https://intropic.io/research-hub daily 0.75 2026-08-26 https://intropic.io/research-hub/thrust-and-drag-spacex monthly 0.5 2026-08-26 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/ae8660c6-f21b-4232-aef1-f5e8dcbb7b4f/Picture5.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic, Reuters, Bloomberg News https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/6c9ae982-5657-4750-a4ff-ee8fdf58b16d/Picture6.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic. Rank based on total market capitalization https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/909272ad-d826-4bd1-adfa-bf0d79569831/Picture7.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic NB: as of 31/07/26. Lock up expiries in early August 2026 led to 6.9% of total shares becoming available to trade, significantly changing the profile of this chart. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/6e548cf8-edb0-47f4-b392-fe91bc556b8c/Screenshot+2026-08-25+161709.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic, Prospectus Documents https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/d6844931-88ff-4b98-8a72-89659d7f6807/Screenshot+2026-08-25+161843.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic. NB: Float (%) excludes excercise of greenshoe option https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/676b51b4-1dff-4d2f-9423-9ef1cacdc20c/Screenshot+2026-08-25+165351.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic, Bloomberg https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/a8f10a32-3e64-410d-9050-a604aadff9f2/Picture10.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic, S3 partners NB: Average takes the first 29 trading days of 18 recent US large cap IPOs: (SKHY, VG, RIVN, CPNG, CBRS, ARM, ABNB, NU, MDLN, PATH, SNOW, HOOD, APP, CRWV, INIO, TOST, FIG, LINE) https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/204ec380-cc96-429d-ac99-1500ddb71a6d/Picture11.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic, Bloomberg NB: these charts are intended to flag the implications of index additions on traded volume. Gross exchange volume traded on the spikes are not solely attributed to net index demand https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/b4908fdf-e88f-4ec5-98dc-f3ebe8925474/Picture12.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic forecasts as of 24/08/26 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/ea2770c7-6553-49b1-a56b-e6bccde62b01/Picture3.png Research Hub - Thrust and Drag: How scarcity and structured demand shaped SpaceX’s record IPO - Make it stand out Source: Intropic https://intropic.io/research-hub/spacex-ipo-game-of-flows-part-iii monthly 0.5 2026-08-21 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/98e75731-a803-4d43-b026-8b1e6063dfa5/spcx-price.png Research Hub - SpaceX Game of Flows (Part III): What Happened in the First 7 Days of Trading - Make it stand out Source: Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/2c298a64-0c23-49d0-ab8b-0a32afeae043/prepos.png Research Hub - SpaceX Game of Flows (Part III): What Happened in the First 7 Days of Trading - Make it stand out Source: Intropic. Representation-only. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/4318fa66-5e44-4ac2-a70e-e70a624ad901/demand-shares.png Research Hub - SpaceX Game of Flows (Part III): What Happened in the First 7 Days of Trading - Make it stand out Source: Intropic. https://intropic.io/research-hub/spacex-ipo-game-of-flows-part-ii monthly 0.5 2026-06-25 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/64b2f394-8811-4235-83e9-a702af0cc8fb/Picture9.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/065f9d84-7f6d-4263-b8e6-9aecc3fbbc7a/pown.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. Note: passive ownership as a percentage of float. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/0edc867e-5ac0-498a-8e3e-54451f391f56/Picture1.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. Note: index related demand across the first 15 days. Updated post index provider announcement on 10/06/26 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/9b0a0d00-b159-46f7-b037-342ceefc338c/reflex.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. Note: The feedback loop depends on market elasticity and retail participation; we take no view on fundamental value or active investor positioning. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/bfc68d35-ed58-41ac-b5ad-e826d48496b2/privatemkt.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Hiive, Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/3c2b2f4f-5607-433a-b571-70e7f566778a/float.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Bloomberg Note: Estimates based on measuring the portion of the shareholder base that is held by just US mutual funds and US ETFs, then splitting that subset into Active, Passive, and Unknown. This is a useful proxy of the traditional ownership structure of large US IPO’s. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/602c007e-a12a-42d8-9444-fc349d287ee2/Screenshot+2026-06-08+105725.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/367535b5-3fd8-44b5-aa9a-edec08c25465/vol.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Axioma, Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/63de92c6-6fb8-411d-a27e-bb6c7d3ff7cc/lock+up+schedule.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic https://intropic.io/research-hub/the-worlds-biggest-ipo-beyond-the-headline monthly 0.5 2026-06-08 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/ef1e79f0-2ddb-433e-990c-3b5d1b4d12f1/Share+Class.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/f850239f-d2ac-44d7-b3d2-fecaf7102817/mkt_cap.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic. Data as of 16 April 2026. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/5c7a50db-e191-4e40-9251-c35db693ef17/Picture1.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic. Data as of 16 April 2026. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/1e112e06-a114-484e-b0ac-444c7fc5d7eb/spacex-scenarios.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/5284259e-6e67-42ba-8499-bace4a0baf1f/spacex-scenario-cumulative.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/0a8893b6-fbeb-4454-a7ff-425475dfc83e/spacex-float.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://intropic.io/research-hub/walmarts-nasdaq-play monthly 0.5 2026-04-28 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/c57cd22d-3050-4675-ad64-712fec8171cd/Picture13.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic N.B. Net Flows Data in $mn and includes ETF flows just for R1000 constituents https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/db689b73-ef89-485c-9c4f-78e3b31a32b5/Picture14.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic N.B. Data in $mn and includes ETF flows just for R1000 constituents https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/a3ee8a1a-44b8-41b8-8d2e-c2eda74bacd4/WMT+CASE.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/8f21e6c5-3326-4006-9083-bfbb4f5b1e12/wmt+case+3.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/496f5717-616d-4548-8f80-e9a198be9a26/short+interes.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic https://intropic.io/research-hub/the-rise-of-passive monthly 0.5 2026-08-21 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/85948b50-1bfe-4fec-9d8b-0a242b15a8a4/passive+vs+active.png Research Hub - The Rise of Passive - Make it stand out Source: Intropic, Research Affiliates and Morningstar N.B. Data includes U.S. open-ended funds and ETFs (with obsolete funds included) https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/8c276ed2-be26-4954-b937-2ed5d941f0fc/us+equity+fund+flows.png Research Hub - The Rise of Passive - Make it stand out Source: Morningstar https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/2d240a40-44e3-4a27-a51b-cc75a4995e74/Research+Hub+Banner.png Research Hub - The Rise of Passive - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://intropic.io/research-hub/the-narrowing-edge-why-active-managers-are-struggling monthly 0.5 2026-03-09 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/cc13aa1d-af3e-409b-a6fa-652a431088a8/OUTPERFORMED.png Research Hub - The Narrowing Edge: Why Active Managers Are Struggling - Make it stand out Chart 3: US Large-Cap Blend Equity’s active survived funds performance https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/e2d4857b-f70f-4763-b48f-ae15eed077f8/ownership.png Research Hub - The Narrowing Edge: Why Active Managers Are Struggling - Make it stand out Chart 4: Share of passive ownership across top 10 US stocks https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/daa411b0-4794-4222-a557-2b76e1150d96/sp500-outperformance.png Research Hub - The Narrowing Edge: Why Active Managers Are Struggling - Make it stand out Chart 5: Percentage of S&P 500 constituents beating the index performance https://intropic.io/research-hub/a-different-market-microstructure monthly 0.5 2026-03-09 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/e90bfd5c-4904-48be-962f-e50f94a0fb86/etf-flows.png Research Hub - A Different Market Microstructure - Make it stand out ETF Flows in newly added stocks to the S&P 500 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/3ae7d2c0-0350-48fb-b34e-0d0e9c1a48d5/factor+neutral+volatility.png Research Hub - A Different Market Microstructure - Make it stand out Factor-neutral volatility has grown over time https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/3ad13bcf-a25a-4d74-a8f5-fa9ac317586a/variance-deco.png Research Hub - 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