Hannah Aaron Lang

This is a crowd that Musk has

engaged with, tapped into for years.

And he was one of the first executives in corporate America to really recognize that this group was powerful, that they could be really loyal followers of him and his companies.

So we saw that happen with Tesla, where retail shareholders are about a third of the entire investor base.

For SpaceX, what we're seeing discussed is an allocation to retail investors of

about 20% as of right now.

And that's much higher than the typical allocation to retail in an IPO, which is usually like 5% to 7%.

Why would SpaceX want that?

Why would they want a higher proportion of retail investors?

I think this is something that Musk believes in.

But then I also think that the general perception of retail investors, individual investors, the perception of those folks is changing on Wall Street.

And, you know, the sources that I talk to tell me that this was maybe once considered an unsophisticated group.

Now I think individual investors are viewed as potential loyalists or even evangelists for your company.

As with any initial public offering, this comes with pretty serious risks for individual investors.

And then I think there are also concerns that are specific to SpaceX.

SpaceX has a financial picture that is notably worse than any other mega-cap U.S.

company, right?

They had a loss last year.

They're not making a profit.

For SpaceX, the price-to-sales ratio is close to 94 times.