SpaceX's IPO is just around the corner.
There are a couple of things worth pointing out.
Yes, it is the biggest IPO of all time, beating all previous global IPOs, including Aramco's.
On the other hand, it creates a concentration risk, where everything is highly tied to a single entity.
Not just the index, but capital across the market would be tied to it as well.
One bad move, anything that tanks the stock price, drags everything with it.
We've seen this in past major IPOs. The market tends to pull back shortly after, as massive IPOs draw a big chunk of liquidity from elsewhere.
At the same time, it's an opportunity to buy things at a discount, if handled with proper capital allocation and positioning.