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.

June 17 — Per data from BlockBeats, SpaceX (ticker: SPCX) posted an initial free float ratio of just 4.25% after its IPO, the lowest among major U.S. tech debuts on record. That figure is derived by dividing the number of shares issued in the IPO by total post-IPO common shares outstanding. SpaceX offered 555.56 million shares in its IPO, with total post-IPO common shares hitting 13.08 billion. If the full greenshoe (overallotment) option is exercised, that initial free float ratio would climb to roughly 4.86%. By comparison, other major U.S. tech IPOs had higher initial free floats: Google (2004) at 7.23%, Zoom (2019) at 8.14%, LinkedIn (2011) at 8.30%, Snowflake (2020) at 10.12%, Uber (2019) at 10.70%, Reddit (2024) at 13.84%, and Rivian (2021) at 17.62% — making SpaceX’s IPO’s initial free float the lowest of the group. A low initial free float translates to a limited number of tradable shares in SpaceX’s early secondary trading. Paired with the company’s high fully diluted valuation (FDV), this forms a so-called “low float, high FDV” structure. In a strong demand environment, the tight float can amplify price volatility in the secondary market. Later, as lock-up periods expire and additional shares are released, the expanding free float will present a larger absorption challenge for the market.