Space IPO Lock-Up Calendar: SpaceX, HawkEye 360, AADX

A lock-up is the period after an IPO when insiders and pre-IPO investors agree not to sell, usually 180 days. For the 2026 space IPOs, the dates come straight from each final prospectus: York Space Systems' lock-up ended in late July, HawkEye 360's ended early on September 1 under a blackout clause, Applied Aerospace & Defense's runs to Friday, November 27, and SpaceX releases shares in stages from August 2026 to mid-2027, with Elon Musk's shares locked until June 12, 2027.

What a lock-up is and where to find the terms#

When a company goes public, its underwriters ask the company, its directors and officers, and most existing shareholders to sign lock-up agreements. These stop them from selling or hedging their shares for a set period, so the new public float isn't flooded on day one. The terms are in two places in the final prospectus (the 424B4 on EDGAR): "Shares Eligible for Future Sale" and "Underwriting". Our guide to reading a space company's S-1 shows where those sections sit.

Three details change the date, and they're easy to miss:

• The count starts at the prospectus date, not the first trading day. SpaceX's prospectus is dated June 11, 2026, a day before the shares started trading.
• Weekends and holidays move the end. Most agreements say what happens if the 180th day isn't a trading day.
• Early releases. Some lock-ups end early if the stock trades well above the IPO price, if the end falls in a blackout period, or after earnings. The underwriters can also waive a lock-up at any time.

The 2026 space IPO lock-up calendar#

Dates below are as written in each company's final prospectus or later 8-K. "Released" means the contractual lock-up ends; affiliates are still limited by Rule 144, and insiders still follow their company's trading windows.

Not financial advice. Share counts are the maximums stated in the prospectuses; the shares actually sold can be far smaller.

SpaceX: a staged release instead of one cliff#

SpaceX replaced the usual single 180-day expiry with a schedule set out in its final prospectus. The main points:

• First earnings release. Up to 911.5 million shares were released on the second full trading day after SpaceX's first results as a public company. Those results came out on August 4, 2026, so the release fell on August 6.
• A price trigger that didn't fire. Another 455.8 million "Additional Release Shares" would have unlocked at the same time if SPCX had closed at least 30% above the $135 IPO price, at $175.50 or more, on at least five of the ten trading days ending on the earnings date. Closing prices from July 22 to August 4 ranged from about $108 to $125, so the condition wasn't met and no early release was announced. Under the prospectus, that's why up to 797.6 million shares (rather than 328.4 million) are scheduled for December 8.
• Fixed-date tranches. 7% of the 180-day lock-up pool on each of days 70, 90, 105, 120 and 135 (August 20, September 9, September 24, October 9 and October 24).
• Q3 results. Up to 1.3 billion shares (28%) on the second full trading day after third-quarter results. SpaceX hadn't announced that date as of October 4, 2026.
• The extended lock-up. About 7.8 billion shares, roughly 60% of the shares outstanding after the IPO and all of Musk's, are locked for over a year. The non-Musk part unlocks in steps from early 2027. Musk's shares "will not be subject to any early release provisions" and stay locked until June 12, 2027, the 366th day.

To put the October tranches in context: the IPO itself sold 555,555,555 Class A shares, so each 328.4 million share step is more than half the size of the original offering.

HawkEye 360: the blackout clause in action#

HawkEye 360's prospectus set a 180-day lock-up from May 6, 2026, which would have ended on November 2. It also had a conditional early termination clause: if the lock-up would end during, or within five trading days before, a scheduled insider-trading blackout, and more than 100 days after the IPO, it ends instead ten trading days before the blackout starts.

November 2 fell inside HawkEye's quarterly blackout. In a Form 8-K filed on August 13, 2026, the company said ten trading days before its next blackout was September 1, so all locked shares became eligible for sale on September 2, two months earlier than a calendar count would suggest. It's a good example of why the prospectus clause matters more than "IPO date plus 180 days".

Applied Aerospace & Defense: a weekend date#

AADX's prospectus, dated June 2, 2026, locks up the company, its executives and directors and all pre-IPO holders until 4:00 p.m. Eastern on the first trading day on or after the 180th day, or, if the 180th day isn't a trading day, until 4:00 p.m. on the last trading day before it. The 180th day is Sunday, November 29, 2026, so the lock-up ends after 4:00 p.m. on Friday, November 27, and Monday, November 30 is the first full session without it. We found no blackout or price-based early release in AADX's lock-up terms.

The prospectus shows 170,743,518 shares outstanding after the IPO, of which 32,500,000 were sold in the offering, so about 138.2 million pre-IPO shares are covered. AADX's principal stockholder is expected to remain an affiliate, so its sales will still be subject to Rule 144 volume limits.

York Space Systems: already past#

York's prospectus, dated January 28, 2026, set a standard 180-day lock-up for the company, its officers and directors, AE Industrial Partners and holders of substantially all of its stock, with the shares eligible "beginning 181 days after the date of this prospectus", which was July 28, 2026.

How to read a lock-up date as an investor#

1. Read the clause yourself. Third-party calendars often apply "IPO date + 180 days" and miss early-release triggers, blackout clauses and weekend rules. Two widely shared SpaceX schedules disagreed on the main expiry date; the prospectus says December 8, 2026.
2. Check for 8-Ks before the date. Companies announce early terminations and underwriter waivers, as HawkEye did two and a half weeks ahead.
3. Unlocked isn't sold. Venture funds, founders and employees sell on their own timetables, and many use 10b5-1 plans. Their sales then show up on Form 4 within two business days.
4. Watch earnings-linked dates. SpaceX's largest 2026 tranche is tied to a results date that hasn't been announced yet. Once it is, the unlock date follows mechanically.

Following lock-ups and insider sales on Martian Alpha#

Martian Alpha's free catalyst feed lists earnings, filings and other events for listed space stocks, and a free watchlist sends news alerts for up to 10 tickers, which is how an earnings date (and so an earnings-linked unlock) or an early-termination 8-K tends to surface. After a lock-up ends, insider sales appear on Form 4. Our Form 4 guide explains how to tell a planned sale from an option exercise or tax withholding. For companies still preparing to list, the IPO & SPAC Pipeline Monitor on the Space Entrepreneur plan tracks S-1 and F-1 filings; see the plans page.

FAQ#

When does the SpaceX lock-up expire?#

In stages. Under the final prospectus, the main 180-day lock-up ends on December 8, 2026, with earlier tranches on October 9 and October 24 and a large release after third-quarter results. Elon Musk's shares are locked until June 12, 2027, and the rest of the extended lock-up unlocks in steps through mid-2027.

Did SpaceX's early-release price trigger happen?#

No. It required SPCX to close at or above $175.50 (30% above the $135 IPO price) on at least five of the ten trading days ending August 4, 2026. Closes in that window were roughly $108 to $125, so the 455.8 million Additional Release Shares stayed locked and roll into the December 8 release.

Why did HawkEye 360's lock-up end early?#

Its lock-up agreement ends early if the scheduled end date falls inside an insider-trading blackout and is more than 100 days after the IPO. The November 2 end fell in a blackout, so under the clause it ended on September 1 and shares became sellable on September 2, as HawkEye disclosed in an 8-K on August 13, 2026.

Do lock-up expirations always push a stock down?#

Not always. The prospectus warns that sales, or the perception that sales may occur, could lower the price, but the effect depends on how many holders actually sell and on demand at the time. Treat a lock-up date as a known supply event, not a prediction.

Where can I find a company's lock-up terms?#

In its final prospectus on SEC EDGAR, under "Shares Eligible for Future Sale" and "Underwriting". Check the company's later 8-Ks too, for early terminations or waivers.

Sources#

• SpaceX (Space Exploration Technologies Corp.) final prospectus, 424B4, June 2026, "Shares Eligible for Future Sale" and "Underwriting: Lock-up Agreements"
• SpaceX: pricing of initial public offering and second-quarter 2026 results date (August 4, 2026)
• SPCX daily price history (stockanalysis.com)
• HawkEye 360 final prospectus, 424B4, May 2026 and HawkEye 360 Form 8-K, August 13, 2026
• HawkEye 360: early lock-up release confirmed for September 2 (press release, August 31, 2026)
• Applied Aerospace & Defense final prospectus, 424B4, June 2026
• York Space Systems final prospectus, 424B4, January 2026