Equity Compensation · 12 min read
SpaceX Lockup Expiration Dates: The SPCX Release Calendar
The SpaceX lockup ends in stages, not on one day. For shares under the standard 180-day lockup, up to 7% is released on October 9 and 7% on October 24 (first tradable Monday, October 26), up to 28% two full trading days after third-quarter results, and the remaining 17% on December 8, 2026. A price-linked bonus release did not trigger.
Most coverage treats the SpaceX lockup expiration as a single date. It is a schedule, set out in the June 11, 2026 prospectus. Below is the full calendar from the filing, what is still unconfirmed, and the decisions worth making before each date. Tax figures are 2026 federal figures; confirm your own situation with a tax professional.
What are the SpaceX lockup dates?
For shares under the standard 180-day lockup, the remaining release dates are October 9, October 24, the second full trading day after third-quarter results, and December 8, 2026, when the lockup ends (SpaceX Form 424(b)(4) prospectus, Underwriting—Lock-up Agreements). The full schedule, including the releases already behind us:
| Release | Date | Up to | Cumulative | Shares eligible, all holders | Status |
|---|---|---|---|---|---|
| After Q2 results (reported Aug 4) | Aug 6, 2026 | 20% | 20% | 911.5 million* | Released |
| Price-linked bonus | Aug 6, 2026 | +10% | — | 455.8 million* | Did not trigger |
| Day 70 | Aug 20, 2026 | 7% | 27% | 319.0 million* | Released |
| Day 90 | Sep 9, 2026 | 7% | 34% | 319.0 million* | Released |
| Day 105 | Sep 24, 2026 | 7% | 41% | 328.4 million | Released |
| Day 120 | Fri, Oct 9, 2026 | 7% | 48% | 328.4 million | Next |
| Day 135 | Sat, Oct 24, 2026 (first trading day Mon, Oct 26) | 7% | 55% | 328.4 million | Upcoming |
| After Q3 results | Second full trading day after the release; date not announced | 28% | 83% | 1.3 billion | Upcoming |
| Day 180: lockup ends | Tue, Dec 8, 2026 | Remaining 17% | 100% | 797.6 million | Upcoming |
Each percentage is a ceiling on what may be sold, measured against the shares a holder had under the 180-day lockup: permission, not an instruction. Share counts are the prospectus’s estimates across all holders; those marked * exclude company affiliates, whose earlier releases (about 59.1 million shares) became available on September 10. The first release followed second-quarter results, reported August 4 (SpaceX Form 8-K, August 4, 2026).
The bonus needed SPCX to close at least 30% above the $135 IPO price, or $175.50, on five of the ten trading days ending August 4. Closes over those ten days ranged from $108.37 to $125.33 (Nasdaq, SPCX historical prices), so the condition was not met, and that 10% moved into the December 8 remainder. That is why the final step is 17% rather than 7%.
How the SpaceX lockup works
The SpaceX lockup is three schedules, not one, and which applies depends on who holds the shares. The prospectus describes them this way:
- The 180-day lockup covers most current and former employees and most pre-IPO investors. It is the calendar above.
- The extended lockup covers certain named shareholders. Together with Elon Musk’s shares, it holds about 7.8 billion shares, more than 63% of the shares outstanding before the IPO. It releases 20% after fourth-quarter 2026 results, 10% on March 18, 2027, 20% after first-quarter 2027 results, 10% on May 17, 2027, 20% on June 12, 2027, and the rest after second-quarter 2027 results.
- Elon Musk’s shares are locked for 366 days, until June 12, 2027, with no early release.
Some shares were never locked. Shares bought through the directed share program at the IPO price carry no lockup, and holders who are not officers, directors, or 10% owners may sell shares they bought in the open market after pricing. Shares delivered when RSUs vest during the lockup stay subject to it, although selling enough shares to cover withholding tax is permitted.
During the lockup a holder may make bona fide gifts, charitable contributions, and estate-planning transfers, provided nothing is received in return and the recipient signs a lockup for the remaining period. A holder may also adopt or amend a Rule 10b5-1 trading plan, if the company permits, as long as nothing sells under it until the relevant release. What a holder may not do is sell, short, or hedge the economics of locked shares. Goldman Sachs, for the underwriters, may release shares from the lockup at any time.
What is still unconfirmed
Several details that matter to a specific employee are not in any public filing as of September 25, 2026. We label them rather than guess.
- The third-quarter results date. SpaceX had not announced it, and the 28% release follows it by two full trading days. Dates on market-data sites are estimates.
- Trading windows. SpaceX’s insider trading policy is not an exhibit to the registration statement or the second-quarter 10-Q. Many companies close trading for designated employees around quarter-end until results are out. If SpaceX’s policy does, the October releases could fall inside a closed window for some current employees.
- Discretionary waivers. The underwriters may release shares early; whether they will is not knowable in advance.
- New ESPP shares. The prospectus expects purchase dates on April 15 and October 15. How October 15 shares are treated under your lockup terms is a question for the plan administrator, whose record of released lots governs any sale.
What to do before each tranche opens
The most useful work happens before a release, while there is time to think. A release that arrives without a plan tends to produce a rushed decision.
Before October 9
- Confirm with the stock plan administrator whether your trading window is open and which shares show as released.
- Build a lot list: how each lot was acquired, the date, and the split-adjusted basis. The five-for-one split on May 4, 2026 means any earlier price should be divided by five. Lots held more than a year qualify for long-term rates.
- Write down a sell rule: a fixed share of each release, a price floor, or a specific cash need.
- Check 10b5-1 timing. For employees who are not directors or officers, a plan cannot sell until 30 days after it is adopted (SEC Rule 10b5-1, 17 CFR §240.10b5-1). A plan adopted on October 1 cannot sell before October 31, which leaves the October releases out of reach but not the later ones.
Before October 24
- Remember that the release trades from Monday, October 26.
- Account for any ESPP purchase expected on October 15.
- Re-estimate 2026 tax after any October 9 sale. The final 2026 estimated payment is due January 15, 2027, and a household whose withholding and timely estimates reach 100% of last year’s tax, or 110% if last year’s adjusted gross income exceeded $150,000, generally avoids the underpayment penalty (26 U.S.C. §6654).
Before the release after third-quarter results
- This is the largest single step, up to 28%. Decide in advance how much of it the sell rule covers.
- If SpaceX’s policy reopens trading after results, as many companies’ policies do, the release and the open window may arrive close together.
Before December 8
- Plan the final 17%, and what stays concentrated afterward.
- Charitable gifts count for 2026 only if completed by December 31. Long-term shares given to a donor-advised fund are generally deductible at market value up to 30% of adjusted gross income, and from 2026 only total gifts above 0.5% of that income are deductible (26 U.S.C. §170(b)(1)). A gift of still-locked shares requires the recipient to sign a lockup, so ask the sponsor first.
- If you moved from California, keep the residency file current: lease or deed, driver’s license, voter registration, and where you work.
A hypothetical employee, worked through
The household below is hypothetical, and the $135 share price is used only because it is the IPO price. It is not a forecast; SPCX has traded well above and below that level since June. A married couple files jointly. One spouse worked at Hawthorne from 2019, moved to Starbase, and became a Texas resident on July 1, 2025. They hold 10,000 shares under the 180-day lockup, all from RSUs that vested before June 2025, with a split-adjusted basis of $40 a share. Their taxable income before any sale is $450,000.
| Hypothetical release schedule | Shares |
|---|---|
| Shares under the 180-day lockup | 10,000 |
| Released through September 24 (41%) | 4,100 |
| October 9 release (7%) | 700 |
| October 24 release, tradable October 26 (7%) | 700 |
| Release after third-quarter results (28%) | 2,800 |
| December 8 release (remaining 17%) | 1,700 |
The tax on selling the October 9 release
Suppose they sell the full October 9 release. Because every lot was held more than a year, the gain is long-term, and it is taxed on top of their other income (Rev. Proc. 2025-32, section 4.03):
| October 9 sale, hypothetical | Amount |
|---|---|
| Sale of the October 9 release: 700 shares at an illustrative $135 | $94,500 |
| Basis: 700 shares at $40, the value when the RSUs vested | $28,000 |
| Long-term capital gain | $66,500 |
| Federal tax at 15% (taxable income stays under $613,700) | $9,975 |
| Net investment income tax at 3.8% (income above $250,000) | $2,527 |
| Total federal tax on the sale | $12,502 |
| Texas income tax | $0 |
| For comparison: California tax at 9.3% had they still lived there | $6,185 |
Texas levies no personal income tax (Tex. Const. art. 8, §24-a). California taxes capital gains as ordinary income (FTB, capital gains and losses), and at the 2025 rates a joint return with this income sits in the 9.3% bracket (FTB 2025 tax rate schedules). The net investment income tax applies because their income exceeds the $250,000 joint threshold, which is not indexed for inflation (26 U.S.C. §1411).
A December RSU vest, after the move to Texas
A second event shows why the move still matters. An RSU grant from December 1, 2022 vests 400 shares on December 1, 2026. The value at vest is wages, and payroll typically withholds 22% on supplemental wages (IRS Publication 15 (2026), section 7). California taxes that wage income to the extent the work was done in California between grant and vest (FTB Publication 1004):
| December RSU vest, hypothetical | Amount |
|---|---|
| RSU vest on December 1, 2026: 400 shares at an illustrative $135 | $54,000 |
| Federal withholding at the 22% supplemental rate | $11,880 |
| Federal tax at their 32% bracket | $17,280 |
| Gap to cover by April, or sooner | $5,400 |
| California-source share: 645 of 1,000 workdays from grant to vest (64.5%) | $34,830 |
The couple would report the $34,830 on a California nonresident return, where the rate is set with reference to total income. Neither result is a reason to sell or to hold. Both are numbers to know before the date arrives.
How we approach a staged lockup
We treat the SpaceX calendar as a sequence of decisions rather than a countdown. The work starts with a lot-by-lot inventory, because the right lot to sell first depends on basis, holding period, and award type, and those details sit in different statements. Our page on planning for SpaceX employees sets out how that inventory feeds each release.
From there, each release gets a written rule, and the rule is tested against the whole household: the tax on this year’s gains and vests, cash needs, and how much of the family’s net worth should depend on one company. That is the core of our work on equity compensation and concentrated stock, and the tax side connects to planning capital gains after a liquidity event.
Tax should inform the decision without steering it, a trade-off we cover in when tax planning distorts the portfolio. Where a household is eligible and company policy allows, exchange funds, collars, prepaid variable forwards, and charitable trusts can enter the discussion after release. Each carries fees, lost upside or illiquidity, and eligibility limits, and none applies to locked shares. We coordinate the details with the household’s CPA through our tax planning process.
Questions worth answering before a release
- Is my trading window open on the release date, and who confirms that in writing?
- Which of my lots are released, and what is each lot’s split-adjusted basis and holding period?
- What share of our net worth is SpaceX stock today, and what share do we want after December 8?
- What will 2026 tax look like after the sales and vests we expect, and is the safe harbor covered?
- Would a 10b5-1 plan help, and does its 30-day wait line up with the release we care about?
- If we moved from California, which income is still California-source, and is the residency file complete?
- Are charitable gifts part of the plan this year, and which lots are long-term?
What this does not mean
A release date is not a recommendation. Nothing here suggests selling, holding, or buying SPCX on any date, and the calendar describes what is permitted, not what is wise for a given household.
It is also not a price forecast. The number of shares that becomes eligible to trade says nothing reliable about the price on a given day, and we do not predict it. The calendar can change: the underwriters may grant waivers, and the company’s trading policy may narrow when an employee can act. Tax figures reflect 2026 federal law; your own return depends on facts we have not seen.
Frequently asked questions
When does the SpaceX lockup expire?
For shares under the standard 180-day lockup, which covers most employees and pre-IPO investors, the lockup ends on December 8, 2026. It is released in stages before then: up to 7% on October 9, up to 7% on October 24, and up to 28% on the second full trading day after third-quarter results. Certain large holders follow a separate schedule that runs to mid-2027.
How much SpaceX stock is released on October 9 and October 24?
Up to 7% of each holder’s shares under the 180-day lockup on each date. The prospectus estimates about 328.4 million shares eligible on each date across all holders. October 24, 2026 falls on a Saturday, so shares released that day can first trade on Monday, October 26, subject to any trading window that applies to you.
Did the SpaceX early-release bonus trigger?
No. An extra 10% release required SPCX to close at least 30% above the $135 IPO price, or $175.50, on five of the ten trading days ending with the August 4 earnings release. Nasdaq closing prices in that stretch ran from $108.37 to $125.33. Under the prospectus terms, that 10% stays locked until December 8.
When is the release tied to third-quarter results?
On the second full trading day after SpaceX publicly releases results for the quarter ended September 30, 2026. As of September 25, 2026, SpaceX had not announced that date. Second-quarter results came on August 4, which put the first release on August 6. Dates shown on market-data sites are estimates until the company confirms them.
Can former SpaceX employees sell on the release dates?
Former employees follow the same lockup schedule as current employees. Company trading windows usually apply to current employees and designated insiders, but separation agreements and the insider trading laws still matter: no one may trade on material nonpublic information. Confirm with the stock plan administrator which of your shares show as released.
Are Elon Musk’s shares on the same schedule?
No. The prospectus locks all of Elon Musk’s shares for 366 days, until June 12, 2027, with no early release. A separate extended lockup for certain other large shareholders releases in steps from the fourth-quarter 2026 results through the second-quarter 2027 results.
Sources and further reading
- Space Exploration Technologies Corp., Form 424(b)(4) prospectus dated June 11, 2026: Shares Eligible for Future Sale; Underwriting, Lock-up Agreements and Directed Share Program
- Space Exploration Technologies Corp., Form 8-K (Item 2.02), second-quarter 2026 results, filed August 4, 2026
- Nasdaq, SPCX historical closing prices, July 22 to August 4, 2026
- 17 CFR 240.10b5-1, cooling-off periods for Rule 10b5-1 plans
- Rev. Proc. 2025-32, 2026 tax rate tables and capital gains thresholds
- 26 U.S.C. 1411, net investment income tax
- 26 U.S.C. 6654, estimated tax safe harbors and due dates
- 26 U.S.C. 170(b)(1), charitable contribution limits, including the 0.5% floor
- IRS Publication 15 (2026), section 7, supplemental wages
- California Franchise Tax Board, Publication 1004, Equity-Based Compensation Guidelines
- California Franchise Tax Board, capital gains and losses
- California Franchise Tax Board, 2025 California tax rate schedules
- Texas Constitution, Article 8, Section 24-a
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The views and opinions expressed here are those of The Financial Sciences Company as of the publish date and are provided for informational and educational purposes only. They are not personalized investment, tax, or legal advice. The Financial Sciences Company, LLC is a registered investment adviser. Registration does not imply a certain level of skill or training. Additional information is available in our Form ADV at adviserinfo.sec.gov.
General educational information, current as of 2026. Figures and rules change. For guidance specific to your situation, speak with a qualified professional.