Brokerages allocate quotas to Xstocks, Xstocks then allocate quotas to exchanges, and exchanges finally distribute quotas to us retail investors for IPO subscriptions. Blind guess: now that SPCX coin is pumping, they’ll drastically cut the quotas, but if there’s a loss, they’ll dump it all on you. Classic case of landlords getting their money back in full, while the common folks split it 30/70.