Two insiders told Reuters on June 3 that the SpaceX IPO will adopt an all-new-share issuance structure, targeting to raise at least $75 billion at a valuation of $1.75 trillion (including the green-shoe option). SpaceX plans to list on Nasdaq under the stock ticker “SPCX,” and Elon Musk has agreed to lock up all of his SpaceX shares for 366 days.
Lock-up periods and equity structure confirmed by the SpaceX S-1 filing
Based on the terms confirmed in the S-1 filing:
Musk: All shares locked up for 366 days, counted from the IPO date (June 12, 2026)
Other existing shareholders: Stepwise 180-day lock-up periods, with release triggers tied to earnings reports and the share price being higher than the IPO offering price
Employees and friends-and-family program (Directed Share Program): About 5% of all shares, with no lock-up period
The S-1 filing confirms that Musk retains about 85.1% voting control after the listing through a dual-class share structure. The IPO uses an all-new-share issuance structure, and existing shareholders do not cash out any holdings in this IPO.
SpaceX bitcoin holdings: S-1 quantities vs. on-chain mapping gap
The S-1 filing confirms that SpaceX’s balance sheet holds 18,712 BTC, with a buy cost of $661 million and a valuation of $1.293 billion as of April 2026, for unrealized gains of about $632 million.
Arkham Intelligence’s on-chain data as of April 2026 only confirms 8,285 BTC related to SpaceX’s bitcoin treasury. The remaining roughly 10,427 BTC has not yet completed address mapping on-chain. Arkham Intelligence attributes this gap to corporate addresses that have not yet been publicly mapped.
Pre-IPO SPCX synthetic perpetual contracts: current status of five crypto exchanges
Before SpaceX completes its Nasdaq listing, the following platforms have launched SPCX synthetic perpetual contracts:
Hyperliquid (deployed by Trade.xyz via the HIP-3 standard): Launched May 18, 2026, with a $33 million trading volume on the first day; the contract price briefly reached $216 before falling back to around $203
Binance, OKX, Bitget, BingX: Each runs SPCX synthetic perpetual contracts
The above contracts are priced by a constructed oracle and do not represent any true share ownership. Hyperliquid said that after SPCX lists on Nasdaq, the contract handling will be evaluated under the HIP-3 standard, including migration to perpetual contracts tracking the live share price or closing the market. As of the time of reporting, Bitget, OKX, and BingX had not disclosed their post-IPO contract handling plans.
Reuters reported that, based on information provided by insiders, the IPO roadshow is expected to start on June 4. Sources also cautioned that the related plans could still change depending on the progress of investor meetings.
Frequently Asked Questions
How does the all-new-share issuance structure of the SpaceX IPO affect existing shareholders?
An all-new-share issuance structure means that all proceeds from this IPO (targeting at least $75 billion) go to the SpaceX company, and existing shareholders (including Musk) do not cash out any shares in this IPO. The earliest time for existing shareholders to sell shares depends on the lock-up terms applicable to each—Musk for 366 days and other shareholders for stepwise 180 days.
How much voting control does the dual-class structure ensure Musk has?
According to S-1 disclosures, through a dual-class share structure, Musk retains about 85.1% voting control after SpaceX completes its IPO listing, and the voting rights associated with shares purchased by public shareholders are not equal to those held by Musk.
Which channels can retail investors use to trade ahead of the SpaceX IPO?
Retail investors can trade through SPCX synthetic perpetual contracts on five crypto exchanges: Hyperliquid, Binance, OKX, Bitget, and BingX, but these contracts do not confer any real share ownership. Secondary-market platforms such as Forge Global and EquityZen are only open to institutions recognized as eligible or accredited investors, and do not accept ordinary retail investors.
