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Hey everyone, with SpaceX officially pricing its historic $75B IPO today, there is a ton of confusion about how the insider lockup works. SpaceX is \*\*not\*\* using the traditional, simple 180-day cliff. Instead, they’ve set up a complex, staggered, tiered liquidity schedule linked to both calendar days and earnings reports.
Here is the exact breakdown of who can sell, when they can sell, and what criteria they have to hit.
\### 📊 SpaceX Lockup Schedule Summary Table
| Target Unlock Date | Eligible Shareholder Group | Unlock Criteria / Terms | Estimated Unlock Date |
| :--- | :--- | :--- | :--- |
| \*\*Day 1 (IPO Day)\*\* | Friends, Family, & Select Employees | \*\*0-day lockup\*\* via the 5% Directed Share Program; free to sell immediately. | \*\*June 12, 2026\*\* |
| \*\*Day 16\*\* | Retail IPO Participants | \*\*15-day anti-flipping period\*\* ends; can sell without losing future broker IPO access. | \*\*June 29, 2026\*\* |
| \*\*Post-Q2 Earnings\*\* | Eligible Core Insiders & Early Investors | \*\*20% of holdings\*\* unlock on the 2nd full trading day after the Q2 earnings report. | \*\*Late July – Mid-August 2026\*\* |
| \*\*Post-Q2 Earnings\*\* | Eligible Core Insiders & Early Investors | \*\*Additional 10%\*\* unlocks \*if\* stock trades $\\geq$ $175.50 (30% above IPO price) for 5/10 straight days. | \*\*Late July – Mid-August 2026\*\* |
| \*\*Day 70\*\* | Registered Shareholders & Employees | \*\*7% of total holdings\*\* unlock via the first calendar-based tier. | \*\*August 20, 2026\*\* |
| \*\*Day 90\*\* | Registered Shareholders & Employees | \*\*7% of total holdings\*\* unlock via the second calendar-based tier. | \*\*September 9, 2026\*\* |
| \*\*Day 105\*\* | Registered Shareholders & Employees | \*\*7% of total holdings\*\* unlock via the third calendar-based tier. | \*\*September 24, 2026\*\* |
| \*\*Day 120\*\* | Registered Shareholders & Employees | \*\*7% of total holdings\*\* unlock via the fourth calendar-based tier. | \*\*October 9, 2026\*\* |
| \*\*Day 135\*\* | Registered Shareholders & Employees | \*\*7% of total holdings\*\* unlock via the fifth calendar-based tier. | \*\*October 24, 2026\*\* |
| \*\*Post-Q3 Earnings\*\* | Eligible Core Insiders & Early Investors | \*\*28% of holdings\*\* unlock on the 2nd full trading day after the Q3 earnings report. | \*\*Late October – Mid-November 2026\*\* |
| \*\*Day 180\*\* | All Remaining Core Insiders | \*\*100% full unlock\*\* of remaining restricted insider shares. | \*\*December 8, 2026\*\* |
| \*\*Day 366\*\* | Elon Musk & Major Block-holders | \*\*Extended lockup\*\* expires; separates 1.3B milestone-restricted shares. | \*\*June 12, 2027\*\* |
\### 🔍 Key Takeaways for Traders:
1. \*\*No, Insiders Cannot Sell on Day 2:\*\* There was some initial confusion on Twitter/X about "Day 2" selling. The S-1 states the second trading day \*following the Q2 earnings release\*, not the second day after the IPO.
2. \*\*The "Flipping" Trap:\*\* If you scored retail shares (via Fidelity, etc.) and sell before Day 16, you will get hit with a flipping penalty and get banned from future IPOs by your broker.
3. \*\*The Elon Musk Rule:\*\* Elon is completely locked out of selling a single share for an entire year (366 days). On top of that, a massive chunk of his shares (1.3 billion) are locked behind separate performance milestones.
What are your plays for tomorrow? Are you buying the Day 1 volatility or waiting for the July index inclusion? Let's discuss.