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largest IPO in history and the public got less than 5% of the company. SpaceX listed in June, NASDAQ, Ticker SPCX, 75 billion raised new record. But by the time the bell rang, roughly $1.7 trillion of value had already been locked up. Nobody on the outside could touch a single share while that was happening. Votes never left the building either. Musk kept about 82% of the voting power. They even filed it with NASDAQ as a controlled company. No surprise there. Here's the bit that actually caught me off guard. First half of this year, SpaceX dropped $28.5 billion into capital projects. $23.5 billion went straight into AI, not rockets. Because the eight stock positions they actually disclose, SpaceX is the second biggest, 21 billion at the end of June. So the listing everyone swore would never happen happened and almost nothing about who owns the place changed. Access was never the real wall. Control was. Which is the real story of the largest IPO history, and the public got less than 5% of the company.

largest IPO in history and the public got less than 5% of the company. SpaceX listed in June, NASDAQ, Ticker SPCX, 75 billion raised new record. But by the tim…