“I am so sick of hearing about SpaceX,” says Philip DeAngelo, managing director of Focused Wealth Management, a registered investment advisor with $2.4 billion of assets under management. Then he laughs. “We’re getting a lot of questions from clients.”

For many investors, this isn’t just another IPO. It’s a rare chance to buy into one of the world’s most closely watched private companies. SpaceX has said roughly 30% of its IPO shares will be allocated to retail investors, far above the 5% to 10% allocation that typically goes to individual investors. Investors aren't just talking about SpaceX. They're lining up for it. Reports suggest demand for the offering is approaching four times the number of shares available.

That could translate into a big price bump on the first day of trading, which will tempt some everyday investors into selling quickly – and potentially encountering a little-known Wall Street rule. Many brokerages discourage “IPO flipping,” or selling newly allocated shares shortly after trading begins, by restricting access to future offerings.

“There are no government rules,” says Jay Ritter, the........

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