SpaceX’s IPO setup is wild. They only floated about 4% to the public to raise $75B, keeping the other 95% locked down. To prevent the stock from crashing, regular employees get a staggered release valve to sell their shares slowly over 180 days. Elon Musk is completely locked out of those early windows. Even though he owns 40% of the company and controls over 82% of the voting power, he signed a strict 366-day agreement. He legally cannot sell a single share until June 13, 2027.(Lark Davis)