Golden Kappa

I just spoke with Charles Schwab about the @SpaceX IPO. Schwab is one of a handful of brokerages selected by SpaceX to allocate IPO shares to retail investors. If you have an account with Schwab, here’s how to prepare for the SpaceX IPO: 1) You first need to opt into IPOs from the Trade > IPOs page on Schwab's website. 2) After you've opted in and the IPO shows on the page, you can submit an Indication of Interest. The indication of interest will be able to be submitted when the Roadshow period begins for the stock. This is currently expected to be early June. 3) You need to have minimum $100,000 in total balance to be eligible to participate in the SpaceX IPO share allocation. Schwab still doesn't know how many shares will be allocated to their brokerage at this point since SpaceX will be the one to decide that in the coming weeks. Just be prepared to check back on the IPO section of Schwab's website. Additional info will come later. Lastly, don’t be surprised if you receive fewer IPO shares than you requested (if any at all). Demand for the limited number of available IPO shares will almost certainly be extremely high, and these participating brokerages will only get a certain sized allocation of shares to offer to retail investors, so it'll likely be tough to accommodate everyone. The best thing you can do is to just be prepared. Note: SpaceX specifically stated in their S-1 filing that any purchase of their Class A common stock in this offering through these platforms will be at the same IPO price, and at the same time, as any other purchases in this offering, including purchases by institutions and other large investors, which means any retail investors that are lucky enough to get allocated some SpaceX IPO shares will pay the same price as the big guys.

🚀 SpaceX - Governance #11 Lock Up periods for early investors Exact Lock-Up Terms from the May 20, 2026 S-1 The lock-up conditions are described in the Underwriting section and cross-referenced in “Shares Eligible for Future Sale.” 1. Standard 180-Day Lock-Up Who: The Company, all directors, and all executive officers. Duration: 180 days after the date of the prospectus. What is restricted: They cannot sell, transfer, pledge, hedge, or enter into any transaction that transfers the economic ownership of any shares of Class A common stock (or securities convertible into/exercisable for Class A common stock). 2. Extended 366-Day Lock-Up (Founder + Major Investors) Who: Elon — 100% of his shares. And certain significant pre-IPO investors. Duration: 366 days after the date of the prospectus. Scope: Covers a very large block of shares (the S-1 leaves the exact number blank but states it represents a substantial percentage of outstanding shares). Only these "certain pre-IPO investors" do have this Early Release Provision, all that follows only applies to them: A portion of the shares subject to the 366-day lock-up can be released automatically on the following schedule (these do NOT apply to Elon's shares): The exact staged schedule, trying to put it in chronological order, but take it with a grain of salt: - After Q2 2026 earnings release → up to 20% (plus possible extra 10% if stock price is ≥30% above IPO price) (second half of July?) - 70 days after offering → up to 7% (Aug 21?) - 90 days → up to 7% (Sep 10?) - 105 days → up to 7% (Sep 25?) - 120 days → up to 7% (Oct 12?) - After Q3 2026 earnings release → up to additional 28% - 135 days → up to 7% (Oct 26?) - At 180 days → all remaining Early Release Eligible Shares (Dec 9?) Important note: Elon is explicitly not subject to any of these early-release provisions. 4. General Exceptions and Other Details The lock-up agreements contain customary exceptions (e.g., gifts to family, transfers to trusts, etc.), but any transferee must usually agree to be bound by the same restrictions. The underwriters (led by Goldman Sachs) can waive or release any portion of the lock-up at their discretion. Any early release or waiver must generally be applied pro-rata across holders. These lock-up terms are the standard protective mechanism used in almost every IPO to prevent a flood of shares hitting the market immediately after listing. Will TRY to address what this means for the index inclusions in post #11 Page 222+ (pdf) of the S-1 filing: sec.gov/Archives/edgar…

$HOOD: “You look at SpaceX—its valuation is in the hundreds of billions. It’s basically the largest and most impactful private space company. Retail [investors] have been shut out from the very beginning.” – @VladTenev

The token economy just had its biggest day. Google I/O this morning: Sundar Pichai opened not with a model drop but a token counter. 9.7T/month in 2024. 480T in 2025. 3.2 quadrillion today. so around 330x in two years. and to add on to that: top GCP customers are each processing around 1T tokens per day (1 company, 1day😭) On the same afternoon, OpenAI quietly launched “Guaranteed Capacity” (1-3 year compute contracts for enterprises). @sama own words: “the world will be capacity-constrained for some time.” Two of the most powerful AI companies on earth just told you, on the same day, that demand is outrunning supply and it’s not slowing down. This is Jevons Paradox in real time. Cheaper, faster models don’t reduce token consumption, they explode it. Wrote about the mechanics of this a few weeks ago

Over at Substack, @JoshEakle asks: "It's 2026, and I have yet to see an anti-almond farm protest."