After the SpaceX IPO, the initial float percentage is only 4.25%, setting a new record for the lowest float percentage in a large tech IPO.

BlockBeats News, June 17th. According to BlockBeats' data, after the SpaceX (SPCX) IPO, the initial free float ratio was 4.25%. This was calculated by dividing the number of shares issued in the IPO by the total post-IPO common shares outstanding, making it the lowest level among large/major tech IPOs in the U.S. Data shows that SpaceX issued 555,555,555 shares in its IPO, and the post-IPO total common shares outstanding are 13,075,865,175 shares. If the overallotment option is fully exercised, the initial free float ratio would be around 4.86%.

Among large/major U.S. tech IPOs, Google (2004) had an initial free float ratio of 7.23%, Zoom (2019) had 8.14%, LinkedIn (2011) had 8.30%, Snowflake (2020) had 10.12%, Uber (2019) had 10.70%, Reddit (2024) had 13.84%, and Rivian (2021) had 17.62%. Compared to these, SpaceX has the lowest initial free float ratio.

A lower initial free float ratio means that there is a limited number of tradable shares in the early trading of SpaceX. However, even after full dilution, the company's valuation remains high, forming a "low float, high FDV" structure. In a strong demand environment, the low float can amplify price volatility in the secondary market. But as lock-up periods expire and more shares are released, the subsequent expansion of the free float will place higher demands on market absorption.