《The Three Major Traps of SpaceX's IPO That Many People Don’t Know About—Retail Investors, Hang in There》 SpaceX is a top-tier asset, but right now it’s more like Tesla in 2021, not Tesla in 2012. The structure of SpaceX’s IPO is extremely unfavorable to retail investors, with three structural traps in particular: 1. **30% Retail Allocation**: $22.5 billion allocated to retail investors, with 10-20x oversubscription. Actual allocation per investor is just 667 (allocation rate: 6.7%). 2. **Only 5% Float**: Only $87.5 billion worth of shares will be tradable, causing the price to skyrocket beyond fundamentals during the initial trading period, luring retail investors to chase at high prices in the secondary market. 3. **Lock-Up Period May Be Waived**: Underwriters are considering waiving the 180-day lock-up period for insiders, allowing them (whose costs are far below the IPO price) to sell shares on the first day of trading. These three mechanisms work together: **Step 1**: 30% retail allocation → Creates a frenzy of “everyone participating,” but each person only gets a tiny amount. **Step 2**: Extremely low float (5%) → Severe supply-demand imbalance on the first day of trading, causing the stock price to surge—crypto folks know this well; when float is low, market cap doesn’t matter. **Step 3**: Retail investors who didn’t get IPO shares see the first-day surge → FOMO drives them to chase at high prices in the secondary market. **Step 4**: Lock-up period waived → Early VCs (Founders Fund, Sequoia, a16z, etc., with costs of $46-212/share) and employees dump shares en masse when retail FOMO is at its peak. **Step 5**: Retail investors become the “exit liquidity” for insiders cashing out. This is the logical progression of IPO structure design, not a conspiracy theory—every step has clear economic incentives. For more details, check out the in-depth 10,000-word report: *Deep Dive: Is the $1.75 Trillion SpaceX Worth Participating In?* https://mp.weixin.(qq.com)/s/leGr9AmyHMJCpuCigRqXTQ