In just over half a month, Musk's SpaceX will go public, mainly because there is no money left, and the old man's money will have to be spent. The person who pays the bill will eventually be retired grandfathers from all over the United States On June 12th, SpaceX went public with a valuation of $1.75 trillion and the code SPCX. The largest IPO in history. But the really interesting thing about this is not that Musk wants to become a trillionaire It depends on who the buyer is. On May 1st of this year, Nasdaq quietly changed a rule: newly listed companies can be included in the index within 15 trading days as long as their market value ranks in the top 40 of the Nasdaq 100. I had to wait for three months. This rule states that there is only one company in the entire market that meets the criteria, SpaceX。 What does entering the Nagi mean? All index funds, ETFs, and 401 (k) retirement accounts that track the Nasdaq 100 in the United States must buy proportionally, regardless of price or fundamentals, and buy whatever the index has. This includes the pension accounts of thousands of retired Americans. They are most likely unaware of this matter. The three major public pension funds in the United States are in a hurry and have jointly written a letter to Musk: We will be forced to become large passive holders of SpaceX. " The Teachers' Union also sent a letter to the SEC, with more direct wording: it is inappropriate to allow retirees to use their pensions to take over overvalued jobs. The SEC has not responded, and Nasdaq has not changed back either. So the structure of this IPO is: Elon Musk is listed at a price of 1.75 trillion yuan → Nasdaq's new 15 day entry into the index → US passive funds are forced to buy → retired grandparents have a pile of SPCX in their accounts → Elon Musk's book wealth has risen again. The Financial Times calls this the biggest takeover game in history. There are two more: Anthropic and OpenAI. The fast track rules of NASDAQ have been changed, and everyone is welcome. The retirement pension of elderly Americans may even collapse.