The Bruce Overnight Edge: We’re Not Saying Elon Reads the BOE, But…

Did you really think we could talk about anything other than SpaceX this week?

Let’s be honest, the entire market has been holding its breath for the SpaceX (SPCX) IPO. But while traditional Wall Street is losing its mind over the sheer scale of the ~$1.75 trillion SpaceX IPO, we are much more interested in some details about how this deal is structured. According to Equity Strategy Analyst Sam Grelck at Truist, “Retail participation will be a defining feature of the SpaceX IPO”. Here at the BOE, we focus a lot on retail participation. See:

BOE-20 Under Retail Pressure BOE-32 He’s Here, He’s There, He’s Everywhere! BOE-31 Banner vs Hulk: The two Faces of Overnight BOE-24 Retail in the Night, Part II

Based on some unique characteristics of the SPCX IPO, it appears we are trend setters.

3 Signs that Elon, SpaceX, and the Daytime Markets Could be Reading the BOE and Bruce Markets:

1. Direct to Retail Brokerage Allocations: Normally, Wall Street underwriters hoard the IPO allocation for their VIP institutional clients. Not this time. SpaceX bypassed the velvet rope by naming the 5 top digital brokerages (Fidelity, Charles Schwab, Robinhood, SoFi, and E*Trade) for direct retail allocations (prospectus p 265).

2. The 30% Retail Target: The direct to retail allocation is not a token gesture. They are targeting 30% as opposed to the typical 5% to 10% according to CNBC and many other sources.

3. Open Roadshow: IPO Roadshows are typically private affairs for executives in suits. However, for this offering, the SpaceX IPO Roadshow has been posted online by the company for all to see, including retail.

Bruce Preparations for SpaceX Launch

We have spoken to many Bruce ATS Subscribers in the last two weeks about the SpaceX IPO. We are doing everything we can to ensure a smooth Sunday night trading session. Yesterday, we distributed a technical FAQ to Subscribers covering numerous topics.

By The Numbers

Weekly Top 25 Symbols1

Overnight News

• The SEC released an important proposal on 6/11 that would “rescind the trade-through rule for NMS stocks” among other changes. There is a 60 day comment period.
• Next week there will be no Thursday night (June 18) session in observance of Juneteenth. Regular overnight trading will resume at 8:00 pm ET on Sunday June 21.

The Bruce Markets Team

1Top 25 data is from internal Bruce ATS sources through trade date 06/12/2026.