SpaceX just pulled off the biggest IPO in history at a $1.75 trillion-plus value, and that's bad news for ordinary people whose retirement money is being funneled into a money-losing company at peak prices.

• SpaceX (which includes Starlink, xAI, and Twitter) lost $5 billion last year, yet is valued higher than every U.S. defense contractor combined — almost entirely on hype.
• Normally a company waits a year before index funds can hold it; SpaceX got Nasdaq to waive that rule, so 401k and pension funds are buying in just a week after the IPO.
• The plan dumps 30% of shares on small everyday investors instead of the usual 5-10%, meaning regular people's retirement accounts become the "exit liquidity" that lets insiders cash out.
• The stock already swung wildly — up to over $200, then back down near $156 — and SpaceX is now seeking a $20 billion loan despite claiming $100 billion in cash, which spooked investors.
• Elon Musk keeps 82% voting control, so public shareholders have no real say, and the same fast-track rules will soon apply to OpenAI and Anthropic.

Outlook: Analysts don't expect SpaceX to turn a yearly profit until 2028, so if the hype fades, regular investors holding the shares are the ones likely to lose.