JPMorgan Chase is reportedly allowing selected SpaceX employees and early investors to pledge newly listed SPCX shares as collateral before the customary 135-day IPO lockup ends. The loans could provide cash without an immediate sale or taxable event and reduce near-term selling pressure in SpaceX's limited public float, but margin calls could force liquidations if the stock falls sharply. JPMorgan says its formal policy has not changed and transactions are assessed individually; similar treatment may be considered for Anthropic ahead of its potential IPO.