Retail investors become the main pricing force for the first time? Take you through the SpaceX IPO, why Tesla and Bitcoin will face a huge shock SpaceX is about to launch the largest IPO in human history, with a valuation of at least $1.8 trillion and plans to raise $75 billion. This volume is so large that Wall Street has to forcibly modify the underlying rules to accommodate its performance. But this capital feast is not just about Musk's ambitions. For ordinary investors, this is not only an unprecedented opportunity to innovate, but it could also trigger severe volatility in core assets such as Tesla and Bitcoin. By understanding the following four core logics, we will guide you to fully grasp the ultimate $1.8 trillion gamble: 1. Forcefully modifying Nasdaq rules, passive funds are forced to accept orders In order to welcome the giant SpaceX, Nasdaq broke with convention and significantly reduced the waiting period for new stocks to join the Nasdaq 100 index from three months to only 15 trading days. If the S&P 500 index also follows suit, passive funds (various ETFs) will generate nearly $20 billion in automatic buying demand, directly accounting for a quarter of the total issuance size. There is a great hidden risk here: SpaceX plans to lift the lock up period for insiders ahead of schedule, which means that the chips cashed out by employees and early investors are likely to be fully taken over by these blindly following index funds. 2. Retail investors dominate pricing for the first time, and market liquidity is facing a crazy draw In the traditional IPO game, institutions eat meat, and individual investors often play the role of entering the market to receive orders and provide exit liquidity for institutions after listing. But SpaceX completely overturned this convention. Musk is considering reserving up to 30% (approximately $22.5 billion) of the issuance shares directly for retail investors. Retail investors have obtained a huge amount of chips, but it also brings fatal liquidity risks: in order to free up two to three hundred billion US dollars of real gold and silver to invest in new stocks, retail investors are likely to need to sell their existing assets with the best liquidity and highest consensus on hand. That's why the Chief Strategist of Interactive Brokers has warned that Tesla and Bitcoin are highly likely to face significant collateral selling pressure and a huge shock as a result. 3. The Extreme foam with 93 Times Market Sales Rate and the "AI Narrative" Moat SpaceX is no longer just a company that launches rockets, and Musk is using a new narrative of "an AI infrastructure company disguised as a rocket" to firmly support its high valuation. Based on a target market value of $1.8 trillion, its market to sales ratio is an outrageous 93 times, which is 15 times the average level of the Nasdaq 100 index. In the face of the ultimate growth story, traditional valuation models have completely failed. There is even a Danish pension fund managing a scale of $25 billion, which is clearly seen as "catastrophic" and refuses to participate due to Musk's centralized governance structure that firmly controls voting rights. 4. Not just an IPO, but also a life and death game for the entire AI era At present, Wall Street's product machine is running at full speed, and over 20 ETFs linked to SpaceX have submitted applications. More importantly, a group of top AI unicorns such as OpenAI and Anthropic are queuing up to go public on a large scale. The ultimate success or failure of SpaceX will directly determine whether the capital market remains open: if it succeeds, it will ignite a new round of bottomless market frenzy; Once frustrated, AI giants' path to going public may be directly blocked. Wall Street has given Musk the green light overnight, and retail investors are also preparing to smash the pot and sell iron to get involved. But before embracing this epic myth of wealth creation, you must first weigh whether you can withstand the liquidity black hole that comes with it.