Musk rewrites IPO playbook with large slice of SpaceX stock for retail investors

Elon Musk is discussing allocating as much as 30% of SpaceX’s initial public offering to individual investors – at least three times the usual retail slice – leaning on his rabid fan base and other loyal backers to help steady the stock after its debut, a person familiar with the matter said.

The structure of what is expected to be one of the most closely watched IPOs in years departs from the standard Wall Street playbook, and underscores Musk’s determination to shape both who owns SpaceX and how ‌its shares trade once ⁠public, said people ⁠close to the structure, who asked not to be identified because the process is confidential.