SpaceX IPO Forces Wall Street to Reorganize Around It (2)

Wall Street has seen blockbuster IPOs in the past. None has blitzed through its operating machinery like SpaceX.

Expected to raise more than twice as much as any prior IPO, Elon Musk’s rocket, satellite and AI conglomerate is arriving already so large and economically consequential that parts of the market are reorganizing around it.

Index providers are rewriting rules governing entry into major benchmarks. Passive-investing firms are modeling billions of dollars in automatic buying flows. ETF issuers are racing to launch products tied to the listing. Retail traders are pouring into speculative pre-IPO vehicles even for indirect exposure.

For investors being ...