Hedge funds received only a limited allocation of SpaceX shares ahead of the company’s recent listing, with demand largely steered toward sovereign wealth funds and long-only institutional investors, according to a report by the Financial Times citing unnamed people familiar with the matter.

Around 10% of the pre-listing share allocation was reportedly directed to hedge funds, reflecting concerns that more short-term oriented investors could be inclined to take early profits following the debut.

One senior hedge fund manager described the stock as a rare long-term opportunity, calling it “the ultimate dreamer stock,” and noting that some investors have held positions for years in anticipation of a liquidity event.

While overall allocations were constrained, a number of hedge funds had already built significant positions well before the listing. Among them, D1 Capital is understood to have accumulated a stake valued at approximately $20bn, while Darsana Capital Partners built a position worth around $10bn, according to the people.

The uneven distribution underscores the highly selective nature of pre-listing allocations for one of the most closely watched private-to-public transitions in recent years, with preference given to investors perceived as more likely to provide long-term capital stability rather than immediate selling pressure.