Question 1

Important information: purpose of the FAQ

Accepted Answer

This FAQ has been prepared to address the most common questions regarding the SpaceX IPO, the share split, conversion mechanics, lock-up restrictions, sale process and future distribution to investors.

We will refer investors to this document going forward and will update it with relevant questions and answers as the process develops.

The SpaceX S-1 registration statement is available here:

https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm

Before the IPO, SpaceX completed a 1:5 share split.

This means that each existing SpaceX share was split into five shares before trading began.

A share split does not by itself change the economic value of the holding. Instead, the number of shares increases, while the value per share is adjusted accordingly.

Example:

Before split:
 1 SpaceX share

After 1:5 split:
 5 SpaceX shares

Question 2

1. How does the SpaceX share split affect our shares?

Accepted Answer

All SpaceX shares currently held through the Tioex structure are common shares, except for the first SpaceX series from December 2023, which was originally acquired as preferred shares.

For common shares, there is no preferred-to-common conversion step. The shares are already common shares, so the 1:5 SpaceX share split applies directly.

The simplified conversion logic is:

1 SpaceX common share → ×5 split = 5 post-split SpaceX shares

So, in simplified terms:

1 SpaceX common share = 5 post-split SpaceX shares

For the preferred shares acquired in the first SpaceX series in December 2023, the simplified conversion logic is:

1 SpaceX preferred share converts into 10 SpaceX common shares.

After that, the 1:5 SpaceX share split is applied.

The simplified conversion logic is therefore:

1 preferred share → 10 common shares → ×5 split = 50 post-split SpaceX shares

So, in simplified terms:

1 SpaceX preferred share = 50 post-split SpaceX shares

These are technical conversion and split adjustments. They increase the number of shares shown, but they do not by themselves change the underlying economic entitlement.

Question 3

2. How does this affect xAI shares?

Accepted Answer

xAI shares were converted into SpaceX shares based on the agreed exchange ratio.

The relevant simplified exchange ratio is:

7 xAI shares convert into 1 SpaceX share

After that, the SpaceX 1:5 split applies.

The simplified conversion logic is:

7 xAI shares → 1 SpaceX share → ×5 split = 5 post-IPO SpaceX shares

So:

7 xAI shares = 5 post-IPO SpaceX shares

Expressed per xAI share:

1 xAI share = 5/7 post-IPO SpaceX shares

That equals approximately:

1 xAI share = 0.7142857 post-IPO SpaceX shares

Question 4

3. How does the Tioex structure work?

Accepted Answer

As an investor, you do not own SpaceX shares directly in your own name.

Instead, you have invested in a Swedish Tioex investment company that has economic exposure to SpaceX. The relevant Tioex company holds the underlying SpaceX exposure, either directly or through an investment structure, and your rights are linked to your ownership or investment in that Tioex company.

Because you do not own the SpaceX shares directly, you will not see these shares in your own Avanza, Nordnet or other brokerage account.

Your investment is held through the relevant Tioex investment company. You therefore own an investment in a Tioex company, not SpaceX shares directly in your own name.

The portal may show the underlying SpaceX exposure for transparency purposes, but this should not be interpreted as a direct brokerage holding in SpaceX.

Your economic rights are governed by your subscription documents and the applicable terms for your investment in the relevant Tioex company.

In simple terms: you own an investment in a Tioex company, and that Tioex company has exposure to SpaceX. Your return is based on your pro rata economic share of that exposure, after any applicable costs, taxes, lock-up restrictions, profit share and other terms set out in the investment documentation.

Question 5

4. When will investors receive the money?

Accepted Answer

The underlying SpaceX shares will be sold and cash will be distributed to investors.

Based on the current timeline, we expect the final shares to be sold around the end of June or beginning of July 2027. The timing may depend on the applicable lock-up arrangements and the sale process.

When all shares are sold the relevant Tioex investment company must carry out the necessary administrative steps, including final accounting, tax and profit share calculations, corporate approvals and preparation of the required documentation. We currently expect the coordinated distribution to investors to take place by the end of August 2027.

Investors should therefore not expect an immediate distribution when the shares are sold. We will provide further information and clear instructions as the distribution process progresses.

Question 6

5. What is a lock-up and how long does it last?

Accepted Answer

A lock-up is a standard IPO restriction that limits when existing shareholders may sell their shares after a company has listed. It is intended to support an orderly market following the listing. All of our investment structures include shares that are subject to lock-up restrictions for up to one year following the IPO.

We have learned that different SpaceX shareholders are subject to different lock-up arrangements. SpaceX applies a staggered release process, under which shares become available for sale in stages rather than on a single date. The first portion of shares within our investment structures became available for sale on August 6, 2026.

The SpaceX lock-up is difficult to predict because it includes both an ordinary lock-up and extended restrictions applicable to certain key investors. SpaceX also retains significant influence over when and how the staggered releases are implemented.

Tioex has invested through several external partners and structures, each with its own process. In some cases, partners sell the shares directly. In other cases, shares are distributed in kind to Tioex, which can involve substantial lead times, before being sold through our investment banks.

Given SpaceX’s staggered approach, investors should expect the shares to be sold progressively throughout the lock-up period rather than on one specific date. The final outcome should therefore broadly reflect how the SpaceX share price trades over time during the relevant period, rather than the price on any single day.

The timing will depend on the applicable lock-up arrangements, decisions by SpaceX, partner processes, in-kind transfers, banking processes and other administrative requirements.

Question 7

6. How will investors receive information about the sales and the final outcome?

Accepted Answer

Tioex will provide each investor with a final settlement note once the sale process and the subsequent administration have been completed.

The SpaceX shares are held through several investment structures involving different external partners, transfer processes and investment banks. In addition, the staggered lock-up means that the shares are expected to become available for sale and be sold progressively over time. Interim updates would therefore provide only a partial picture of the investor’s final outcome.

The settlement note will show the investor’s original investment, the aggregate outcome of the investment, any applicable profit share, the investor’s profit and the final amount to be distributed.

As the sales are expected to take place progressively, the final outcome will reflect the prices achieved during the relevant sale period rather than the SpaceX share price on any single day.

Question 8

7. When will the proceeds be available to investors?

Accepted Answer

We expect the final shares to be sold around the end of June or beginning of July 2027. The company must then complete the necessary accounting, tax and profit share calculations and corporate approvals before distributing the net amount to investors. Based on the current timeline, we expect this distribution to take place by the end of August 2027.

Question 9

8. How does corporate tax work?

Accepted Answer

SpaceX went public at $135 per share. At the IPO, the shares changed their tax status from unlisted to listed securities. As a result, if the shares are sold above the IPO price, the Tioex investment company in which you hold shares must pay Swedish corporate tax on the realized gain above $135 per share.

Question 10

9. How is the profit share calculated?

Accepted Answer

The applicable profit share will be calculated in accordance with the relevant investment terms.

In simple terms, the company first needs to calculate the realized proceeds, account for any applicable corporate tax and other relevant costs, and then calculate and deduct the profit share before the net amount is distributed to investors.

The profit share will be calculated after all relevant shares have been sold, so that the final realized outcome can be determined.

Question 11

10. What about individual investor tax?

Accepted Answer

Each investor is responsible for their own individual tax situation.

Tioex cannot and is not permitted to provide individual tax advice. Investors should consult their own tax adviser regarding the personal tax consequences of any distribution.

Question 12

11. Should investors arrange a USD account?

Accepted Answer

We recommend that investors, where possible, arrange access to a USD account.

This may make future distributions smoother and help reduce unnecessary currency conversion friction. However, the final distribution mechanics will depend on what is practically, legally and administratively possible at the relevant time.

Question 13

12. Is there anything investors need to do now?

Accepted Answer

At this stage, there is nothing investors need to do.

We will contact investors with further information and clear instructions once the lock-up and distribution process has progressed further.

Question 14

13. Can I get an exception and receive shares instead of cash?

Accepted Answer

No. All shareholders are treated equally, and cash will be distributed to everyone.

SpaceX IPO and Distribution FAQ