The underlying logic of the Nasdaq flash crash before SpaceX's IPO. This episode provides a detailed analysis of the market volatility in Nasdaq triggered by SpaceX's upcoming IPO, and delves into the so-called "blood-sucking effect." The market flash crash was not due to a deterioration in fundamentals, but rather short-term liquidity stress caused by institutions participating in large-scale IPOs, passive funds adjusting their portfolios in advance, and active funds front-running. It further analyzes the business composition of SpaceX, emphasizing that its valuation logic has shifted from traditional rocket companies to AI and satellite internet. Additionally, it reminds everyone that Nasdaq has adjusted its fast-track inclusion mechanism to compete for this project, which will force index funds to make systematic portfolio adjustments. Finally, it advises everyone to stay calm when facing the volatility brought by such giant IPOs and avoid making irrational decisions by blindly chasing rallies or panic selling (also, the same situation of institutions reducing holdings and turning to IPOs will occur successively with the IPOs of OpenAI and Anthropic in September, personal opinion, not constituting any investment advice).

SpaceX

United States

$1.75 trillion

June 12, 2026

Aerospace technology giant, with extremely high market attention

Anthropic, OpenAI, may apply for IPOs in September, which will also cause volatility by cashing out from the stock market at that time.