Sources say SpaceX's IPO has drawn more than $70 billion in retail orders as the
offering enters its final stages. Retail investors are expected to receive at
at least a 20% allocation. With the deal possibly reaching about $75 billion —
which would be the largest-ever IPO — most retail demand would likely go unmet,
a dynamic that could lift aftermarket buying if many Musk-aligned retail
investors receive little or no allocation. BNP Paribas analyst James Picariello
estimates Musk-aligned retail investors hold roughly 40% of Tesla.
