The three major traps of SpaceX's IPO that many people are unaware of, retail investors have worked hard.
SpaceX is a top-tier asset, but now it resembles Tesla in 2021 rather than Tesla in 2012.
The trading structure of the SpaceX IPO is extremely unfavorable for retail investors, specifically three structural traps:
1. 30% allocation to retail investors, $22.5 billion aimed at retail investors, 10-20x oversubscription, actual allocation for applications is 667 (fill rate 6.7%).
2. Only 5% floating shares, only $87.5 billion can be traded in the market, the initial price far exceeds the fundamentals, enticing retail investors to buy at high prices in the secondary market.
3. Lock-up period may be waived, underwriters consider exempting the 180-day lock-up period for insiders, allowing insiders (whose cost is far below the IPO price) to sell on the first day of trading.
These three mechanisms operate in coordination:
Step one: 30% allocation to retail investors → creates a frenzy of "everyone participates," but each person only receives a tiny amount.
Step two: 5% extremely low floating shares → severe imbalance of supply and demand on the first trading day, stock price skyrockets—cryptocurrency participants know this best, when liquidity is low, market cap is irrelevant.
Step three: retail investors who did not receive IPO allocations see the price surge on the first day → driven by FOMO, they buy at high prices in the secondary market.
Step four: lock-up period is waived → early VCs (Founders Fund, Sequoia, a16z, etc., with costs of $46-212 per share) and employees sell off significantly at a time when retail FOMO is strongest.
Step five: retail investors become the "dumping ground" for insiders to cash out.
This is a logical deduction of IPO structure design, not a conspiracy theory, with clear economic motives at each step.
For more content, interested parties can check out the extensive report: "In-Depth: Is SpaceX worth participating in, valued at $17.5 trillion?"
https://mp.weixin.qq.com/s/leGr9AmyHMJCpuCigRqXTQ
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