Times Square billboard celebrates SpaceX’s IPO debut on Nasdaq on June 12, 2026.
Adam Jeffrey | CNBC
Retail investors who sought shares in SpaceX’s blockbuster initial public offering will receive only a fraction of the amount many asked for, and opinions are already divided over what to do with the shares.
Across online investment forums, users complained that they received only one share allocation, even though they had requested much larger sums. The companies that have actually received the shares are taking a variety of approaches, with some selling them ahead of the company’s market debut and others holding on to the stock for the long term.
Marvin Jung, a 51-year-old investor who requested 1,000 shares through Robinhood but received only 17, chose to sell his shares shortly after trading began.
“I exited my position in SpaceX stock at $160,” Chong said. “He has struggled so much that he hasn’t been able to find his footing. He will continue to be monitored and will return in about six months when the lock-up period ends.”
SpaceX shares rose another 6% on Monday, extending gains after the company’s record debut on the Nasdaq. On Friday, the stock soared 19% to close at about $161 per share, down from its IPO price of $135 per share, giving the company a market value of more than $2 trillion.
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Since SpaceX IPO
Ross Cameron, 41, founder of trading education platform Warrior Trading, also received far fewer shares than he had hoped for. He initially requested 2,500 shares through Schwab and increased his order to 4,250 shares before the deadline. In the end, he received 147 shares at the IPO price of $135.
“We would have liked to have had more shares filled as it would have increased the gross profit, but we understand that demand was very high,” Cameron said. “My plan is to hold the stock until it drops below $150 and take profits when it approaches $200 per share.”
Mr Cameron is also cautious about the coming months, saying he expects selling pressure to mount once lock-up restrictions expire and additional shares become available for trading.
“We still think there will be a wave of selling over the next six months as the lock-up expires,” Prime Minister David Cameron said. “I don’t think there will be enough buying to support the current price when those stocks come to market.”
Most subscribed service
Demand was strong across brokerage platforms. SoFi Technologies said SpaceX is its largest and most subscribed service in its history, and Charles Schwab said customer interest is “unprecedented.” SoFi, Fidelity, and Schwab all allocated shares to eligible customers who wanted to participate, but many investors received only a portion of their requested orders because demand far exceeded the available supply.
Some investors are taking a long-term view. Markham Trading co-owner Helaine Markham received all two shares she requested in the IPO and intends to retain her shares.
Markham said he did not add to the position because he views SpaceX’s valuation as “aggressive” and expects further volatility as lock-up restrictions expire and more shares become available for trading. She plans to wait for further price discovery before increasing her stake.
The mixed reactions highlight the challenges facing investors trying to value one of the market’s hottest companies. While some see SpaceX as a rare long-term opportunity related to Starlink’s growth and commercial space exploration, others are wary of the company’s current valuation of $2 trillion and are opting to lock in profits early.
Symbolic 1 share allocation
Sacco Financial founder Justin Sacco received 11 shares after requesting 75 through Charles Schwab. Rather than sell, Sacco added to his position after the stock began trading, buying four more shares on the open market, bringing his total holdings to 15.
“After asking for 75 shares, we were certainly expecting to receive more than 11 shares,” Sacco said. “At the same time, given the unprecedented demand for IPOs, we were not shocked by the results. The fact that we received a meaningful allocation felt like an absolute victory.”
Sacco said he plans to hold these stocks for the long term, although he is concerned about their high valuations.
Mr. Sacco’s experience has been relatively fortunate compared to some individual investors. Reddit’s WallStreetBets forum posted screenshots showing users requesting hundreds or even thousands of shares but only being allocated one. Some joked that the small allocation was just a souvenir from the most anticipated IPO in recent memory.
CNBC has reached out to Robinhood and ETrade for comment on the retail allocation.
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