SpaceX IPO: How participation works on E*TRADE

• SpaceX IPO participation (if you are qualified) happens through E*TRADE’s New Issue Center lock
• Confirm eligibility by completing the Investor Profile and acknowledging the prospectus.
• Submit a conditional offer to buy (COB) and ensure your account is funded before the Allocate stage.
• Track offering stages (Open → Closed → Allocate) and watch for the Notice of Effectiveness withdrawal window.

How participation works on E*TRADE for the SpaceX IPO¹

Participating in an IPO through E*TRADE happens through the New Issue Center, where eligible customers can review offering materials and may submit a “conditional offer to buy” (COB) while an offering is open.

The following information describes how IPO participation works on E*TRADE.

1) Find available IPOs in the New Issue Center

1. Log in to your E*TRADE account at etrade.com.
2. Hover over “Trading” and select “IPOs & New Issues.”
3. On the “Current Offerings” tab, review what’s available. Select the company name to view details and the preliminary prospectus.

2) Start your request and complete the Investor Profile

1. Select “Participate” next to the offering and choose the account you want to use.
2. Complete the Investor Profile questionnaire. You’ll be notified immediately if you’re eligible.
3. If you are eligible, access and acknowledge the preliminary prospectus. This is required before you can submit a request for shares.

3) Submit a conditional offer to buy (COB)

1. If you choose, enter your conditional offer to buy (COB): the number of shares you want and the maximum price per share you’re willing to pay.
2. Review and select “Submit Offer.” You can view your COB on the “Activity” tab.

What’s a COB? A conditional offer to buy (COB) is like a buy order, except it doesn’t become an order until the offering is priced and cleared for sale—and it does not guarantee you’ll receive shares.

4) Make sure your account is funded

Ensure you have enough buying power (i.e., cash and equivalents) in the account you used for the COB. E*TRADE only considers your funded demand (i.e., the shares you can actually pay for).

Funding deadline: Any additional funds must be available in your account by the time the offering enters “Allocate.” If they’re not, your COB is effectively reduced to what you can fund.

5) Watch the offering status and alerts

Offerings move through stages, and timing can change quickly.

• Open: You can submit a COB.
• Closed: No new COBs. You may still update/withdraw existing COBs until the Allocate stage.
• Allocate: You’re bound by your COB—no changes. E*TRADE distributes available shares, which are often limited.
• Completed: Allocations are processed and the details of your COB will be listed in the “Participation History” section of the “Activity” tab

Tip: Subscribe to alerts so you don’t miss key updates on other upcoming IPOs.

6) Know your withdrawal window

When the Securities and Exchange Commission (SEC) declares the registration statement effective, E*TRADE sends a “Notice of Effectiveness” alert, indicating a withdrawal time of at least one hour. During that window, you can withdraw your COB without penalty. After it ends, and the allocation process has begun, you are bound by your COB without further action by you.

7) Get your allocation result, if any

E*TRADE makes allocations after pricing but before trading begins, and will notify you via alert, email, and SMS whether you received shares. Check your delivery settings.

Quick answers

How many SpaceX shares can I request?

You enter the number of shares in your COB that you wish to purchase, but E*TRADE only considers your funded demand (the shares you can actually pay for) based on your account’s buying power (cash and equivalents) at the time the offering enters Allocate.

Am I guaranteed an allocation of SpaceX shares?

No. Many valid COBs may receive no allocation due to limited share availability.

How does E*TRADE allocate IPO shares?

Allocations depend primarily on shares available to E*TRADE vs. overall customer demand. Shares are allocated to eligible accounts as a proportion of the size of their COB, and E*TRADE allocates in its sole discretion.

Can I sell the shares after I receive an allocation? What is “flipping”?

E*TRADE does not prevent customers from selling shares acquired through offerings once the stock is eligible to trade on a public exchange, but E*TRADE prefers investors hold shares for at least 30 calendar days. Selling or transferring out within 30 days is considered flipping and may affect eligibility to participate in other new issues in the future. (E*TRADE reserves the right to exclude customers from future participation.)

Who’s eligible to participate?

To apply, you generally must be a U.S. resident, have an active, eligible, E*TRADE account, and complete the Investor Profile. Eligible account types include Individual, Joint, and IRAs. Please note that Morgan Stanley employee account types are not eligible. FINRA rules also restrict certain “restricted persons” from participating in new issues.

Visit E*TRADE’s New Issue Center to sign up for alerts about upcoming deals offered by E*TRADE from Morgan Stanley.

Footnotes:

¹ A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. When available, a prospectus relating to these securities may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

CRC# 5554482 (06/2026)