Only a small share of any IPO’s shares typically reach individual investors, with the rest going to institutional buyers.
Robinhood, SoFi and Public require no account minimum, while Fidelity and Schwab gate access behind an asset threshold.
Moomoo has the strongest documented allocation record — a 100% fill rate on its two most recent IPOs — while TradeStation offers the broadest deal access, with 350+ offerings available through ClickIPO.
Most of an IPO’s shares never reach individual investors. Fidelity’s own allocation disclosures note that lead underwriters allocate the vast majority of IPO shares to institutional investors like pension funds and mutual funds, leaving only a small percentage for retail participation.(1) That scarcity is exactly why “IPO access” has become a feature brokers compete on rather than a footnote.
The catch is that “access” means very different things depending on where you hold your account. Some brokers require nothing more than an open brokerage account. Others gate participation behind a six-figure asset threshold. And even when you do request shares, a request is not an allocation — every broker on this list warns that you may receive fewer shares than you asked for, or none at all. Below is what we could verify, broker by broker, against each company’s own disclosures.
Best for native access without a third-party app: Webull
How we verified this list
Every claim in this guide is checked against each broker’s own disclosures — support pages, product pages or official press releases. Where we couldn’t confirm a detail directly from the broker, we say so rather than guess: a “best for” label only appears when we found a real, sourced differentiator, and gaps are marked as unconfirmed rather than assumed to be a “no.”
How IPO Access Works
Before a company lists, its underwriters allocate the majority of available shares to institutional investors. Brokers that offer “IPO access” have arrangements with those underwriters, or with third-party platforms like ClickIPO, that pass a small slice of that allocation to individual customers. Requesting shares — sometimes called submitting an Indication of Interest or a Conditional Offer to Purchase — is a non-binding signal of interest, not a purchase, and it may or may not result in an allocation once the IPO prices.
Which brokers got SpaceX IPO shares
Access isn’t universal or guaranteed. When SpaceX went public in June 2026, only five brokers were named in the prospectus as retail distribution partners.(20)
Broker
Got SpaceX shares?
Robinhood
Yes
SoFi
Yes
Fidelity
Yes
Charles Schwab
Yes
E*TRADE
Yes
Public
No
Moomoo
No
TradeStation
No
Webull
No
Being named as a retail partner doesn’t guarantee an allocation, either — it just means the broker had access to shares to distribute, subject to demand and each firm’s own eligibility rules.
Bottom Line
No broker guarantees you IPO shares, and picking the “best” one depends on what matters most to you: no minimum with Robinhood or SoFi, native no-third-party-app access with Webull, a six-figure balance with Fidelity, or a documented allocation rate with Moomoo. If IPO access matters more to you than any single feature, check your existing broker’s own IPO page directly before assuming you’re covered — eligibility rules change, and not every account type qualifies. For a broader view of what else to weigh, see our best brokerage accounts guide.
Frequently asked questions
No. Every broker on this list states that submitting a request, sometimes called an Indication of Interest or Conditional Offer to Purchase, does not guarantee an allocation. You may receive fewer shares than requested, or none at all, particularly for high-demand offerings.
You generally can, but selling too quickly can carry a penalty. Robinhood treats a sale within 30 days as flipping, which can bar you from IPO Access for 60 days; SoFi's window runs longer, with a 180-day ban and a declining fee through day 120; Public allows 90 days before the same restriction applies. Check your broker's specific policy before you sell.
It depends on the broker. Robinhood, SoFi, Public and Webull don't publish an account minimum for IPO participation. Fidelity requires $100,000 to $500,000 in household assets, and Schwab requires an asset threshold and specific client-segment membership, though neither publishes an exact figure for every offering.
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Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
Matt Miczulski is an investments editor and market analyst at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on Yahoo Finance, CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
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