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.
