The most explosive scene in the capital market: SpaceX has not yet gone public, Nasdaq kneels down first! Many people now look at the capital market with old-fashioned thinking. The most impressive company, in the end, still has to knock on the door of the exchange. I think true liquidity still depends on IPO. I think the rules are determined by the exchange, and the company can only cooperate. But SpaceX has come, and it has severely overturned the old Deng. It hasn't been launched yet. The result has already been negotiated with Nasdaq: I want to enter NASDAQ 100 within 15 trading days after going public. If I can't do it, I'll go to the New York Stock Exchange. The scariest thing about this is not SpaceX madness. Nasdaq is really changing its rules. 1 Let's talk about the most crucial point first. Previously, the company sought the exchange. Now the exchange is competing for the company. Especially for companies like SpaceX. Why does it dare to be so horizontal? Because the most valuable thing going public today is not just financing anymore. The real big meat is entering the index. Once inside the Nasdaq 100, passive funds tracking the index have to buy mechanically. It's not an analyst's opinion. It's not that the fund manager doesn't want to allocate. Once the rule is triggered, the money will automatically come in. This is the biggest trophy of today's IPO. So when you look at SpaceX's recent operations, it's not as simple as' Musk is dominant 'anymore. Super companies have started to reverse the rules of the exchange. 2 More importantly, SpaceX is not as short of money as those companies before. This is the background. In the 1990s, going public was a necessary path to making big money. At that time, if you wanted to truly raise funds, you could basically only go to the public market. It's different now. There is too much money in the private equity market. Vision Fund Coatue、Tiger、a16z、 Sovereign funds and secondary market funds are all stuffing ammunition into later stage companies. So Stripe is not in a hurry. Revolution is not urgent. SpaceX did not go public due to a lack of money. They are considering an IPO today, which is more like calculating another account: How to solve employee turnover. How to exit VC. When will it go public? It can satisfy all aspects of index buying, market pricing, and liquidity exports together. This is the real game between big companies and exchanges today. 3 So the most outrageous part this time is not SpaceX's requirement to enter the index. Nasdaq is truly willing to cooperate. Fast Entry, in other words, is paving the way for super large companies. Under normal logic, newly listed companies should wait. Wait for a while. Let the market digest. Ensure stable liquidity. Let's talk about the index again. But SpaceX's size is too large. If it fails to enter the index after its listing, funds tracking the Nasdaq 100 will find it difficult. The pressure is not on SpaceX. In index funds. At the exchange. In the entire passive investment system. This is the funniest and most authentic scene in today's capital market: It's not the company adapting to the rules. Rules are adapting to the company. 4 But if we only look at SpaceX, it's still superficial. The real big change is that the other side is also moving. The actions taken by ICE, the parent company of the New York Stock Exchange, in the past two years are very indicative. It is not obediently following the traditional exchange business. It is investing in Polymarket. I am investing in OKX. Reaching out towards on chain infrastructure. What does this mean? The old exchange itself knows that the real threat is no longer competing for projects with each other. It's not that the New York Stock Exchange and Nasdaq are competing for big orders. But there is a new trading infrastructure that is bypassing them. When you look at these things together, the taste becomes very clear: On the one hand, super companies like SpaceX are starting to manipulate the exchange. On the other hand, exchanges are taking the initiative to hold onto the thighs of on chain and new markets. These are two sides of the same problem: The exchange is no longer the only entrance that everyone has to pilgrimage to. 5 Looking deeper, why does something like Hyperliquid make traditional markets so uncomfortable? Because it's not here to sit down and negotiate with you. It is simply setting up another table. all-weather. Transparent on the chain. Global liquidity. No opening, no closing, waiting for you to ring the bell. This set of things has not completely destroyed traditional exchanges yet. But it is already telling everyone: Trading doesn't necessarily have to happen through the same doors on Wall Street. Liquidity does not necessarily have to go through traditional exchanges. Price discovery doesn't necessarily have to be done within the old rules. This is what ICE is truly afraid of. Not afraid of a project running out. I'm afraid that there will be more and more trading demands in the future, so I won't even knock on the door. 6 So my understanding of this matter is very simple. This is not an ordinary IPO story for SpaceX. It is telling everyone: Today's top companies can already set conditions for the exchange in reverse. And ICE's investment actions are telling you: The smartest exchanges today have also begun to admit that they may not necessarily monopolize the entrance in the future. Putting these two signals together is already very obvious. The gravitational direction of the capital market is really changing. The previous issue was: Will the next super company go to the New York Stock Exchange or Nasdaq? The current issue has become: Does the next big enough company really need them?