale for a period. When a restriction expires or an early-release condition is met, covered shares can become eligible to trade. That may expand the pool of shares permitted to enter the market and make future supply a focus for investors. The dates and conditions are knowable in advance, so market participants may consider them before a release occurs.
But eligible shares and actual selling are different things. A holder may retain shares, sell only some, or act at another time subject to applicable rules. The schedule alone does not establish selling volume or determine price direction.
What happened at the first reported release
The Associated Press reported that more than 900 million shares became newly available at the first release. SpaceX shares rose 6.1% that day, closing at $114.92, after falling nearly 14% the prior day. These are historical observations, not a causal estimate: the day’s move does not isolate the effect of the lock-up release and does not establish what a later release will do. Associated Press report
CII’s separate concern about investor protection
CII argued that early releases could bring unregistered shares into the public float sooner and make it harder to trace a purchaser’s shares to the IPO registration statement for a potential claim under Section 11 of the Securities Act. That is CII’s legal-policy analysis, not a court ruling that the schedule is unlawful or a determination that any particular investor has a claim. CII’s statement and signatories
The letter’s signatories included Glenn Davis, CII deputy director; Jake Barnett, managing director of Sustainable Investment Strategies at Wespath Benefits and Investments; and Dereck E. Davis, chair of the Board of Trustees of the Maryland State Retirement and Pension System. They wrote: “As long-term investors, we recognize that dynamic, founder-led companies can and do create substantial value, and we do not doubt the company’s ability to attract capital.”
Quick Recap
How to read a future release announcement
- Identify the holder group. The applicable track differs by group; “insiders” is too broad to describe every restriction.
- Check the exact trigger. A release may depend on an earnings date, a trading-price test or a specified number of days after the prospectus.
- Separate eligibility from sales. A release announcement establishes that shares may be transferable under the terms, not that owners sold them.
- Check current filings. Later SEC filings may amend terms or disclose waivers and actual releases. The lock-up tracker also notes that companies can release shares early or change terms. Lock-up tracker guidance
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