SpaceX IPO：散户投资者须知

SpaceX launches its IPO on Friday, and the rocket maker is set to make history in more ways than one, setting the price at $135 a share instead of a range speed running its roadshow, cutting off orders a day earlier than normal and aiming to go public at an eye popping $1.75 trillion. Traders are eager to get a piece, and soon, retail investors everyday people with a brokerage account will have their shot at as much as 30% of the space IPO allocation when it begins trading.

That target blowing past the typical IPO, which normally sees just 5 to 10% set aside for retail investors. But there's a lot you should know before buying in. All signs point to a big first day pop when space begins to trade on the Nasdaq. Our analysis of high performance IPOs found that even in the short term, it's difficult for companies that have a blockbuster debut to keep the momentum going. Case in point Alibaba, Coinbase, DoorDash, Snowflake, which saw an over 100% gain on its first day of trade, underperformed six months later.

Now, that's no guarantee of how SpaceX will perform. There's lockup expirations, the path to profitability, and other market dynamics all play a role in the performance of newly listed companies. But on average, the data shows that big one day pops can often be a warning sign. SpaceX wants those retail dollars, though that 30% amount to roughly $22.5 billion, and brokerages including fidelity, Robinhood, SoFi and Morgan Stanley's E-Trade are among those lining up to make shares available.

Fidelity went as far as to reduce the minimum amount of cash required in a brokerage account from $100,000 to just 2000. But any investor thinking of getting in and selling to make a quick buck may want to think twice ahead of SpaceX's IPO fidelity and Charles Schwab, reinforcing two investors who sell allocated shares in the first 15 days of trade that they will be restricted or even blocked from participating in future IPO deals.

At Robinhood and SoFi, it's 30 days. The question is, does this policy help instill more stability in space trading, or does it put smaller, everyday investors at a disadvantage? Now, once the company goes public, investors will be watching to see how quickly it will be added to the Nasdaq 100. Nasdaq did adopt a fast entry rule that allows large companies to bypass the traditional waiting period. Space was also gunning for unprecedented early index entry into the S&P 500 index that would have seen it included in retirement funds and pensions.

That was blocked, as the S&P 500 reiterated requirements that companies must be profitable for the sum of its most recent four quarters before entry. All right. Beyond index inclusion, investors will be counting down to SpaceX's first earnings report as a public company and what the company is doing to ease its cash burn. The S-1 did reveal that SpaceX posted a net loss of nearly $5 billion in 2025. The primary culprit being Elon Musk's X business.

That's its AI infrastructure bet. And that business, of course, where expenses tied to GPUs continue to rise. The question is whether investors are willing to overlook SpaceX's massive investments in hopes that Musk can make AI profitable and orbital data centers a reality.