The reason for SpaceX's (SPCX) continued surge after its IPO may be quite simple: currently, only about 4.2% of the total shares are in circulation, meaning 96% of the shares are still unsellable.

However, the unlocking pressure is already on a countdown: a maximum of 30% will be unlocked after the Q2 earnings report, followed by 7% every 15 days or so, and another 28% after the Q3 earnings report, with the remaining portion fully unlocked by December 9th (180 days after the IPO).

Musk's personal shares are not included in the early unlocking period and have a longer lock-up period.