The lock-up period is not a dead period; it involves a triple linkage of profit, stock price, and time, and the unlocking conditions are more complex than a rocket launch.

SpaceX states in its SEC S-1 filing that the unlocking phases are linked to the company's profitability, stock price, and timing, prior to the 180-day lock-up period expiring. On January 13, 2026, the board approved the grant of 1 billion performance-based Class B common stock restricted shares to Musk. Today, the IPO application was officially submitted, with Musk still retaining 85.1% of voting rights.