SPCX lock-up expiration dates: the full SpaceX unlock schedule
October 21, 2026When SpaceX listed in June, most commentary — ours included — assumed a conventional lock-up: insiders barred from selling for 90 or 180 days, then a single big unlock. The actual terms in SpaceX's prospectus turned out to be very different: a staged schedule that releases insider and employee shares in tranches every couple of weeks, with extra releases triggered by earnings reports. Here is the full schedule, what has unlocked so far, and how SPCX reacted each time.
The SPCX unlock schedule
| Date (2026) | Trigger | Approx. shares | SPCX that day |
|---|---|---|---|
| Aug 6 | 2nd trading day after Q2 earnings (20% tranche) | ~911M | +6.1% ($114.92) |
| Aug 20 | Day 70 (7%) | ~319M | −4.0% ($134.00) |
| Sep 9 | Day 90 (7%) | ~319M | −3.9% ($147.55) |
| Sep 10 | Certain affiliates | ~59M | +0.4% ($148.18) |
| Sep 24 | Day 105 (7%) | ~328M | −0.2% ($148.03) |
| Oct 9 | Day 120 (7%) | ~328M | +1.2% ($162.57) |
| ~Oct 22 | 2nd full trading day after Q3 earnings | up to ~1.3B | Upcoming |
| Oct 24 | Day 135 (7%) — falls on a Saturday | ~328M | Upcoming |
| ~Dec 8 | Remainder of the 180-day pool | ~800M | Upcoming |
| ~Jun 12, 2027 | Elon Musk's 366-day lock-up ends | ~6.4B | Upcoming |
Day counts run from the IPO pricing date. Share counts are approximate maximums as summarised by financial media from SpaceX's prospectus — some releases depend on conditions being met, so the number of shares that actually becomes tradable can be lower. The prospectus and SpaceX's SEC filings are the authoritative source; use this table as a guide, not a substitute.
How the unlocks have played out
The first tranche was the big test. On August 6, about 911 million shares — 20% of the roughly 4.6 billion shares in the 180-day pool — became saleable, more than doubling SPCX's tradable float from about 639 million to 1.55 billion shares. Many expected a slump. Instead SPCX rose 6% that day and nearly 16% the next, and closed back above its $135 IPO price on August 10. (We tell the full story in SPCX's comeback above its IPO price.)
The fortnightly tranches since then have had mixed, mostly modest effects: falls of about 4% on August 20 and September 9, near-flat sessions on September 10 and 24, and a gain on October 9. Across the whole period, roughly 2.3 billion shares became eligible for sale — and the stock rose from about $108 to the high $140s. That's consistent with what research on IPO lock-ups generally finds: well-telegraphed unlocks tend to be priced in ahead of time, and the day itself is often an anticlimax.
Why this week matters
The post-Q3 earnings tranche — up to about 1.3 billion shares, released on the second full trading day after the October 20 report — is the largest single release since August. Together with the day-135 tranche due around October 24, as much as 1.6 billion shares could become saleable within a few days, at a time when the stock is sitting on fresh gains from a strong earnings report. Whether holders take profits is the open question, and volume around October 22–26 will give the first clues.
Musk's shares: the June 2027 cliff
The largest block of all isn't in the 2026 schedule. Elon Musk's roughly 6.4 billion shares — close to half of SpaceX — are covered by a separate 366-day lock-up, running to around June 12, 2027. Other major investors, executives and directors face their own phased schedules, with some shares restricted into 2027. Musk has never been a large seller of SpaceX stock, but the date is worth marking because it's the last big structural supply event on the calendar.
How to read lock-up news
- Eligible isn't sold. An unlock means shares can be sold. Employees and early investors who believe in the company often hold.
- Watch volume, not headlines. A sustained spike in trading volume after an unlock is better evidence of selling than any prediction.
- Insider filings tell the real story. Executives and major holders must disclose their sales, usually within days.
For how lock-ups work in general, see our original SPCX lock-up explainer; for the price as these dates pass, use the live SPCX tracker.
Frequently asked questions
When is the next SPCX lock-up expiration?
The next releases fall this week: up to about 1.3 billion shares become eligible for sale on the second full trading day after SpaceX's October 20 Q3 earnings report (around October 22, 2026), and about 328 million more on day 135 (October 24, a Saturday, so in practice the surrounding trading days). The remaining shares in the 180-day pool are expected around December 8, 2026.
When does Elon Musk's SpaceX lock-up expire?
Musk's roughly 6.4 billion SPCX shares are under a longer 366-day lock-up, which runs until around June 2027 — one year after the IPO. They are not part of the 2026 unlock schedule.
How many SpaceX shares have unlocked so far?
Roughly 2.3 billion shares became eligible for sale between August 6 and October 9, 2026, across six releases — before the post-Q3 earnings tranche. Eligible to sell does not mean sold: many holders have kept their shares.
Do lock-up expirations make SPCX stock drop?
Not reliably. Of the six unlocks between August 6 and October 9, SPCX fell noticeably on two (about 4% on August 20 and September 9), was roughly flat on two, and rose on two — and the stock climbed from about $108 to about $148 over the period as a whole. Unlocks add potential supply; what matters is whether holders actually sell.