SpaceX sets Aug. 4 earnings date, triggering up to $116B lock-up release
SpaceX confirmed its first post-IPO quarterly earnings date for August 4, which triggers the lock-up expiration allowing insiders to sell up to 20% of restricted shares — as many as 911.5 million shares — starting two days later, drawing fresh attention to SpaceX's valuation just as it keeps coming up as a variable in Tesla merger speculation.
According to CNBC, SpaceX confirmed it will report its first quarterly earnings as a public company after the close on August 4. Under the terms of its IPO lock-up agreement, the earnings report is the first "trigger event," opening a window two days later, on August 6, for insiders to begin selling restricted shares.
Bloomberg dubbed the coming share release "the Great Unlocking," estimating it at up to $116 billion (based on up to 20%, or 911.5 million shares — other outlets put the figure closer to $109 billion depending on the share price used at calculation time). Additional tranches of 7% each unlock at 70, 90, 105, 120 and 135 days after the IPO, another 28% unlocks at the Q3 earnings report, and the remainder becomes freely tradable when the 180-day lock-up expires on December 8.
Elon Musk's own 6.4 billion shares are not part of this release — his stake remains locked separately until June 12, 2027.
SpaceX went public in June in the largest IPO ever, but its stock has since fallen below the offer price and drawn heavy short interest. For Tesla shareholders, if the lock-up release adds selling pressure and volatility to SpaceX shares, it could feed into the valuation math behind the Tesla-SpaceX merger speculation that's already circulating in the market.
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