--- title: SpaceX Insiders Can Sell 911.5 Million Shares From Today description: Up to 911.5 million SpaceX shares unlock on 6 August. A price test in the prospectus that would have freed 455.8 million more went unmet. author: Darie Nani (Editor-in-Chief) date: 2026-08-06T18:00:12.035Z updated: 2026-08-06T18:00:12.044Z canonical: https://www.sovereignmagazine.com/article/spacex-lockup-911-million-shares-unlock image: https://cdn.nanimediahouse.com/spacex-lockup-staged-release-112790.webp categories: Markets content_type: News region: United States publication: Sovereign Magazine schema_type: Article --- Up to 911.5 million SpaceX shares held by employees and early investors become eligible for sale on Thursday, the first release in a staggered lock-up schedule that runs into 2027. They are 20% of the stock tied up by the 180-day lock-up SpaceX set out in the prospectus for [its June listing](https://www.sovereignmagazine.com/article/spacex-acquires-xai-in-1-25-trillion-deal-ahead-of-record-ipo), and they exclude holdings by affiliates. Andre Lavoie is among them. He joined SpaceX in 2009 as an engineer designing the pressure tanks used in its rockets, was interviewed for the job by Elon Musk, and was paid partly in stock. The 200,000 shares he was given are worth about $22 million at the current price. He told the BBC he intends to sell gradually rather than in one go. "Every chance I get going forward, I'll sell a little bit more," he said. He plans to put the money toward a hotel he is renovating in Pontebba, in Italy's Friuli region, and a small brewery. > "The shares have been going up so radically it keeps messing up my life plans, you really can't know the future, so it's better to sell early and in intervals." > — Andre Lavoie, former SpaceX engineer Musk said on Fox News that the June listing had likely made several thousand employees millionaires, including staff working on the production line. ## A Price Test in the Prospectus Would Have Doubled Today's Release SpaceX attached a condition to the same date. If its Nasdaq closing price had been at least 30% above the $135.00 offering price on five of the ten trading days ending on the day it published its first results as a public company, a further 455.8 million shares, which the prospectus calls the Additional Release Shares, would have come free alongside the first tranche. Thirty percent above the offer price is $175.50. The stock's best close in that ten-day window was $125.33, on 4 August, the results day itself. The condition was not met on any of the ten days, so those 455.8 million shares stay locked. SpaceX wrote a fallback into the schedule for that outcome. The shares roll into the tranche due on 8 December, which becomes up to 797.6 million shares rather than up to 328.4 million. Releases of about 319 million to 328 million shares each are set for 20 August, 9 September, 24 September, 9 October and 24 October, with up to 1.3 billion following two trading days after third-quarter results. ## Revenue Nearly Doubled and Capital Spending Ran to $18.4 Billion The results that settled the price test covered the quarter to 30 June. Revenue reached $7.814 billion, up 92% on the $4.071 billion of a year earlier, and the net loss narrowed to $541 million from $1.0 billion. Adjusted EBITDA nearly tripled to $3.538 billion. Starlink ended the quarter with 12.0 million subscribers, twice the number a year earlier. Capital expenditure for the three months came to $18.369 billion, of which $15.828 billion went into the AI segment. SpaceX also disclosed an agreement to acquire Cursor for $60 billion, $14.1 billion of contracted sales from cloud services agreements, and more than $6 billion of multi-year US government contracts for Starshield. It ended the quarter with $100 billion in cash and marketable securities. Shares closed at $108.27 on 5 August, down 13.61% on the day, and were trading around $110 on Thursday morning. They have closed below the $135.00 offer price on every trading day since 16 July. ## FAQ **Q: What happens during a lock-up period?** After a listing, employees, executives and early investors are contractually barred from selling their shares for a set time. SpaceX's is staged rather than a single cliff, releasing in tranches set out in its prospectus. **Q: When can SpaceX insiders sell their shares?** The first release is on 6 August, covering up to 911.5 million shares. Further tranches follow on 20 August, in September and October, two trading days after third-quarter results, and on 8 December, with more in 2027. **Q: What was SpaceX's IPO price?** SpaceX priced its offering at $135.00 a share. It offered 555,555,555 Class A shares and listed on Nasdaq and Nasdaq Texas under the ticker SPCX. **Q: Why has SpaceX stock fallen?** The stock fell 13.61% on 5 August, the day after results showing $18.369 billion of capital spending in a single quarter, $15.828 billion of it in the AI segment. Its 52-week range runs from $104.83 to $225.64. **Q: Who gets locked up in an IPO?** Employees, executives and early investors holding stock before the offering. SpaceX's schedule treats affiliates separately, releasing 59.1 million of their shares on 10 September, and sets an extended lock-up whose 2027 tranches exclude Musk's own holding.