SpaceX IPO Filing Shows 5% Direct Share Allocation With No Lock-Up, Eyes $75 Billion Raise

SpaceX plans to reserve up to 5% of its initial public offering shares for a direct allocation program open to select employees and other individuals, with no mandatory lock-up period, an amended regulatory filing showed on June 2, 2026. The shares will be sold at the IPO price, and any unclaimed portion will flow to public investors. Participants are chosen by company management, and they can sell immediately, breaking from the standard lock-up practice that restricts early sales by insiders. The offering, expected as early as mid-June on the Nasdaq with Goldman Sachs as lead underwriter and Morgan Stanley handling the direct program, targets up to $75 billion in proceeds. CEO Elon Musk aims to merge SpaceX with AI startup xAI later this year, pushing the combined valuation to about $1.25 trillion. Musk controls 85.1% of voting rights and has committed to a one-year lock-up on his shares. Other major investors also face a one-year lock-up. Separately, SpaceX disclosed a computing lease deal with AI firm Anthropic, generating about $1.25 billion in monthly revenue, equivalent to 325,000 Nvidia GPUs deployed in Memphis, with the contract extending to May 2029.