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Dave Noddig | At The Money: Is SpaceX IPO Breaking Capitalism? | Masters in Business, Sonic AI
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At The Money: Is SpaceX IPO Breaking Capitalism? | Masters in Business
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May 13, 2026
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19:57
Interview
At The Money: Is SpaceX IPO Breaking Capitalism? | Masters in Business
From
At The Money
Dave Noddig
(President and Director of Research, ETF.com, guest)
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Executive Summary
The modern IPO market has fundamentally shifted from raising growth capital to providing liquidity for private equity and insiders, with companies going public at much later stages and higher valuations.
The upcoming SpaceX IPO, with its massive valuation and unprecedentedly low 5% float, is forcing index providers like NASDAQ to drastically alter their inclusion rules.
NASDAQ has changed its rules to allow for accelerated (15-day) inclusion for mega-IPOs and will use a 3x multiplier on the float for weighting, forcing index funds to purchase billions in stock and creating significant market distortions.
These changes blur the line between passive and active investing, making indexes like the NASDAQ 100 more susceptible to price manipulation and front-running, which poses a new risk for passive investors.
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The Evolution of the IPO Market
Index Rule Manipulation
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Processed May 13, 2026
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