Retail investors get direct access to SpaceX IPO through major brokerage platforms

Key points

• The SpaceX Falcon 9 rocket and Crew Dragon sit on launch Pad 39A at NASA’s Kennedy Space Center as it is prepared for the first completely private mission to fly into orbit on September 15, 2021 in Cape Canaveral, Florida.
• Retail investors are getting a shot at one of the hottest IPOs in years.
• Elon Musk's SpaceX said a portion of shares in its blockbuster public offering will be sold directly through trading platforms including Robinhood, Fidelity and Charles Schwab, giving everyday traders access that has traditionally been reserved for Wall Street's biggest clients, according to a prospectus with the Securities and Exchange Commission released Wednesday.
• The move marks a departure from the traditional IPO process, where retail investors often receive limited allocations and typically end up buying shares only after trading begins, sometimes at sharply higher prices.
• SpaceX said retail buyers on those platforms would receive shares at the...