Regarding the release of SpaceX's IPO subscription funds, many people are saying that a lot of oversubscribed funds were released before the opening of the US stock market on Thursday tonight, but this is not the case. 1. Timeline allocated at the institutional level 1) Thursday full day Eastern Time: Underwriters (Goldman Sachs, Morgan Stanley, etc.) and SpaceX teams are pushing for institutional allocation throughout the day. Because they closed the order early on Wednesday (one day earlier than usual), they specifically set aside the entire Thursday to "map out allocations" (plan and allocate shares). 2) This part mainly involves distributing the approximately $75 billion in shares to various institutional investors, asset management companies, and participating underwriters. 3) It's not strictly starting the "allocation operation" from the second of the opening on Thursday Eastern Time, but rather the entire trading day is dedicated to this work, which belongs to the process of internal coordination and final confirmation. On Thursday evening, the pricing will be basically determined, and the institutional share needs to be basically determined before and after the pricing on Thursday evening Eastern Time. Simply put, the allocation at the institutional level is driven and planned using the entire trading day of Thursday in the Eastern United States. The goal is to determine the market share of each institution before and after the pricing on Thursday evening in Eastern Time, without delaying until Friday. The final individual quota for retail investors will be delayed, and the specific number of shares to be taken will only be known after the broker calculates it on Friday morning. But it can also be traded after the opening on Friday Eastern Time So the large oversubscribed funds may not be released until Friday when the market opens.