SpaceX has reserved 5% of its shares for employees and senior executives to subscribe to, with a target valuation of at least $1.8 trillion.

SpaceX (SPCX.US) disclosed in the revised registration statement that its upcoming IPO will reserve up to 5% of shares for some employees and executives' family and friends to subscribe to. In the updated prospectus submitted on Monday, the company for the first time determined the number of Class A common shares reserved for the targeted share plan. Space Exploration Technologies Corp. (SpaceX) disclosed last month that participants on its "family and friends list" will not be subject to lock-up restrictions. Targeted share plans are common in US IPOs, but participants in such plans are typically subject to lock-up restrictions to prevent them from selling shares immediately. SpaceX stated in the filing that over 60% of the shares issued before the IPO will have extended lock-up periods, including shares held by the company's founder and CEO Elon Musk. According to sources familiar with the matter, the target valuation of SpaceX's IPO is at least $1.8 trillion, not the previously reported over $2 trillion in April.