When do SpaceX shares unlock? In stages, through mid-2027.
The SpaceX (SPCX) lock-up is staggered, not a single cliff. The first ~911.5 million shares became eligible for sale on Aug 6, 2026, more tranches followed through October — including up to ~1.3 billion after Q3 earnings — and the remaining standard 180-day lock-up ends in early December 2026 (the 180th day after the June 11 pricing is Dec 8). Elon Musk and other insiders are locked up for 366 days, to roughly mid-June 2027. Below: the dated schedule, what the stock did around each release, and the filings that show whether anyone is actually selling.
Published & updated Nov 4, 2026 · Prices to the Nov 3 close
SpaceX lock-up expiration dates, tranche by tranche.
A lock-up is the agreement under which pre-IPO holders — employees, early investors, officers and directors — promise the underwriters not to sell, hedge or pledge their shares for a set period after the IPO. SpaceX's version does not lapse on one date. According to IFR's reading of the prospectus, also reported by CNBC and summarized on Wikipedia, the shares come free in stages tied to earnings, the calendar and — in one case — the share price:
| When | Tranche | Shares | Trigger | Status at Nov 4, 2026 |
|---|---|---|---|---|
| Aug 6, 2026 | First release | ~911.5M — just under 7% of shares outstanding | Two days after Q2 results (Aug 4) | Eligible |
| Aug 6, 2026 | Price-based early release | 455.8M | SPCX ≥30% above the $135 IPO price on 5 of the prior 10 sessions | Not triggered |
| Aug–Oct 2026 | Time-based tranches | Up to ~328.4M each | 70, 90, 105, 120 and 135 days after the IPO | All five dates passed |
| Late Oct 2026 | Post-Q3 release | Up to ~1.3B | Following Q3 results (reported Oct 20) | Eligible |
| Early Dec 2026 | Standard 180-day expiry | All remaining shares under the standard lock-up | 180 days after the June 11 pricing (Dec 8, 2026) | Upcoming |
| ~Mid-Jun 2027 | Insider expiry | Shares held by Elon Musk and other insiders | 366 days after the IPO | Upcoming |
Source: IFR; CNBC; Wikipedia. Tranche sizes are "up to" amounts as reported in the press, not SpaceXChart's own reading of the filing. Verify exact terms and conditions in the final 424B4 prospectus on SEC EDGAR.
IFR estimated that more than $500 billion of stock becomes eligible for sale between August and year-end. That is a ceiling on what could be sold, not a forecast of what will be. For scale, SpaceX had about 13.58 billion shares outstanding at Sept 30, 2026 — 8,240M Class A and 5,339M Class B, per the Q3 2026 8-K — against the 638.9M shares (about 5%) sold in the IPO, including the greenshoe. See who owns SpaceX for the holders behind the locked shares.
What SPCX did around each release.
| Date (2026) | Event | SPCX |
|---|---|---|
| Jun 11–16 | IPO priced at $135.00; listed Jun 12 | All-time high $225.64 intraday on Jun 16 |
| Mid-Jul | — | Breaks below the $135 IPO price for the first time |
| Aug 3 | Days before the first release | All-time low $104.83 intraday (CNBC) |
| Aug 4 | Q2 results | Down as much as ~8% after hours on the capex figure |
| Aug 6 | First tranche (~911.5M) eligible; price trigger not met | Up ~6% on the day (CNBC) |
| Aug 7 | — | Up nearly 16% (CNBC) |
| Oct 5–6 | — | First close above $170 ($171.09, Oct 5); intraday high $176.42 and close $171.92 on Oct 6 |
| Oct 20 | Q3 results, after the close | — |
| Oct 21 | Market reacts to Q3 | $159.31 (+7.79%) |
| Oct 22 | Same window as the post-Q3 tranche | $144.75 (−9.14%) |
| Oct 23 | — | $147.49 |
| Oct 30 | — | $134.72 — just under the IPO price |
| Nov 3 | — | $141.31 (+3.62%) |
Reading the pattern
The low came before the first unlock, not after it. SPCX bottomed at $104.83 on Aug 3 — after a slide that began when it broke below $135 in mid-July — and then rallied as the first ~911.5M shares became eligible. The release itself did not bring a new low.
The October drop overlapped with the biggest tranche. The −9.14% move on Oct 22 coincided with the post-Q3 release of up to ~1.3B shares — but it also came a day after a 7.79% post-earnings jump, and a single day's move has many inputs. Overlap in timing is not proof of cause.
For the live quote and longer history, see the SPCX stock price chart; for how the stock has traded against its offer price, see the SpaceX IPO page.
An unlock is permission to sell, not a sale.
When a tranche is released, the contractual restriction with the underwriters lifts. Holders can then sell, hold, hedge or pledge — but nothing obliges them to do any of it. Several things stand between an "eligible" share and an actual sale:
- Holding decisions. Long-horizon holders — strategic investors, early funds, founders — often keep shares well past an unlock. Eligible supply is a ceiling, not a sell order.
- Rule 144 for affiliates. Officers, directors and large holders who count as affiliates generally sell under Rule 144, which limits volume (roughly 1% of shares outstanding, or average weekly volume if greater, per three months) and requires a Form 144 notice.
- Company trading windows. Employees and insiders are typically limited to open windows under the company's insider-trading policy, which usually follow earnings reports.
- Class B conversion. Class B shares carry 10 votes and do not trade; they convert to Class A when sold. Between June 30 and Sept 30, 2026, the 8-K balance sheets show Class A rising from 7,607M to 8,240M and Class B falling from 5,569M to 5,339M — though share counts move for several reasons, not only sales. See Class A vs Class B shares.
That is why a large unlock can pass quietly — or coincide with a sharp move — and why the filings below matter more than the calendar.
The filings that show actual selling.
- Form 144 — notice of a proposed sale by an affiliate under Rule 144. The earliest public signal that a named insider intends to sell.
- Form 4 — directors, officers and 10%-plus holders report transactions, generally within two business days. This is where to check Elon Musk's current share count; this site does not publish one.
- Schedule 13D / 13G — filed by holders above 5%, with amendments when a stake changes materially.
- Secondary offerings — a registered follow-on sale by existing holders is announced by press release and filed as a prospectus supplement. An organized secondary is the clearest sign of large-holder selling.
- Early releases — the bookrunners can waive the lock-up for some holders before a scheduled date; that disclosure typically comes as an 8-K or press release.
- The Q4 report — date not yet announced. SpaceX announces earnings dates on its investor-relations site and by press release, typically a few weeks ahead; the next balance sheet will update the Class A and Class B share counts. See SpaceX earnings.
All of these are searchable on the SpaceX company page on SEC EDGAR. For what the lock-up calendar means if you are considering a position, see how to buy SpaceX stock — information only, not a recommendation.
SpaceX lock-up questions, answered.
When does the SpaceX lock-up expire?
In stages, not on one date. According to IFR's reading of the prospectus, about 911.5 million shares became eligible on Aug 6, 2026; tranches of up to about 328.4 million shares each followed at 70, 90, 105, 120 and 135 days after the IPO; and up to about 1.3 billion more were released after Q3 earnings on Oct 20. The remaining standard 180-day lock-up ends in early December 2026 (the 180th day after the June 11 pricing is Dec 8). Elon Musk and other insiders are locked up for 366 days, to roughly mid-June 2027.
Is the SpaceX lock-up expiration on December 9, 2026?
Not as a single event. Some early descriptions — including earlier versions of this site — presented one 180-day expiry around Dec 9 when the float would multiply. Press reporting of the prospectus shows a staggered schedule instead, with large tranches released between August and October. The last standard tranche ends in early December 2026 (180 days after the June 11 pricing is Dec 8), and insiders' shares remain locked until roughly mid-June 2027.
When can Elon Musk sell his SpaceX shares?
Not before roughly mid-June 2027, when his 366-day lock-up ends. At the IPO he held more than 5.5 billion Class B shares — roughly 42% of the equity and about 82% of the voting power, per the prospectus as reported. Any later sale would be disclosed on Form 4, with a Form 144 notice for sales under Rule 144. The end of a lock-up does not mean he will sell. More on how many shares Musk owns.
How many SpaceX shares are being unlocked?
IFR estimated that more than $500 billion of stock becomes eligible between August and year-end 2026. The reported tranches are about 911.5 million shares on Aug 6, up to about 328.4 million at each of five later dates, up to about 1.3 billion after Q3 earnings, and the remaining 180-day shares in early December. For scale, SpaceX had about 13.58 billion shares outstanding at Sept 30, 2026.
Did the lock-up expiration make SPCX stock fall?
Not in a straight line. SPCX set its all-time low of $104.83 on Aug 3, days before the first release, then rallied about 6% on Aug 6 and nearly 16% the next day, according to CNBC. Its −9.14% drop on Oct 22 coincided with the post-Q3 tranche becoming eligible, a day after a 7.79% post-earnings gain. Timing overlap is not proof of cause.
What was the price-based early release?
A provision that would have released another 455.8 million shares on Aug 6, 2026 if SPCX had traded at least 30% above the $135 IPO price on 5 of the prior 10 trading sessions. It did not trigger — SPCX hit its all-time low of $104.83 on Aug 3, inside that window.
Where can I verify the SpaceX lock-up terms?
In the final prospectus (Form 424B4) on SEC EDGAR. The tranche detail on this page comes from press reporting of the prospectus — chiefly IFR and CNBC — so check the filing for exact terms and conditions.
Related
SpaceX IPO date, price and raise · Who owns SpaceX · Class A vs Class B shares · SpaceX earnings · How to buy SPCX
Sources
IFR — lock-up schedule · CNBC — Q3 2026 live blog · Q2 2026 8-K · Q3 2026 8-K · SEC EDGAR — SpaceX filings. Price moves around Aug 3–7 as reported by CNBC; October and November closes per CNBC and MarketBeat.