SpaceX sets Aug. 4 earnings date, triggering $123B share unlock two days later

SpaceX is preparing for one of the largest share unlocks in capital markets history, with approximately $123 billion worth of insider stock becoming eligible for sale on August 6, two trading days after the company reports its first-ever quarterly earnings on August 4.investing+1

The Unlock Mechanics

The first tranche involves 911.5 million shares held by early institutional investors and employees, which will be released unconditionally on the second full trading day after SpaceX posts its second-quarter 2026 results. SpaceX confirmed on July 19 that it will release financial and operational results after market close on Tuesday, August 4, placing the first unlock date on August 6.cnbc+2

A second tranche of 455.8 million shares, valued at roughly $62 billion, is contingent on the stock trading at or above $175.50 — 30% above its $135 IPO price — for at least five of ten consecutive trading days leading up to the earnings date. As of mid-July, SpaceX was trading well below that threshold, making release of the second tranche unlikely.investing+1

A Phased Approach Through December

Rather than a single cliff expiration, SpaceX structured its lockup as a series of rolling releases, a departure from the standard 180-day restriction typical of U.S. IPOs. After the initial 20% unlock in early August, additional 7% increments become available at 70, 90, 105, 120, and 135 days following the June 12 listing date. Another 28% unlocks after the company's third-quarter earnings report, with all remaining restrictions lifting on December 8, the 180-day mark.reuters+3

The structure is designed to prevent a sudden flood of supply from overwhelming the market, according to Reuters. Still, Wall Street analysts expect the tradable float to roughly double immediately after the August unlock and expand sixfold by late September.investing+1

Musk Locked Until Mid-2027

Elon Musk, who controls approximately 85% of SpaceX's voting power, is bound by a stricter 366-day lockup that bars him from selling any shares until June 13, 2027. Other unnamed "significant investors" are subject to the same restriction.investing+1

SpaceX went public on June 12 at $135 per share, raising $75 billion in what became the largest IPO in U.S. history. The stock surged as high as $176 on its first day before settling at $160.95, briefly making Musk the world's first trillionaire. It has since retreated below the IPO price.techcrunch+2