The Lock-Up Calendar: 328 Million SpaceX Shares Unlock October 24, the Cliff Is December 8, and Musk Cannot Sell Until June 2027

SpaceX became a public company on June 12, 2026 — Nasdaq: SPCX, IPO price $135 — and most of its shares have been unsellable ever since. A lock-up is the IPO’s waiting room: insiders and early holders agree not to sell for a set period, and the stock the market prices every day is only the fraction that was actually floated. That period does not end all at once. It ends in tranches, on dates fixed in advance — and the next one is tomorrow.

Label for the whole calendar: Dates and share counts as published in the lock-up calendar reporting (Everything-PR, October 10, 2026; TechTimes, August 6; DayTradingToolkit). Every valuation figure on this page is a date-stamp, not a constant — SpaceX’s printed value has moved by hundreds of billions between the dates below.

The calendar

• October 24, 2026 — the next tranche. Approximately 328.4 million shares unlock. The first trading day after the unlock is Monday, October 26.
• Tied to the Q3 report — the big one. Approximately 1.3 billion shares — 28% of the company — release two trading days after the Q3 report. SpaceX reported Q3 on October 20; those results are on the Q3 results page.
• Rolled into December — the tranche that missed. A 455.8 million-share price-bonus tranche was conditioned on the stock reaching $175.50. It did not trigger, and the shares rolled into December instead of releasing on schedule.
• December 8, 2026 — the cliff. The full 180-day lock-up block expires. Whatever has not already released under the staggered schedule becomes sellable into a market that has had six months to price a much smaller float.

Read the four lines as one mechanism: the calendar was built to avoid a single-day flood, and it does — but it concentrates the remaining supply into December, where the failed bonus tranche and the 180-day expiry land in the same month.

The price the calendar is hanging over

The unlocks do not happen in a vacuum; they happen over a stock that has already round-tripped its IPO pop:

• IPO price: $135 (June 12, 2026).
• High: $201.80 (June 16, 2026).
• Low: $108.27 (August 5, 2026) — below the IPO price.
• Close, October 22, 2026: $144.75 — roughly $57 below the June high, and less than $10 above the IPO price.

The $175.50 bonus trigger failed against that tape: the tranche was written for a stock trading 30% above its IPO price, and by the time its window came, SPCX was trading barely above it. Every share count in the calendar above is therefore also a question the market has to answer on a specific date — how much of the newly sellable stock is actually for sale, at a price that has already demonstrated it can fall through the IPO level.

The lock that does not expire in December

None of the December dates apply to the largest holder. Musk’s SpaceX position — approximately 6.4 billion shares, 48.4% of the company, with more than 82% of the voting power per his Schedule 13G of August 13 — is locked separately, for 366 days, until June 2027, with no early release.

Two consequences follow, and both are arithmetic, not interpretation:

1. The December cliff is an insiders-and-early-investors event, not a Musk event. The supply that can move in December excludes nearly half the company.
2. The fortune priced off this stock cannot be realized from it. The trackers who publish Musk’s net worth calculate it from a market price for shares he is barred from selling until June 2027 — which is one reason the trackers’ numbers disagree so widely, on the three trackers page.

The voting figure itself is printed more than one way in the wider record — 85% (Reuters, October 21), ~82% (Inc, October 22), 85.1% in the May S-1 against 82.4% in the final prospectus (ReadUs247, from the filings). The 13G’s “>82%” is the floor all four prints stand on; this page does not settle them further.

Valuation is a date-stamp

Any sentence of the form “SpaceX is worth $X” is incomplete without its date. The prints in the current record:

• ~$1.77 trillion — at the IPO, June 2026.
• ~$2.2 trillion — October 12, 2026.
• ~$2.0 trillion — October 20, 2026 close.

That is a $400 billion range inside ten days, on a company whose largest shareholder cannot sell and whose float is about to widen twice — once on October 26’s first trading day after the October 24 unlock, and again, much larger, in December. The merger now being studied by the two companies’ special committees (the committees page) would be negotiated against these prints; Reuters has valued the potential combination at roughly $3.5 trillion.

What an unlock is — and is not

An unlock date makes shares sellable; it does not sell them. No holder is required to trade on October 26, in December, or ever, and the calendar prints no one’s intentions. What the dates change is the possible supply: before an unlock, the market price is set by the floated minority alone; after it, every holder in that tranche can act on the price the minority set. That is the whole significance of this calendar, and it is also its limit — the pages that follow these dates record what holders actually did, at prices the record prints, and not before.

What to watch

• October 26 — first trading day after the October 24 unlock: volume and price against the $144.75 close of October 22.
• Early December — the rolled 455.8 million-share bonus tranche and the approach of the cliff.
• December 8 — expiry of the 180-day block.
• June 2027 — the end of Musk’s separate 366-day lock. Until that date, every valuation of his SpaceX stake — including every net-worth headline — is a price on shares that cannot move.