EP25: SpaceX Just Rewrote the Mega-IPO Lockup — Pillar 2 of the Frontier Framework

The Syndicate Room · Jul 10, 2026 · 1m

Drew and Reese open Pillar 2 of the Frontier Framework: supply discipline. SpaceX quietly rewrote the mega-IPO lockup — how tender offers, employee liquidity, and secondaries reshape the pre-IPO tape. Framework-first analysis for tech investors modeling supply, not just markup. Not investment advice. Companion research: https://gp.advalorem.io/insights/2026-07-02-spacex-lockup.html