SpaceX (SPCX) keeps climbing post-IPO The reason might be simple: currently, only about 4.2% of the total shares are in circulation, with 96% of the shares still locked. But the unlocking pressure is on a countdown: After the Q2 earnings report, up to 30% could be unlocked, followed by approximately 7% every 15 days. After the Q3 earnings report, another 28% will be unlocked, and by December 9 (the 180th day post-IPO), the remaining shares will all be unlocked. Elon Musk's personal holdings are not included in the early unlocking schedule and have a longer lock-up period. Full timeline in the chart below