A planned SpaceX IPO would put a money-losing company into millions of retirement accounts, which is bad for ordinary savers and great for Elon Musk and early insiders.

• SpaceX is going public at a $1.75 trillion target, the biggest IPO ever, even though it and its sister units Starlink and xAI lost $5 billion last year.
• Stock indexes like Nasdaq agreed to drop their usual one-year waiting rule, so index funds in 401(k)s and pensions will hold SpaceX within a week of the IPO.
• SpaceX plans to sell 30% of shares to small investors, far above the usual 5-10%, betting on their loyalty to Elon rather than long-term price stability.
• Insiders who bought cheap can sell later while regular buyers get in early at peak prices, making everyday retirement accounts the "exit liquidity."
• The same fast-track rules would soon help OpenAI and Anthropic too, though the S&P 500 is refusing to skip its one-year wait.

Outlook: SpaceX is expected to list within days, with OpenAI and Anthropic likely to follow under the same loosened rules.