SpaceX is going public at a $1.75 trillion valuation, and the warning is that retail investors will get burned like the 1999 dot-com bubble.

• SpaceX wants to raise up to $86 billion, the biggest IPO ever, three times the old record.
• The price tag is wild — 92 times revenue for a company that loses money, far pricier than other big tech firms.
• Buyers get almost no voting power; Musk keeps about 82% control, which has big pension funds worried.
• The setup looks built to dump on retail: early buyers get in cheap, the price spikes at open, then insiders sell fast.
• AI and rocket firms (SpaceX, Google) are all racing to grab cash first while markets are in "greed mode."

Outlook: The IPO is expected around June 12, and the fear is a sharp pop-then-crash that hurts retail buyers and 401(k) funds forced to buy in.