The global capital markets are in a frenzy over Space Exploration Technologies Corp. (SpaceX)'s historic IPO. At the same time, structural warning signs eerily similar to the eve of the 1995 internet bubble burst are emerging within the market. Historical data shows that in 1995, Palm's parent company, 3Com, pushed it into the secondary market with an extremely high market premium. The exaggerated oversubscription and skyrocketing valuations directly became a hallmark precursor to the full-blown collapse of the Dot-com Bubble in the following years. In 2026, SpaceX transformed itself into a massive narrative vehicle spanning aerospace and super AI computing infrastructure by fully acquiring Elon Musk's AI startup, xAI, and forcing an IPO with an initial valuation of $1.77 trillion. While this asset restructuring drove the stock price up nearly 20% on its first trading day—pushing founder Elon Musk's personal net worth past $1.1 trillion—it also created an extreme siphoning effect on market liquidity. https://(x.com)/nobrainflip/status/2065156040090415392/video/1