At a glance
- Roughly 800 million more unlock Dec. 8, and a larger expiration is set for next year.
- SpaceX floated about 5% of its shares at the IPO, against roughly 20% sold in a typical IPO, per InvestmentNews.
- Advisors are being asked to cut concentration without derailing tax, estate and broader wealth-planning goals.
Up to 1.3 billion SpaceX shares become available for sale after the company's third-quarter earnings release, the opening stage of a lockup schedule that runs into 2027, as Private Wealth Daily previously reported. Roughly 800 million more unlock Dec. 8, and a larger expiration is set for next year. Elon Musk becomes eligible to sell on June 12, 2027, a year after the June 12 IPO.
SpaceX floated about 5% of its shares at the IPO, against roughly 20% sold in a typical IPO, per InvestmentNews. SpaceX's immediate addition to the Nasdaq-100 after its June listing means many clients with a concentrated stake also own more of the company through index funds.
Advisors are being asked to cut concentration without derailing tax, estate and broader wealth-planning goals. For ultra-high-net-worth families the exposure often runs deeper than the direct shares, through venture capital and private equity vehicles that backed SpaceX before it listed.
In NISA Investment Advisors' analysis of 543 common stock IPOs from January 2019 to December 2025, shares underperformed the S&P 500 by an average of 20.4% between the first-day close and the lockup release date, InvestmentNews reported.
Eric Metz, chief investment officer of SpiderRock Advisors at BlackRock, said an outright sale rarely fits a client with a very low cost basis, large embedded gains, continued faith in the company or pressing liquidity needs. He said the concentration that emerges at a listing can be broader than the directly held stock alone, which makes mapping where a client's exposures overlap the starting point before a liquidity event changes the risk picture.
Reported by the Products & portfolios desk from InvestmentNews and provided coverage. Published . Updated Nov 2, 2026 · 8:39 a.m. ET. Corrections