1 week ago
10
Jeremy Bowman, The Motley Fool
Tue, June 23, 2026 astatine 9:40 AM CDT 4 min read
Space Exploration Technologies (NASDAQ: SPCX) has not lone been the biggest IPO successful banal marketplace history, but it's besides breached a fig of the accepted rules astir going public.
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Rather than acceptable its listing terms done the emblematic IPO terms find process, the institution made a top-down determination to acceptable a terms of $135.
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The institution enlisted the assistance of bankers similar JPMorgan Chase CEO Jamie Dimon to assistance merchantability the stock.
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It asked S&P Global to marque an objection and adhd it to the S&P 500. After considering the request, S&P Global declined to "fast-track" SpaceX. '
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The Nasdaq 100, connected the different hand, did revise its methodology for adding caller stocks astatine SpaceX's request. It shortened the waiting play from 3 months to conscionable 15 trading days for mega-cap IPOs similar SpaceX to beryllium added. That means SpaceX volition articulation the high-profile tech scale and the Invesco QQQ Trust by aboriginal July.
However, the astir impactful of SpaceX's unconventional nationalist offerings is yet to come.
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What SpaceX is doing with its lockup play
Most recently nationalist companies acceptable a azygous expiration day for the "lockup period" during which insiders can't merchantability their shares. Typically, this play lasts 180 days.
The extremity of the lockup play tin enactment downward unit connected a stock, some due to the fact that investors expect the banal terms to spell down and due to the fact that of the further shares going connected sale, which increases the interval and dilutes existing demand.
To debar this risk, SpaceX is staggering its lockup periods, with respective stages of lockup expirations implicit the twelvemonth pursuing the IPO. The thought seems to beryllium that having respective of them means determination won't beryllium a azygous constituent astatine which wrong investors flood the marketplace with caller shares. It besides gives immoderate insiders the quality to merchantability immoderate of their shares up of the emblematic 180-day deadline.
Following the IPO, determination are astir 13 cardinal shares outstanding successful SpaceX, and the institution sold 555,555,555 shares successful the offering, raising astir $75 billion. The earliest that insiders would beryllium eligible to merchantability the banal would beryllium aft the archetypal net report, but the banal would request to adjacent supra $175 successful the archetypal 5 of its archetypal 10 trading days. So far, it's reached that level 4 times, but the banal tumbled 17% to $154.60 connected Monday, and it whitethorn conflict to get supra $175 implicit the remainder of the week, meaning it would fulfill that target.
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