TradingKey – The SpaceX lock-up expiration wave refers to the event where, following SpaceX’s initial public offering (IPO), transfer restrictions on locked-up shares held by insider employees, early investors, and the founding team are officially lifted, allowing them to be sold in the open market.

To prevent a stock price collapse caused by a massive dump of insider shares shortly after listing, lock-up expirations usually occur in tranches rather than all at once. In addition, given SpaceX’s massive valuation and unique capital structure, it utilizes a special phased lock-up expiration mechanism, including staggered releases, performance-based dynamic triggers, longer lock-up periods for founders, and other measures.