Jun 16, 2026 – 12.00pmJack Hu had a feeling SpaceX would live up to the hype in its first few days of trading and had hatched a plan to immediately take some profits if he was able to snag a decent allocation in the world’s more sought after IPO.Hu, who runs the $45 million Phoenix Growth Fund, already held a 2 per cent position in Elon Musk’s rocket company, but those shares were subject to a mandatory lock-up period. So he applied for more through the initial public offering just so that he could sell them once the stock hit the boards.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles