NEW YORK - SpaceX shares surged 19 percent on their first day of public trading, fueled by an unprecedented wave of retail investor enthusiasm. The company set aside up to 30 percent of its initial public offering for individual buyers, a move that Art Hogan of B. Riley Wealth called the highest retail allocation he has seen in decades.
The buying frenzy was intense. Net retail purchases totaled $453 million, representing roughly 4 percent of single-stock retail turnover and running at 3.5 times the pace of runner-up Nvidia. By mid-afternoon, SpaceX had become the most actively purchased stock among self-directed investors, according to Vanda Research.
Individual investors showed no signs of hesitation despite competitive allocations. Joseph Gutheinz, a retired NASA investigator turned attorney, purchased $100,000 worth of shares at $161 each. "Win or lose, I'm happy to be invested at all," Gutheinz said.
Elon Musk, now the world's first trillionaire, had pledged priority access for loyal Tesla shareholders and general retail supporters. This commitment appears to have solidified investor conviction. Clint Sorenson of Ascentis Asset Management reported that zero clients opted to hedge their positions, preferring to hold through volatility.
While some investors received smaller allocations than requested, the overall sentiment remained overwhelmingly bullish, cementing SpaceX's status as the latest major market phenomenon.
The deal marked the largest and most subscribed offering on SoFi’s platform, with the brokerage confirming that all qualified individuals received an allocation. The event underscores a shift in market dynamics, where retail sentiment can significantly impact opening valuations for mega-cap technology firms.