SpaceX Reserves 5% of IPO for Employees and Contacts, No Lockup Restriction

SpaceX has reserved up to 5% of the shares in its upcoming IPO for a direct allocation program to "certain employees and individuals," according to the amended filing submitted on June 1, 2026. Unlike Elon Musk and top executives – who are subject to a one-year lockup – these beneficiaries will be able to sell from the first day of trading.

Program Details

• Manager: Morgan Stanley, one of the bookrunners (Goldman Sachs is leading the offering).
• Potential Beneficiaries: employees, parties with commercial relationships, friends, and family of executives, according to the S-1/A text.
• No Lockup: allocated shares will not be subject to the usual post-IPO lock-up period.
• Scale: on an IPO of 555.6 million shares, 5% equates to approximately 27.8 million shares (~$3.75 billion at $135 per share).

Tesla 2010 Precedent

In its 2010 IPO, Tesla reserved up to 1.28 million shares (out of 13.3 million sold) for business associates, directors, employees, family members, and customers who had received a Roadster. SpaceX is replicating this formula on a historic scale.

Other IPOs with Direct Programs

Companies like Airbnb, Uber, and Rivian included similar allocations in their debuts. The goal is to align the team and strategic partners with stock market success, although the absence of a lockup could increase selling pressure in the early sessions.

Timeline

CNBC places the start of the roadshow in the week of June 4th and the debut on Nasdaq (SPCX) on June 12th. The direct program is detailed in the S-1/A filed on June 1st.

Article: CNBC, June 1, 2026. Teslarios is not affiliated with SpaceX.