Which holders own the 1.3 billion shares becoming eligible is not yet public, so the scale of likely selling is unknown. Musk's personal stake remains locked until June 2027. The company's cash position is also mixed. Revenue is roughly doubling and the AI compute business is growing fast, but free cash flow was $25 billion negative in the first half. Alphabet reported owning about 4% of SpaceX, valued at $94 billion as of June 30. Berkshire Hathaway holds no SpaceX shares directly. Its exposure runs through a 0.9% stake in Alphabet, worth about $38 billion at the end of Q2.
For attorneys, the near-term question is supply. Watch for trading volume and price movement around the October 22 unlock, and for any Form 4 or 144 filings that show insider or major-holder sales. Lockup terms, staggered by holder, will determine how much stock reaches the market over the coming months. Watch the cash burn as well, since the company's capital needs could shape future financing and disclosure. Clients with Alphabet or Berkshire exposure should note that SpaceX's valuation now flows into those holdings, and that the structure, with Musk's voting control, makes that valuation hard to pin down.