Who Really Wins in the SpaceX IPO?

A $1.75 trillion IPO is about to hit the market, and the mechanics behind it could leave retail investors holding the bag. In this episode of Through the Noise, Cam Harvey breaks down how SpaceX's Nasdaq debut triggers a wave of forced index-fund rebalancing, and why recently waived listing rules amplify the distortion. With only 4% of shares trading freely, a little-known Nasdaq provision counts SpaceX at three times that weight, pushing demand and the price artificially higher. Drawing on his research into the unintended consequences of rebalancing, Cam explains why the spike is only temporary, how the correction unfolds, and the asymmetric information gap that leaves everyday investors dangerously exposed. If you are tempted to buy into the hype, understand the mechanics first.