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SpaceX structured its IPO lock-up agreements with a series of staggered release dates that allow most insiders to sell portions of their stock well before the standard 180-day window closes.
The S-1 filing lays out a tiered system tied to earnings milestones. Once SpaceX publishes results covering the April–June quarter — marking its debut as a publicly traded company — the lock-up lifts on up to 20% of eligible insider shares, with a further 10% unlocking on top of that if the stock has climbed at least 30% over its offering price by then, CNBC reported.
Five time-based tranches — at 70, 90, 105, 120, and 135 days after the offering — each free up another 7% of eligible shares, per CNBC. A further 28% unlocks when SpaceX releases its July–September quarterly earnings, and the full remainder comes off restriction once the 180-day period concludes.
The filing carves out Musk entirely from the accelerated release schedule, keeping him subject to the full restriction period, CNBC noted. Separately, the S-1 makes clear that the share sale in the offering itself is limited to SpaceX as an entity — no existing holders are cashing out at the time of listing.
