Bailey Lipschultz

Retail not only is not price setters, they are price takers.

The big question has been what happens when the stock opens tomorrow?

Will retail have the capacity to keep buying?

And is that something that can bridge the gap from IPO to Nasdaq 100 entry?

That's 15 trading days that we don't know what will play out.

It's never been to the scale of potential allocation.

We were talking even if they come in at 20, 30 percent of this IPO, you're still talking potentially more money going to retail in this IPO than almost every other IPO has raised in totality.

So these are staggering numbers.

We have 15 days from IPO to entry on NASDAQ 100.

So SpaceX will be trading essentially by itself.

The weeks and months, the next year, it's not going to be in the S&P 500.

Is that a source of alpha for active investors who want to diversify?

Or is it a potential vacuum suck where people are selling stocks in the S&P 500 to buy SpaceX?

And what does that ultimately mean?

Those are questions that investors are right now kind of debating.

Being the first company to go public, when you're setting the kind of terms of the roadshow and you're able to create this...

TAM, the total addressable market, they came out and said AI is a $26.5 trillion market.

Prove us wrong.

They set the watermark, which then means when Anthropic potentially hits the road later this fall, when OpenAI potentially hits the road later this fall, they now have to go to investors and say, okay, here's how we fit into this market that Elon Musk was talking about.

The biggest piece of this