Insights from Wall Street: 3 things regular investors should know about the SpaceX IPO

Hundreds of IPO bankers, wealth managers, customer service agents, and other staff have been put on notice. Halls of Manhattan bank lobbies are decked with rocket videos. JPMorgan Chase ( JPM ), the country's biggest bank, is planning to throw a party on Friday afternoon.

It's all fanfare over SpaceX's ( SPCX ) public debut on June 12. It comes amid some stock turbulence, with the S&P 500 ( ^GSPC ) falling roughly 3% over the past five days.

Bankers have closed their order books for the deal and finalized the company's $75 billion raise on Thursday.

Meanwhile, one gauge for demand, pre-IPO perpetual futures contracts for SpaceX on the 24/7 crypto exchange protocol Hyperliquid is pricing the stock 20% above its listing price of $135.

"Anything less than a 10% return on day one would probably tell the market that the deal is not quite as hot as they're expecting," said Matthew Kennedy, a senior IPO market strategist for Renaissance Capital.

Here are three things regular investors should know ahead of what's set to be the largest IPO in history.

SpaceX's IPO stands out for its big allocation to retail investors. But that group is far wider than many might think.

Last week, JPMorgan CEO Jamie Dimon applauded Elon Musk for "democratizing finance" by "treating individual investors the same way institutions are treated."