SpaceX's June 12 IPO raised $85.7 billion, nearly three times the previous record held by Saudi Aramco, at an initial valuation of $1.77 trillion. The article says insiders have a staggered, accelerated share-unlock schedule rather than the usual 180-day lockup, with about 911.5 million shares becoming eligible for sale after the first quarterly report and another 319 million unlocking on October 26. Elon Musk cannot sell any shares for 366 calendar days, while the IPO offered about 555.6 million shares, which is less than 5% of outstanding shares. The author argues that continued unlocks could dilute a float that is already small, and that retail investors may bear the cost of insider sales.
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