For SpaceX employees and former employees
Planning for SpaceX employees, one lockup release at a time.
SpaceX priced its IPO at $135 a share on June 11, 2026, and most employee shares leave the lockup in stages. The next releases open October 9 and October 24. We help employees decide, before each date, how much to sell and how taxes, residency, and trading windows shape that choice.
The situation
A staged release, a new public stock, and taxes that follow you
SpaceX lists its Class A shares on Nasdaq and Nasdaq Texas as SPCX. Its prospectus reports more than 22,000 full-time employees, with the original flagship factory in Hawthorne, California and headquarters at Starbase, Texas. For many households, company stock is now the largest asset they own.
A five-for-one split took effect on May 4, 2026, so divide any earlier grant or tender price by five before comparing it with $135.
The calendar
The SpaceX lockup release calendar
For shares under the standard 180-day lockup, which covers most current and former employees, the prospectus sets these releases. Each percentage is the most of your locked shares that may be sold.
| Release | Date | Up to | Cumulative | Status |
|---|---|---|---|---|
| After Q2 results (reported Aug 4) | Aug 6, 2026 | 20% | 20% | Released |
| Price-linked bonus | Aug 6, 2026 | +10% | — | Did not trigger; rolls into Dec 8 |
| Day 70 | Aug 20, 2026 | 7% | 27% | Released |
| Day 90 | Sep 9, 2026 | 7% | 34% | Released |
| Day 105 | Sep 24, 2026 | 7% | 41% | Released |
| Day 120 | Oct 9, 2026 | 7% | 48% | Next |
| Day 135 | Oct 24, 2026 (a Saturday; first trading day Oct 26) | 7% | 55% | Upcoming |
| After Q3 results | Second full trading day after results; date not yet announced | 28% | 83% | Upcoming |
| Day 180: lockup ends | Dec 8, 2026 | Remaining 17% | 100% | Upcoming |
The bonus needed SPCX to close at or above $175.50, 30% over the IPO price, on five of the ten trading days ending August 4; closes ran from $108.37 to $125.33. Some large holders release through mid-2027, and Elon Musk’s shares stay locked until June 12, 2027. Our SpaceX lockup calendar guide covers every date.
A release date is not an open trading window. SpaceX’s insider trading policy had not been filed publicly as of September 25, 2026. If it closes trading for some employees around quarter-end, as many companies’ policies do, the October releases could fall inside a closed window.
Why it’s complex
Five decisions specific to SpaceX stock
Concentration after each release
When one stock is most of a household’s net worth, the useful decision is a rule set in advance: a fixed share of each release, a price floor, or a cash need.
Equity compensation and concentrated stockEach award type is taxed differently
RSU value at vest is wages, often withheld at 22% against brackets up to 37%. An NSO’s spread at exercise is wages. ISOs can trigger AMT. ESPP shares are bought at a discount of up to 15%.
After a big gain: what to plan nextEarly shares: 83(b) and QSBS
Restricted stock covered by a Section 83(b) election was taxed when received, so those lots are usually long-term with a low basis. QSBS almost certainly does not apply.
How we approach tax planningCalifornia to Texas
California taxes RSU income by workdays spent there from grant to vest. A genuine nonresident’s later gains are not California’s, and Texas has no personal income tax.
When tax planning distorts the portfolio10b5-1 plans
A plan may be adopted during the lockup, if SpaceX permits. For non-officers, the first sale waits 30 days after adoption.
Risk and volatility managementDiversification tools
Tools for a concentrated position, with the fine print
None of these fits every household, and none can be used on locked shares: the lockup bars any hedge of the stock’s economics. Company policy may restrict current employees further.
| Tool | How it works | Costs and trade-offs | Main risks | Who can use it |
|---|---|---|---|---|
| Exchange fund | Pool shares with other investors’ stocks, generally without current tax. | Fees; about a fifth of the fund sits in assets such as real estate. | Leaving within seven years can revive the gain; a new stock may be declined. | Accredited investors or qualified purchasers |
| Collar | Buy a put, sell a call: a floor and a ceiling. | Upside above the call is given up; dealer spreads. | Too tight, and it can be a taxable constructive sale (§1259). | Larger positions, where policy allows |
| Prepaid variable forward | Cash now for a variable number of shares delivered later. | Cash comes at a discount; upside is capped. | Counterparty risk; deferral depends on exact terms. | Usually high-net-worth clients |
| Charitable remainder trust | A trust sells without immediate tax and pays you income; charity gets the rest. | Legal and trustee costs; payout of 5% to 50% a year. | Irrevocable; payments are taxed as received. | Charitably inclined households |
| Donor-advised fund | Give shares held over a year; deduct market value up to 30% of AGI, with no gain. | Sponsor fees; irrevocable. | Newer shares deduct only basis; from 2026 the first 0.5% of AGI in gifts is not deductible. | Donors who itemize |
Sources: SpaceX Form 424(b)(4) prospectus; SEC Rule 10b5-1, 17 CFR §240.10b5-1; FTB Publication 1004; IRC §1202. Lockup agreements, grant agreements, and company policies govern.
Our approach
A plan for each release, set before the date
We start with a lot-by-lot inventory, then write each decision down before its release.
Inventory the shares
Each lot by type, including awards converted from xAI, with split-adjusted basis and holding period.
Write the sell rule
How much to sell at each release, and whether a 10b5-1 plan helps given the 30-day wait.
Settle the tax
Estimated payments or extra withholding for 2026, and a residency file if you left California.
Decide the remainder
What stays, what diversifies, and what goes to family or charity.
The work
What you’ll work through with us
- A lot-by-lot inventory of SPCX shares, basis, and holding periods
- A written sell rule for each release through December 8
- 10b5-1 plan design around the cooling-off period
- The RSU withholding gap and 2026 estimated taxes
- ISO, NSO, and ESPP sale timing, including AMT
- California-source income on equity earned in Hawthorne
- Charitable gifts of long-term shares, coordinated with your CPA and estate attorney
Planning at the firm is led by Theo Halbardier, CFP®, CIMA®, CAIA®, the firm’s founder. We are fee-only: no commissions, no product sales. About Theo
Questions
Common questions from SpaceX employees
Are you affiliated with or endorsed by SpaceX?
No. The Financial Sciences Company is an independent, fee-only registered investment adviser. We are not affiliated with, endorsed by, or sponsored by Space Exploration Technologies Corp. or its stock plan administrators. We work from SpaceX’s public SEC filings and, with permission, your own statements.
When does the SpaceX lockup end?
For shares under the standard 180-day lockup, the final release is December 8, 2026. Before then, up to 7% releases on October 9 and on October 24 (a Saturday, so trading starts October 26), and up to 28% two full trading days after third-quarter results.
Can I set up a 10b5-1 plan while my shares are locked?
Yes, if SpaceX permits it, provided nothing sells until the release. For employees who are not directors or officers, SEC rules add a 30-day cooling-off period after adoption, so a plan adopted October 1 cannot sell before October 31. Officers and directors wait longer.
Are my SpaceX shares eligible for the QSBS exclusion?
Very likely not. Section 1202 requires gross assets of no more than $50 million ($75 million for stock issued after July 4, 2025) when the shares were issued. SpaceX reported $57.1 billion of total assets at the end of 2024. California does not follow the exclusion.
If I moved from California to Texas, does California still tax my stock?
Partly. Under FTB Publication 1004, California taxes RSU income to the extent you worked there between grant and vest, and NSO income between grant and exercise. Once you are a genuine nonresident, it does not tax the gain on a later sale. Texas has no personal income tax.
Can I hedge or pledge SpaceX shares?
Not locked shares: the lockup bars hedging. After release, current employees should check SpaceX’s insider trading policy, not yet public as of September 25, 2026; many companies ban employee hedging and pledging. Where allowed, collars and prepaid forwards carry real costs.
Reviewed by Theo Halbardier, CFP® · Updated September 2026 · Figures current for 2026
Start before the next release.
The first conversation is 30 minutes. A recent brokerage statement and your grant summary help, but no preparation is needed.
We work with clients across Texas and California from our base in Texas.
Meet with usSpaceX is a trademark of Space Exploration Technologies Corp. The Financial Sciences Company is an independent, fee-only registered investment adviser and is not affiliated with, endorsed by, or sponsored by Space Exploration Technologies Corp. Details come from SpaceX’s public SEC filings and may change; the lockup agreements, your grant agreements, and company policies govern. Nothing here is a recommendation to buy, sell, or hold SPCX or a price prediction.