IPOS

• Elon Musk’s $1.8 Trillion SpaceX IPO Is Too Big to Succeed
  Al Root | While the company is spectacular, the stock is too expensive to justify the risks.
• What Will SpaceX’s IPO Mean for Your Index Funds?
  By Lewis Braham | Why the stock will be in your Nasdaq 100 fund but not your S&P 500 fund—and other quirks of the largest IPO ever.
• Europe’s Defense IPOs Are Hot, Too. 5 to Watch.
  Craig Mellow | Europe’s defense offerings are dwarfed in scale by SpaceX, Anthropic, or OpenAI. They may prove no less important in fate-of-the-world terms, though.