The micellar state of Pluronic P123, which is a poly(ethylene oxide)-b-poly(propylene oxide)-b- poly(ethylene oxide) block polymer (EO₂₀PO₇₀EO₂₀), has been investigated using SANS, SAXS, and differential scanning calorimetry under the conditions utilized in the synthesis of ordered mesoporous materials, such as SBA-15. The absolute intensity measurements, both with SANS and SAXS, have provided a detailed quantitative description of the P123 micelles in the framework of a simple core–shell spherical model. The model developed has been used to establish the structure of the copolymer micelles, including their size, shape, aggregation number and detailed composition, as well as the structural changes induced by varying reaction conditions. The effects of temperature, pH, acidic source and the addition of swelling agents (toluene and TMB) are reported and discussed.