SpaceX allocates 5% of its IPO shares to internal employees and their families after going public. Many comments, as shown in the picture, suggest that there is no lock up and employees become extremely wealthy due to this allocation. I can only say that everyone really can't talk about the process of IPO in the US stock market: 1. This is not a free gift, it is for internal employees to participate in targeted allocation, and it also requires money to buy. Basically, it is bought based on the valuation of the IPO or with a slight discount, and it is also part of the IPO fundraising. This is the anchoring in Hong Kong stock IPOs. In fact, there are also A-shares, and giving a small IPO share to employees or partner clients when a company goes public is equivalent to additional benefits. 2. The shares raised and sold during the IPO of the US stock market are not locked in (the same goes for the Hong Kong stock market), and the listing is basically tradable. What everyone trades after going public on the US stock market is this portion of the IPO shares. Some strategic investors may obtain a portion of the shares at a slightly lower discount, and the company may request to lock them in, but their share of the IPO fundraising is relatively small (similar to the concept of cornerstone investors in Hong Kong IPOs, but there is no cornerstone in the US stock market); 3. 5% of the IPO share, calculated based on the IPO fundraising of 75 billion US dollars, the total value is approximately 3.75 billion US dollars, accounting for just over 0.2% of the total share capital. And according to the IP valuation or a slightly lower price, it's not considered sudden wealth, but it is indeed giving away money. How much can you earn? Based on the performance of Lao Ma's first unlocking date, an additional 10% of shares can be unlocked at a price 30% higher than the IPO price. 30% can be used as the profit benchmark for employee participation in the allocation, so it is giving money instead of getting rich overnight.