SpaceX IPO: A Market Test, Not a Breaker
TL;DR
Rob Arnott argues SpaceX’s mega-IPO would not break capital markets but would stress them, potentially widening the valuation gap between index constituents and non-members. While index funds would absorb the stock under float-based rules, such mega-IPOs could still trigger sizable inflows and entrench the advantages of benchmark membership—leaving long-run returns more favorable for non-members if their cash-flow growth overtakes that of the giants.
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- SpaceX Left California. Its IPO Payday Did Not. Forbes
- What the ‘Dean of Valuation’ Thinks Elon Musk’s SpaceX Is Really Worth WSJ
- How can retail investors buy shares in SpaceX's IPO? Reuters
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