SpaceX Saw 850,000 Orders From Robinhood For Its IPO: What's Going On?

Benzinga_recent_news01:45

Speaking on CNBC’s Squawk Box, Quirk said every person who requested SpaceX shares received at least one, with an allocation algorithm distributing supply democratically once demand vastly outstripped...

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supply democratically once demand vastly outstripped the float. \nHe called it the strongest IPO interest the platform has tracked through its IPO Access product.\nQuirk said Robinhood’s retail base tends to hold IPO shares long-term rather than flip them, a trend he expects to continue once Anthropic and OpenAI eventually go public. \n“They’re believers in these companies, and that’s a reason that they’re wanting to participate,” he said, adding that more companies are now reserving larger IPO allocations for retail as a result.\nHe also pointed to record equity and options trading volume in the first half of June, saying customers are looking past near-term geopolitical noise toward where markets sit a decade or two out. \nHe said that confidence in both technology and the broader market is what’s driving the activity.\nSpaceX dropped 16% on June 22 to $154.60 after announcing plans to sell at least $20 billion in bonds, its first time borrowing in debt markets, to fund the AI buildout tied to its xAI acquisition. \nThe stock extended its three-day decline to roughly 23% before stabilizing.\nHowever, SpaceX has since ripped back, trading up 5% on Tuesday after dipping as low as $147.11. \nThe stock remains volatile with the thinnest float of any major recent IPO, meaning single headlines continue to swing the price double digits in either direction.\nWhile SpaceX bounces, Bitcoin is sliding. BTC trades down 2% Tuesday, extending a pullback from its early-June recovery attempt.\nAlphabet’s Q1 free cash flow had crashed 47% to $10 billion, and Amazon’s trailing free cash flow dropped 95%, fueling the selloff. Both stocks have since stabilized, trading almost flat on Tuesday.\nThat same AI capex anxiety has been propping up crypto’s recovery this month by keeping rate-cut hopes alive, so a deeper unwind in the AI trade could eventually spill into Bitcoin.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2645853086","isCrawlerRequest":true}