SpaceX targeting $75 billion in the largest tech IPO in history. The Morningstar flag deserves attention: if secondary market prices already reflect a valuation below half the IPO target, retail investors buying at $135 per share are entering at a price that sophisticated institutional sellers are actively using to exit. That is not necessarily wrong as a long-term investment, but it is a specific risk profile. IPO pricing benefits the sellers, not the buyers.
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