News & Updates
The latest news and updates from companies in the WLTH portfolio.
'Compute lasts forever': SpaceX gets fresh Wall Street coverage
Investing.com -- Several Wall Street banks initiated coverage of Space Exploration Technologies on Tuesday, setting price targets ranging from $190 to $300, with the spread largely reflecting how differently analysts value SpaceX's AI and satellite businesses. Morgan Stanley set the highest bar, starting the stock at Overweight with a $300 target, flanked by an "intentionally wide $75 bear case and $600 bull case." Analysts led by Adam Jonas pitched SpaceX as holding "an 'X of 1' position in space infrastructure," and argued the market is underappreciating the company's terrestrial data-center economics, where it estimates costs run at half the industry average. They also flagged the funding gap behind that growth, projecting SpaceX will need roughly $84 billion a year in outside capital from 2027 through 2034 before the business turns free-cash-flow positive. RBC initiated at Outperform with a $225 target, based on about 15 times its 2029 EBITDA estimate. The broker's thesis centers on compute as a durable moat, writing that "AI models and applications may come and go, but compute lasts forever." RBC named Starship's flight-test cadence as the top near-term catalyst for the stock, alongside the pending Cursor acquisition and the rollout of Starlink's next-generation V3 satellites. Stifel initiated coverage with a Buy rating and a $190 target, the lowest of the four. The firm's thesis is built around launch economics, arguing that "lowest cost to orbit wins everything above it." Stifel credits Falcon 9's reusability with pushing launch costs to roughly $3,000 per kilogram, a level it says no competitor has matched, but applies a lighter multiple to the AI segment specifically, citing execution risk around orbital data centers that remain unproven at commercial scale. Finally, UBS set its target at $210 with a Buy rating, sizing the combined launch, connectivity and AI opportunity at nearly $30 trillion if Starship performs as expected. The bank forecast revenue and EBITDA growing at roughly 70% and 90% annual rates through 2031, with launch costs falling to about $200 per kilogram from roughly $1,000 currently. UBS views the stock as offering investors "a call option" on Elon Musk's plans to make life multiplanetary, while keeping that scenario outside its base case. The fresh coverage comes less than a month after SpaceX's Nasdaq debut. The company priced its IPO at $135 a share on June 12 and raised about $86 billion, the largest offering on record. Shares have traded above that level since, closing Monday at $160.42, though still well below the roughly $225 high the stock reached in its first weeks of trading.
Here's Who Owns the Most SpaceX Stock
The question of who owns the most stock means more when you're asking about Space Exploration Technologies (NASDAQ: SPCX) than when you're asking about a typical public company. The June 2026 IPO floated a thin slice of the business -- nearly 4.3% of the equity -- which means the people and firms who held shares before the debut own the rest. The ownership structure that developed across two private decades when SpaceX was a private company is the one that governs it now that it's public, and it puts a small number of names in charge of a $2 trillion enterprise. Elon Musk owns the most SpaceX stock There is no contest at the top. Elon Musk holds close to 42% of the equity, a stake worth more than $1 trillion at the IPO valuation. Musk's block sits under a lockup that lasts until June 2027, with no early release provision, so the largest holder is a seller of nothing for the first year on the market. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " The outside investors who own the most SpaceX stock Behind Musk, the biggest holder is a name many investors miss. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), the parent of Google, owns close to 7% of SpaceX, a position that can be traced to a $1 billion investment it made alongside Fidelity in January 2015 (Alphabet invested $900 million, with Fidelity contributing the remaining $100 million). That single check turned Google into the largest outside shareholder in the company, a bet on rockets from a search and advertising business. The early venture backers hold the most striking returns rather than the largest slices. Founders Fund, a firm co-founded by Peter Thiel, wrote a $20 million check in SpaceX's 2008 Series C round, and that stake is now worth $50 billion. Sequoia Capital, Andreessen Horowitz, and Valor Equity Partners each hold positions of around 2% or below. The February 2026 merger with xAI added new faces to the list, including Nvidia and the Qatar Investment Authority, a sovereign wealth fund. The employees and the public shareholders One large block hides in plain sight. SpaceX pays its workforce with restricted stock units and options, so employees hold a collective stake that the company does not break out in its filings. That group has waited years for the tender offers, and the staggered lockup schedule that lets them sell, and the size of their holdings is one of the least visible parts of the ownership story.
A More Than 80% Chance of a Tesla and SpaceX Merger? It Could Be a Game Changer.
Wedbush analyst Dan Ives has put the likelihood of a merger between Tesla (NASDAQ: TSLA) and Space Exploration Technologies (NASDAQ: SPCX) at more than 80% over the next year, as the potential deal fits Elon Musk's broader artificial intelligence (AI) and data strategy. Tesla invested $2 billion in SpaceX earlier in 2026, and that investment has given Tesla nearly 19 million SpaceX shares, representing less than 1% of SpaceX's outstanding shares. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " Now, the bigger question for Tesla investors is whether a full merger would create a stronger AI, energy, connectivity, and robotics platform or dilute Tesla shareholder value by adding SpaceX's losses, heavy spending needs, and governance risks. Increasing credibility of the merger case SpaceX's June 2026 IPO has given the company a public stock price for the first time, which makes a possible stock-based merger of the two Elon Musk companies easier to value and structure. SpaceX would bring a growth engine that Tesla does not have. In 2025, SpaceX revenue rose to $18.7 billion, with the Starlink-powered connectivity unit accounting for about $11.4 billion of sales. Starlink's satellite internet user base had reached nearly 10.3 million by the end of the first quarter of 2026. If Tesla and SpaceX merge, Starlink would add a recurring-revenue business tied to satellites, consumer connectivity, and future mobile services. Tesla is already spending heavily on AI, robotics, custom chips, and manufacturing capacity. The company raised its 2026 capital spending plan to more than $25 billion, up from its earlier $20 billion forecast. Tesla also expects negative free cash flow for the rest of 2026, despite generating $1.44 billion in free cash flow in the first quarter. A merger with SpaceX could position Tesla as a broader platform company and create a more vertically integrated platform spanning AI, energy, mobility, and connectivity. Tesla would bring vehicles, robotaxis, Optimus robots, energy storage, and software-led services that generate customer demand. SpaceX would bring satellites, launch capacity, mobile connectivity, AI infrastructure, and xAI-related software needed to connect, power, and scale that platform. Potential synergies Reuters reported that SpaceX and xAI bought about $650 million in goods and services from Tesla in 2025, including $506 million in Tesla Megapack batteries and $131 million in Cybertrucks. With Tesla already supplying energy storage and vehicles to other Musk-controlled businesses, a merger could build on existing business relationships rather than relying solely on promised future synergies.
If You'd Invested $10,000 in the SpaceX IPO, Here's How Much You Would Have Now
Space Exploration Technologies (NASDAQ: SPCX) drew a lot of attention in the weeks leading up to its initial public offering, for many reasons -- from the sheer size of the operation, with SpaceX's goal to become a trillion-dollar company, to the focus on offering shares to retail investors. SpaceX earmarked more than 20% of shares for them, when generally in IPOs, only 5% to 10% go to non-professional investors. Some investors were also eager to get in on SpaceX for its range of growth businesses -- and to gain exposure to a company led by the ambitious Elon Musk. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " So, if you happened to be one of the investors who was able to buy shares at the IPO price of $135, and if you had invested $10,000, how much would that be worth now? Let's find out. Why SpaceX has drawn attention First, though, let's talk quickly about SpaceX -- to fully understand why so many sets of eyes were turned toward the company on and before its June 12 market debut. As mentioned, the SpaceX operation promised to be big, pushing the company to a trillion-dollar market cap right out of the gate. The world's other trillion-dollar companies, such as Nvidia and Amazon, for example, had to wait years and even decades to reach such a level. And by the time they did, they already were highly profitable, well-established players. SpaceX, however, is still in earlier growth stages, developing technology and investing to reach its goals. The company's business units of space, connectivity, and artificial intelligence (AI) brought in $18 billion in revenue last year, but capital spending meant the company wasn't able to turn revenue into a profit. Instead, SpaceX reported a loss of $4.9 billion. While SpaceX has scored accomplishments like rocket launches with reusable boosters and growth in satellite-based internet service subscriptions, the company still must invest heavily to reach its biggest goals. And this may weigh on its ability to reach profitability. It also involves risk because a technology setback could call into question a certain revenue opportunity. Elon Musk's big dreams Still, some investors flocked to the company for this focus on innovation, driven by chief Elon Musk, who is known for big dreams -- as head of Tesla, he's deploying robotaxis, and at SpaceX, his most significant goal may be to colonize Mars.
SpaceX Is Set to Join the Nasdaq-100 on July 7. Here's Where History Says the Stock Could Trade 1 Year From Now.
On July 7, Space Exploration Technologies (NASDAQ: SPCX) is scheduled to begin trading as a member of the Nasdaq-100 index. The Nasdaq-100 comprises the 100 largest non-financial companies listed on Nasdaq, weighted by market capitalization. For SpaceX, inclusion in the index represents a significant step toward mainstream recognition beyond technology investors. With that said, history shows that inclusion in the Nasdaq-100 rarely serves as an independent driver of sustained outperformance. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " Watch out for momentum traders The anticipation of inclusion in a major index tends to amplify trading volume and expand valuation multiples as momentum traders and growth funds pile in ahead of the official rebalancing date. Let's take a look at what happened with the share prices of some companies that joined the Nasdaq-100 in recent years.
SpaceX Just Changed the Rules for Every Future IPO. The Market is Now Eyeing These 2 Upcoming IPOs.
The first half of 2026 is over, and nothing has sparked more excitement on Wall Street than blockbuster initial public offerings (IPOs). Investors watched AI chipmaker Cerebras Systems (CBRS) make a stunning debut with its IPO in May, proving that demand for next-generation artificial intelligence (AI) companies remains exceptionally strong. Then came Elon Musk's SpaceX (SPCX), which has long been one of the world's most sought-after private companies. The long-awaited IPO became the largest in history. The company priced its offering at $135 per share on June 11 and began trading on the Nasdaq under the ticker SPCX on June 12, raising $75 billion at an initial valuation of roughly $1.77 trillion. The stock surged 19% on its debut, briefly lifting SpaceX's market cap above $2 trillion. However, shares have now pulled back amid broader concerns about lofty valuations and the company's aggressive spending plans. SPCX stock is still seeing quite a lot of volatility and is down another 6% as of this writing. It is presently trading just a little above its all-time low price. More News from Barchart These 2 Stocks Could Be Next Founded in 2002, SpaceX remained private for a long time. It repeatedly raised tens of billions from private investors and reached an enormous valuation before considering a public listing. After SpaceX's explosive entry, the market is now looking forward to OpenAI and Anthropic's IPOs. Both companies have taken the first formal step by confidentially filing the draft registration statements with the U.S. Securities and Exchange Commission (SEC). A confidential filing lets a company start the IPO review process while keeping its financial statements and offering details private until a later stage. OpenAI Is Taking a Patient Approach OpenAI is an AI company best known for ChatGPT. The company develops generative AI models and software that allow users and businesses to create content, write code, analyze data, and automate complex tasks. Earlier this month, OpenAI confirmed that it had confidentially filed for a U.S. IPO. However, more recently, Reuters reported that OpenAI is considering delaying its IPO until 2027 rather than rushing to market this year, as it seeks a valuation of up to $1 trillion. This could be because of recent investors' caution towards AI stocks that has led to a broader tech selloff. This decision aligns with SpaceX's strategy to remain private until it has reached enormous scale.
Elon Musk Calls Report on SpaceX AI Handheld Device 'Utterly False' After Claims of an iPhone Rival Sparks Online Buzz
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Elon Musk, the CEO of Space Exploration Technologies Corp., has refuted reports that his company is developing a handheld AI device. Musk took to X and responded to the reports by labeling them as "utterly false". The original post about the report was deleted later on. Utterly false -- Elon Musk (@elonmusk) July 1, 2026 Earlier this year, Musk said a Starlink phone was "not out of the question" and could be AI-optimized, but later clarified that SpaceX is not developing a smartphone. The Report In Question A report by the Wall Street Journal, published on Wednesday, indicated that SpaceX had presented investors with a prototype of a device similar to Apple Inc.'s iPhone, but "slimmer" before the IPO. As per the WSJ article, this device would run on SpaceX's proprietary system, using AI technology from xAI. The device would also include chips from Qualcomm Inc. according to the report. However, the device is reportedly still in the prototype phase, with no official name assigned, and it remains unclear whether it will ever be released to the public. The report comes after SpaceX President Gwynne Shotwell, last month, reportedly informed investors about the company's plans to launch a Starlink retail product for U.S. consumers and build its own terrestrial mobile network. Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time What Do The Analysts Say? An analyst at TD Cowen predicted that SpaceX could pursue an acquisition of T-Mobile US Inc. to expand its wireless ambitions, leveraging its existing Starlink partnership and targeting the growing mobile connectivity market. In its IPO filing, SpaceX estimated a $740 billion addressable market for Starlink Mobile, signaling plans to expand the service and compete with carriers such as Verizon Communications and AT&T. On the other hand, analysts at Vital Knowledge said SpaceX faces significant hurdles in scaling consumer device manufacturing and competing with established platforms, arguing that Elon Musk's companies often receive generous valuations based on ambitious product promises rather than proven consumer products, reported Forbes. "...it's hard to imagine SpaceX becoming a force in consumer electronics," wrote the firm.
SpaceX (SPCX) to Build Eight‑Mile Natural Gas Pipeline "Starpipe" to Texas Launch Facilities, Reuters Reports
Space Exploration Technologies Corp. (NASDAQ:SPCX) is one of the most promising future stocks to buy right now. Reuters reported on June 25 that, according to county filings, Space Exploration Technologies Corp. (NASDAQ:SPCX) has plans to begin building an eight‑mile (13-km) natural gas pipeline called "Starpipe" to its Texas launch facilities next month. The announcement comes against a backdrop featuring the company's efforts to ramp up launches of its next‑generation Starship rocket. It further reported that, according to a document filed last month with the Texas Railroad Commission by SpaceX affiliate Lone Star Mineral Development and reviewed by Reuters, Starpipe will end at the company's Texas company town of Starbase, and is anticipated to be in service by January 26. Starship is designed to be fully reusable and uses around 630,000 gallons (2.4 million liters) of liquid methane per launch, which is delivered at present by hundreds of tanker trucks in an hours-long process incompatible with Musk's expansion plans. Reuters further reported that Space Exploration Technologies Corp. (NASDAQ:SPCX) did not respond to its request for a comment. Space Exploration Technologies Corp. (NASDAQ:SPCX), operating as SpaceX, is an aerospace manufacturer that also operates as a satellite communications company and launch service provider. It is involved in the design, manufacture, launch, and operation of products and services that are built on cutting-edge technologies, including spacecraft and rockets. While we acknowledge the potential of SPCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. Disclosure: None. Follow Insider Monkey on Google News.
SpaceX Joined 6 Stocks in the $2 Trillion Club. Here's My Top Pick for July.
Before the end of its first trading day on the Nasdaq, Elon Musk's Space Exploration Technologies (NASDAQ: SPCX), or SpaceX, had joined an elite club: stocks with at least $2 trillion in market capitalization. The club is so exclusive that only six other stocks belong to it. And unlike SpaceX, most of them underperformed in June. Here's my pick for the best one to buy in July. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " Biggest of the big The seven largest stocks in the world are currently: *Data as of market close on 6/29/2026. **SpaceX performance since Nasdaq debut at $150/share on 6/12/2026. Aside from TSMC and, of course, SpaceX, all of these huge companies saw big share price declines over the past month. One big reason? Ongoing concerns about how they might be impacted by the current memory shortage. Memory loss High-end memory chips for dynamic random access memory (DRAM) and N-AND flash memory (NAND) are in very short supply, and as a result, they've gotten much more expensive. Yet DRAM and NAND are critical for AI applications and for many consumer devices, such as smartphones and laptops. For Apple, more expensive DRAM and NAND chips mean the company has to accept thinner product margins for its devices that include DRAM and NAND, like iPhones and MacBooks, or pass that cost along to consumers. It had been absorbing the costs, but this month announced it would have to pass the costs on and raised prices on many of its products. Investors punished the stock, concerned that higher costs would hurt sales. For Alphabet, Microsoft, and Amazon, the memory shortage means they'll have to pay more for memory chips for their AI data center build-outs. These "hyperscalers" are already incurring massive AI capital expenditures, which are likely to increase even further in the short term as memory gets more expensive. The market is worried the costs won't justify the eventual benefits. I think these concerns are likely to persist in the short term, which is why I'm not picking any of these stocks as my top July pick.
SpaceX Faces Post-IPO Volatility, Yet Wall Street Predicts Significant Stock Price Gains
* SpaceX's stock has seen volatility since the company's IPO nearly three weeks ago, but analysts project significant long-term growth. * Analysts highlight the Starship reusable rocket as a pillar of the company's future success, and point to growing AI revenue and the potential for acquisitions as additional reasons for optimism. * Risks include high cash burn and reliance on aggressive growth assumptions for future success. Wall Street is starting to size up SpaceX (SPCX), and the stock is getting stellar reviews. Analysts who have launched coverage of the stock since the company's IPO have said SpaceX stands to become "a major hyperscaler" and "the largest communications, cloud and AI company in the world." That positivity didn't translate into gains today -- the stock fell 8% to around $157.50 -- but Wall Street sees plenty of room for SpaceX shares to rise in the months ahead. The average price target from three firms that have initiated coverage of the stock recently stands at $203. While well below the $225 all-time high hit two weeks ago, it's nearly 30% above current levels, and 35% higher than the opening price for SpaceX shares when they began trading on June 12. WHY THIS MATTERS TO YOU Elon Musk's space exploration, connectivity and AI company is now a part of major benchmark indexes and the funds that track them, and will be joining some more, which means the stock's performance is likely represented in your retirement account. The latest bullish view was delivered Tuesday by analysts at Wedbush led by Dan Ives, who initiated coverage of SpaceX with an "outperform" rating and a price target of $190. That target is derived from revenue estimates for 2028, which is expected to be the first year that all three of SpaceX's businesses scale. They view SpaceX's spacecraft and rocket called Starship as "the essential layer" driving the company's success. Its reusability is a strategic advantage from a cost perspective, but also generates a "feedback loop" through which the company can improve its flight rates without driving up capital expenditures, according to Ives and his team. They add that without it, the company's broadband business Starlink would not have reached the scale it has so far, and that SpaceX's ambitions to build orbital data centers would otherwise not be "feasible." Oppenheimer's Timothy Horan started coverage on the stock on June 11, prior to the company's IPO, with an "Outperform" rating and a $190 price target. A week later, the firm raised the target to $250 following SpaceX's acquisition of AI startup Cursor. Horan's models suggest that Cursor revenue will hit $6 billion by the end of this year, raising SpaceX's AI business revenue by 84% to $8.75 billion in the fourth quarter.
4 Lessons for Future OpenAI and Anthropic Investors, Following SpaceX's Historic IPO
SpaceX (NASDAQ: SPCX), the aerospace and AI company founded by Elon Musk, went public on June 12 at a valuation of $1.77 trillion, making it the largest IPO in history. It went public at $135 per share, started trading at $150, and hit a record high of $225.64 on June 16. But as of this writing, SpaceX's stock trades at about $160. Many investors who hopped on the bandwagon in its first four days are now underwater. That volatile market debut should teach investors four valuable lessons about hot IPOs like SpaceX -- and how they should approach OpenAI and Anthropic, two of the market's most eagerly anticipated AI IPOs, in the future. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " 1. Valuations matter When SpaceX went public, it was already valued at 95 times its 2025 revenue of $18.7 billion. At its peak market cap of $2.66 trillion, it was valued at 142 times its trailing sales. Those were sky-high valuations, even for a company that grew its revenue by 33% in 2025. As of this writing, SpaceX is worth $2.1 trillion, or 112 times last year's sales. OpenAI was most recently valued at $852 billion, and its founders hope to go public with a market cap of $1 trillion. That would be 50 times its annualized revenue run rate of $20 billion at the end of 2025, making it seem more reasonably valued than SpaceX. Anthropic, valued at $965 billion after its latest funding round, only had an annualized revenue run rate of $9 billion at the end of 2025. If it's also targeting a $1 trillion IPO, it would debut at 111 times its annualized revenue -- making it more comparable to SpaceX. 2. Profits matter SpaceX was actually profitable in 2025, as Starlink's profits offset its space division's losses. But this year, it acquired xAI (which owns Grok and X) in an all-stock acquisition before its IPO. After recasting its 2025 financials to account for that acquisition, it became deeply unprofitable. The critics claimed that Musk was bailing out xAI at the expense of SpaceX's shareholders. OpenAI and Anthropic -- which are both unprofitable -- will also be closely scrutinized when they go public. OpenAI is still racking up steep losses, but Anthropic's rapid expansion in the enterprise market (with tools like Claude Code) is quickly reducing its operating losses. Anthropic even expects to post its first adjusted operating profit this year.
SpaceX Went From $150 to $225 and Back in Under 2 Weeks -- Here's the Math That Explains Every Dollar of That Move
The long-awaited IPO of Space Exploration Technologies (NASDAQ: SPCX), or SpaceX for short, finally arrived on June 12. Shares shot up like a rocket on their first day of trading, soaring to $150 and then to $225 in short order. But the stock has reversed course just as quickly, falling back to around $150, a round trip that took place in under two weeks. A lot is happening with SpaceX right now, from rampant hype around space and artificial intelligence (AI) to the company's recent $60 billion acquisition of Cursor. But there is real, underlying math that helps explain why SpaceX stock is so volatile right out the gate, and what it might mean for the stock price moving forward. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " Looking at SpaceX's quick surge and sudden decline SpaceX was the largest IPO in history, and arguably one of the most hyped. There were tons of investors who wanted to buy shares. By design, SpaceX only made a small portion of its total stock publicly available on IPO day, just 4.24%. These publicly tradable shares are called the float. The small float and overwhelming demand for SpaceX shares created a classic supply-and-demand situation, in which the stock price rocketed higher in the days immediately following its market debut. But demand eventually peaks, and investors saw SpaceX reverse course after reaching about $225 per share. So, why did the stock cool off? There are probably a few reasons. First, SpaceX's stock was very expensive at its high. Second, the company is funding its $60 billion acquisition of Cursor with stock, diluting existing investors. The market often sells off stocks in these scenarios to reflect the anticipated dilution. Lastly, IPO day is often when excitement peaks. Investors then have a few days to step back and assess, and that hype and excitement usually fade a bit. Where is the rest of SpaceX's stock? Newly public companies have lockup periods that prevent insiders and employees from dumping their stock into the buying frenzy on IPO day. While typical lockup periods are around 180 days, SpaceX is using a staggered lockup period that gradually allows insiders to sell and expand the float at a controlled pace. The earliest selling window opens after SpaceX's first earnings report, assuming the stock meets certain share price thresholds. There are several windows after that, building up to the traditional lockup expiration after 180 days. Additionally, CEO Elon Musk and other significant investors are subject to a 366-day lockup, allowing them to begin selling shares on June 14, 2027.