SpaceX founder is locked in for a year, but his VIPs can unload the rocket on day one 🚀

SpaceX priced its initial public offering at $135 per share for a Nasdaq listing on Thursday, June 11, 2026, in what is being called the largest IPO in history. Founder Elon Musk is subject to a 365-day lockup that prevents him from selling a single share during that period, according to the offering structure. A 5% direct share program (DSP) reserved allocation for investors selected "at the discretion of executive officers," and those participants face no lockup restrictions of any kind. The arrangement deviates from the standard 180-day insider lockup that governs most IPOs.

Investors who did not receive a DSP allocation are subject to a staggered release schedule: 20% after the first earnings report, followed by 7% tranches at 70, 90, 105, 120, and 135 days. The unrestricted DSP tranche adds an immediate supply of shares available to the market from the opening bell, hitting the same retail platforms, including Robinhood, Fidelity, and Schwab, that individual buyers will use. The Australian Financial Review reported that at least one hedge fund is preparing to sell its SpaceX stake as soon as trading permits.

Early SpaceX backer Chad Anderson, founder of Space Capital, addressed the situation directly: "We've been invested for almost ten years, it's our business to return capital to investors." Morningstar's analysts put SpaceX's fair value at roughly half the $135 IPO price and advised investors to wait for the post-listing enthusiasm to fade. Ticker $SPCX is referenced across social media commentary, including a June 10, 2026 post by Josh Uebelhor (@JUebelhor) flagging the expected selling pressure in the days after the listing.

The listing lands in the same week as U.S. Consumer Price Index data, with markets that have spent the prior month pricing in a Federal Reserve rate hike. Standard IPOs apply a 180-day lockup to all insiders; SpaceX's structure does the opposite for a select group chosen by company officers. Musk cannot sell for a year while his selected investors can sell immediately, and Thursday's open will show which side of that equation sets the price.