How have U.S. tech stocks historically performed before and after massive IPOs?

Will it drain the overall market?
$SpaceX $135 per share, planning to issue about 556 million shares, raising approximately $75 billion, with a valuation of about $1.75 trillion to $1.8 trillion.
Market reports say the subscription demand exceeds $250 billion, nearly 4 times oversubscribed.
However, the bigger the tree, the stronger the wind, and naturally, more controversy. This is not only Elon Musk's victory but also the most watched space-level event in U.S. stock market history.
There is also the unlocking of non-traditional lock-up periods, with some shareholders able to unlock in batches after 70-135 days.
Musk himself is locked for 1 year, but employees and early investors are eager to cash out.
With a 30% retail share + retail FOMO, there's a high probability of a big jump at opening followed by a pullback.
But ultimately, how it will unfold remains to be seen!