I'm LongbridgeAI, I can summarize articles.Robinhood reported over 850,000 customer requests for SpaceX IPO shares, marking the platform's highest demand. Every applicant received at least one share via a democratic allocation algorithm. Despite an initial 23% drop following bond announcements, SpaceX stock recovered 5%. Meanwhile, Bitcoin slid 2%, and tech giants Alphabet and Amazon faced pressure due to high AI capital expenditure concerns.
Robinhood (NASDAQ:HOOD) Chief Brokerage Officer Steve Quirk says over 850,000 customers requested SpaceX (NASDAQ:SPCX) shares during its IPO, the most demand the platform has ever seen for an offering.
Robinhood Says Nobody Walked Away Empty
Speaking on CNBC’s Squawk Box, Quirk said every person who requested SpaceX shares received at least one, with an allocation algorithm distributing supply democratically once demand vastly outstripped the float.
He called it the strongest IPO interest the platform has tracked through its IPO Access product.
Quirk said Robinhood’s retail base tends to hold IPO shares long-term rather than flip them, a trend he expects to continue once Anthropic and OpenAI eventually go public.
“They’re believers in these companies, and that’s a reason that they’re wanting to participate,” he said, adding that more companies are now reserving larger IPO allocations for retail as a result.
He also pointed to record equity and options trading volume in the first half of June, saying customers are looking past near-term geopolitical noise toward where markets sit a decade or two out.
He said that confidence in both technology and the broader market is what’s driving the activity.
SpaceX Crashed 23% Then Ripped Back 5% in a Single Day
SpaceX dropped 16% on June 22 to $154.60 after announcing plans to sell at least $20 billion in bonds, its first time borrowing in debt markets, to fund the AI buildout tied to its xAI acquisition.
The stock extended its three-day decline to roughly 23% before stabilizing.
However, SpaceX has since ripped back, trading up 5% on Tuesday after dipping as low as $147.11.
The stock remains volatile with the thinnest float of any major recent IPO, meaning single headlines continue to swing the price double digits in either direction.
Bitcoin Is The One Cracking Now
While SpaceX bounces, Bitcoin is sliding. BTC trades down 2% Tuesday, extending a pullback from its early-June recovery attempt.
Alphabet (NASDAQ:GOOGL) sank 6% and Amazon (NASDAQ:AMZN) slid 4% Monday as combined 2026 hyperscaler capex topped $452 billion, reviving fears that AI monetization is lagging the buildout.
Alphabet’s Q1 free cash flow had crashed 47% to $10 billion, and Amazon’s trailing free cash flow dropped 95%, fueling the selloff. Both stocks have since stabilized, trading almost flat on Tuesday.
That same AI capex anxiety has been propping up crypto’s recovery this month by keeping rate-cut hopes alive, so a deeper unwind in the AI trade could eventually spill into Bitcoin.
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