SpaceX IPO is expected to list and go public in June! How should Taiwanese investors plan their SPCX US stock trading strategy?

SpaceX will go public on June 12. U.S. retail investors can subscribe through designated brokerages, while Taiwanese investors, due to regulatory restrictions, must wait until after listing to buy and sell on the secondary market.

SpaceX is scheduled to be listed on 6/12. As one of the most highly anticipated giant unicorn companies in recent years, its distribution channels, quota ratios for retail investors, and eligibility for overseas investors have become focal points in the global capital markets. This article will objectively analyze the participation pathways and potential restrictions for retail investors in this IPO based on official filing documents and publicly available market data.

SpaceX's directed share offering plan prioritizes internal employees

According to SpaceX documents, the company has requested underwriters to establish a "Directed Share Program." This plan will reserve a certain proportion of Class A common shares for priority sale to full-time employees of the company and other designated individuals. The prospectus clearly states that shares purchased through this channel will not be subject to the usual 366-day lock-up period. If the reserved quota is not fully subscribed, the remaining shares will be re-released and sold to the public investors on a general offering basis.

Which online broker platforms open retail subscription for IPO shares?

For the general retail market, in addition to traditional allocations by underwriters, SpaceX is expected to open participation to retail investors through online broker platforms operated by specific Selling Group members. The official filing mentions platforms including Charles Schwab, Fidelity’s brokerage and capital markets divisions, Robinhood, SoFi, and E*TRADE under Morgan Stanley. These platforms will allow qualified retail accounts to participate in the new stock subscription via their digital subscription interfaces. Shares of Class A common stock purchased through these platforms will be at the same IPO price as other purchasers in this offering (including institutional investors and other large investors), with the same purchase timing. However, underwriters have indicated that the sales quota allocated to discretionary accounts will not exceed 5% of the total shares issued.

Can Taiwanese investors participate?

For Taiwanese investors, whether they can directly participate in this IPO subscription mainly depends on two core restrictions. First, the legal statement in the prospectus indicates that SpaceX has not registered or filed for a public offering of new shares outside the United States in any jurisdiction. Therefore, non-U.S. residents and overseas investors cannot directly subscribe to the primary market through U.S. channels. If Taiwanese retail investors wish to participate, they generally need a U.S.-based brokerage account and must meet the platform’s eligibility criteria for new stock subscriptions (such as asset size or residency verification). Otherwise, it is difficult to secure allocations in the primary market before listing.

Secondary market trading on the first day of listing as the main participation route

Based on the above primary market allocations and regulatory restrictions, most Taiwanese investors’ most feasible participation method remains after SpaceX officially lists on the secondary market. SpaceX has applied to list its Class A common shares on the NASDAQ under the ticker "SPCX." After the IPO price is set and new shares are delivered, Taiwanese investors can use domestic broker’s omnibus agency services or directly use international online broker accounts that support U.S. stock trading to conduct routine trading once the market opens.

• This article is reprinted with permission from: 《Chain News》
• Original title: 《SpaceX IPO is coming, how can Taiwanese investors position for SPCX U.S. stock trading?》
• Original author: Florence