Elon Musk is considering reserving as much as 30% of SpaceX's initial public offering for individual investors, an unusually large retail slice aimed at harnessing his loyal following to help steady the stock after its market debut.

Musk Bets Big On Retail Loyalty

According to Reuters, which first broke the news, that would be at least three times the retail allocation typical in most U.S. IPOs, where individual investors usually get about 5% to 10% of shares.

Reuters reported on Thursday that the plan, relayed to Wall Street by SpaceX Chief Financial Officer Bret Johnsen, pairs the oversized retail allocation with an unusually hands-on approach to choosing bankers.

Rather than allowing banks to compete broadly for investors, SpaceX is assigning narrowly defined roles based on personal relationships and prior ties, though the structure is not final and could still change. As part of that effort, Musk personally chose Bank of ...