SpaceX 的 IPO 标志著一次具历史意义的市场亮相，在其前三个交易日内增加了大约 1 兆美元（原本为 $1 trillion）的市值。这一估值的快速飙升使该公司超越了 Amazon，使其成为全球第五大市值的上市公司。然而，这一里程碑的背后是一个高度限制性的闭锁期结构，旨在控制 IPO 后的股票供给，而非管理市场需求。

著名的风险投资公司持有已大幅增值的巨额股份。Founders Fund 持有的股份价值超过 500 亿美元（原本为 $50 billion），而 Sequoia Capital 的持股则超过 200 亿美元（原本为 $20 billion）。尽管投资者在此类事件中通常有变现持股的倾向，但包括 Sequoia Capital 的 Shaun Maguire 在内的核心机构和合作伙伴已表示有意维持其持股，部分投资者的闭锁期限制甚至延长至 2027 年年中。

闭锁期条款规定，在 SpaceX 发布第一份财报后，将有超过 9 亿股（原本为 900 million shares）的股票符合销售资格，随后的释放将最早于 8 月开始分阶段进行。市场的稳定性现在取决于这些在 IPO 前积极认购股份的现有股东和员工是选择继续持有还是卖出。当这数十亿美元的股份逐渐解锁时，SpaceX 估值的最终考验将会到来。

SpaceX's initial public offering marked a historic market debut, adding approximately $1 trillion in market value within its first three trading sessions. This rapid valuation surge allowed the company to overtake Amazon, positioning it as the fifth-most-valuable public company globally. However, this milestone is underpinned by a highly restrictive lockup structure designed to control the post-IPO supply of shares rather than managing market demand.

Prominent venture capital firms hold substantial stakes that have appreciated significantly. Founders Fund's holdings are valued at more than $50 billion, while Sequoia Capital's stake exceeds $20 billion. Despite typical tendencies for investors to liquidate holdings during such events, key institutions and partners, including Shaun Maguire of Sequoia Capital, have expressed intentions to maintain their positions, with some committing to lockup periods extending through mid-2027.

The lockup terms dictate that over 900 million shares will become eligible for sale following SpaceX's first earnings report, with subsequent releases scheduled in stages starting as early as August. The market's stability now relies on whether these existing shareholders and employees, who actively acquired shares pre-IPO, choose to hold or sell. The ultimate test of SpaceX's valuation will occur as these billions of dollars in shares gradually unlock.