The unlock calendar

SpaceX went public on June 12 at $135. Insiders couldn't sell straight away — a lock-up held them back. The first slice of that lock-up came off on August 6.

Markets braced for it. The stock fell almost 14% on August 5, closing at $108.27, an all-time low. Then the unlock happened and the selling didn't. Shares rose about 6% on Thursday and 15.8% on Friday to close at $133.11 — back near the IPO price.

Being allowed to sell is not the same as selling.

But this was one date on a long calendar. From the prospectus SpaceX filed with the SEC on June 12:

• Aug 6 — 911.5 million shares, 20% of the 180-day block. Done. • Aug 20 and Sep 9 — 319.0 million each. Sep 10 adds 59.1 million for affiliates. • Sep 24, Oct 9, Oct 24 — 328.4 million each. • After Q3 earnings, around November — 1.3 billion, or 28%. • Dec 8, day 180 — 797.6 million, the remainder.

That is roughly 4.7 billion shares across 2026.

Then June 12, 2027: up to 6.4 billion shares, all of Elon Musk's holding, on a 366-day lock with no early release provisions. One date, bigger than the whole year before it.

A separate group of holders unlocks about 1.1 billion more across 2027 on its own schedule.

One thing worth knowing: a share becoming sellable is not a share being sold. August proved that. It also doesn't stop being true that the supply is scheduled and public — everyone can see these dates coming.

Every figure here is from SpaceX's own 424B4 prospectus, filed June 12, 2026.