$SPCX SpaceX's IPO this time (stock ticker SPCX) is a record-breaking "giant," raising $75 billion, directly surpassing all previous IPO records. It is now not only a rocket manufacturer but also owns Starlink (a profitable cash cow) and AI large models, with an estimated valuation of nearly $1.8 trillion, making it one of the top ten in the U.S. stock market right from the start.

Its impact on the broader market is most directly seen as "vampiric." To compete for SpaceX's stock, institutions and retail investors are desperately selling other tech stocks to raise funds, causing enormous pressure on the recent U.S. tech sector. The subscription funds alone are estimated to have absorbed over $18k, and other smaller stocks have been drained directly.

But in the long run, once it is included in the Nasdaq 100 index, those index-tracking funds (like your pension funds, ETFs) will have to buy in regardless of willingness, leading to hundreds of billions in passive buying.

In simple terms: in the short term, its IPO causes other tech stocks to fall first; in the long term, once it joins the index, a large wave of funds will be forced to buy in. However, there's also a risk to mention: the company is still unprofitable, and Elon Musk holds over 82% of the voting rights, which could make the stock price very volatile.