DXYZ, NASA, VCX Slip Overnight: SpaceX IPO Buyers Get Tiny Allocations, Rush To Take Profits

Robinhood said all 855,424 IPO applicants received shares, though many investors reported receiving as little as one share.

• Retail investors complained that they received only a fraction of their requested SpaceX IPO allocations.
• SpaceX allocated 20% of IPO shares to retail investors, but demand reportedly topped $100 billion, resulting in allocation shortfalls.
• DXYZ, NASA and VCX are closely watched SpaceX proxies.

Shares of Destiny Tech100 (DXYZ), the Tema Space Innovators ETF (NASA), and the Fundrise Innovation Fund (VCX) slipped overnight by up to 3% late Monday as retail investors who piled into SpaceX's blockbuster IPO reported receiving only a fraction of their requested shares, with some already taking profits after the stock's massive debut rally.

SPCX stock jumped 20% on Monday, pushing the company's market cap above $2.5 trillion for the first time and adding $420 billion in value in a single session. 

On Monday, leveraged long SpaceX ETFs surged, led by the Tradr 2X Long SpaceX Daily ETF (SPCM) and Defiance's 2X SpaceX ETF (SPCL), both up 22%. The Defiance Daily Target 2X Long SpaceX ETF (SPCU) gained 19%, while the Leverage Shares 2X Long SPCX Daily ETF (SPCH) rose 15%. 

Meanwhile, bearish funds were hit hard, with the Leverage Shares 2X Short SPCX Daily ETF (SSPC) falling 30% and the Defiance Daily Target 2X Short SPCX ETF (SPCQ) plunging 36%. 

Among the three SpaceX proxy funds, VCX was the biggest loser on Monday, falling 15%, while DXYZ rose 3% and NASA gained 2%. 

Tiny SPCX Allocations Frustrate Retail

SpaceX allocated 20% of its IPO shares to retail investors globally, but demand reportedly exceeded $100 billion, leaving many buyers with far fewer shares than they requested. Robinhood said all 855,424 customers who requested shares through its IPO Access platform received stock, Bloomberg noted.

The IPO became the most subscribed offering in the history of several participating brokerages. SoFi called it the largest IPO in its history, while Schwab called customer interest "unprecedented."

Across social media and investing forums, however, users reported receiving as little as one share despite requesting hundreds or even thousands. One investor, Marvin Jung, requested 1,000 shares through Robinhood but received only 17, according to CNBC. "I have exited my position of SpaceX stock at $160," Jung said. "I'll continue to watch and return in about six months when the lockup period is over."

On Reddit's WallStreetBets forum, users posted screenshots showing symbolic one-share allocations, prompting jokes that the allocations felt more like souvenirs than investments.

SPCX IPO Buyers Weigh Profit-Taking

Ross Cameron, founder of Warrior Trading, requested up to 4,250 shares through Charles Schwab but ultimately received 147 shares. "I would've liked to have gotten more shares filled," Cameron said. "My plan is to hold the shares unless they break $150, and take profit if they get closer to $200." 

Cameron also warned that lockup expirations could create a future wave of selling pressure. "I don't think there will be enough buying to support the current prices when those shares come onto the market," he said.

Meanwhile, Justin Sacco of Sacco Financial received 11 shares after requesting 75 and later added to his position in the open market. "The fact that I received a meaningful allocation at all felt like a win," Sacco said.

Why DXYZ, NASA, VCX Are In Focus

The retail reaction is being closely watched since DXYZ, NASA and VCX have emerged as some of the most popular public-market vehicles for gaining indirect exposure to SpaceX. SpaceX is DXYZ’s largest holding at 16.2% of assets, alongside investments in OpenAI, Anthropic, xAI, Databricks and Shield AI.

Meanwhile, VCX has become a popular AI-focused vehicle, with Anthropic accounting for 20.7% of assets, OpenAI 9.9% and SpaceX roughly 5% of the portfolio.

How Do Retail Traders Feel About DXYZ, VCX, NASA?

On Stocktwits, retail sentiment for DXYZ was 'bullish' and VCX 'bearish,' both on ‘high’ message volume, while NASA drew 'extremely bullish' sentiment alongside ‘extremely high’ message volume. 

Over the past year, VCX has surged 809%, while NASA gained 29%. DXYZ, meanwhile, has fallen 29%.

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