SpaceX SPV investors won't know their true holdings until post-IPO lock-ups lift | TechCrunch

SpaceX SPV investors won't know their true holdings until post-IPO lock-ups lift | TechCrunch

SpaceX IPO features multi-layer SPV structures where investors face 8-9 month delays and uncertain share counts; Anthropic and Anduril already ban this nesting. Opacity invites fraud risk—an Anduril SPV manager was imprisoned for fabricating allocations—leaving bottom investors exposed to missing shares and hidden fees.