The SpaceX IPO Will Leave Retail Investors Holding the Bag -- Don't Take the Bait

SpaceX's $75 billion IPO on June 12, 2026 is structured to benefit insiders at the expense of retail investors. Index rule changes force massive buying pressure that will be absorbed by passive funds, while a staggered lockup period allows insiders to sell early. With a P/S ratio of 96x and ongoing losses, the company's valuation appears unsustainable compared to historical precedents.