BlockBeats report: On June 17, according to BlockBeats statistics, SpaceX’s (SPCX) initial public float ratio after its IPO is 4.25%, calculated as the number of shares offered in the IPO divided by the total common shares outstanding post-IPO—the lowest level among large or well-known U.S. tech IPOs. Data shows that SpaceX offered 555,555,555 shares in its IPO, with a total common shares outstanding of 13,075,865,175 post-IPO; if the full exercise of the greenshoe option is included, the initial float ratio is approximately 4.86%.
In major, well-known U.S. tech IPOs, Google (2004) had an initial public float of 7.23%, Zoom (2019) 8.14%, LinkedIn (2011) 8.30%, Snowflake (2020) 10.12%, Uber (2019) 10.70%, Reddit (2024) 13.84%, and Rivian (2021) 17.62%. In comparison, SpaceX has the lowest initial public float percentage.
A lower initial circulating supply means that the number of tradable shares at SpaceX's listing is limited, while the fully diluted valuation remains high, creating a "low circulating supply, high FDV" structure. In an environment of strong demand, a small circulating supply may amplify price volatility in the secondary market; however, as lock-up periods expire and more shares are released, the subsequent expansion of the circulating supply will place higher demands on the market's capacity to absorb them.