JPMorgan Chase is reportedly allowing select SpaceX employees and early investors to pledge newly listed SPCX shares as collateral for loans before the customary 135-day IPO lockup period ends. The structure gives insiders access to cash without selling shares, potentially reducing near-term supply and avoiding a taxable sale, but could lead to forced liquidations if the stock breaches loan margin thresholds. SpaceX floated about 4% of its equity in its June IPO, for which JPMorgan earned $75 million (approximately NT$2.4 billion) in underwriting fees. SPCX closed Tuesday up 2% at $135, its IPO price, and was up 0.2% in premarket trading Wednesday; it has fallen 14% over three months after briefly dropping below $105 in early August. SpaceX also plans a Louisiana launch site near Pecan Island to support high-frequency Starship missions, while Anthropic is preparing an IPO that could exceed SpaceX on fundraising and valuation metrics.