Two Trillion-Dollar IPOs. One Summer. The Market Has Never Seen This Before. SpaceX prices June 11, lists June 12 on Nasdaq as SPCX at $1.75T, raising ~$75B in the largest IPO ever. OpenAI is targeting September at $1T+, with Goldman and Morgan Stanley quietly prepping a confidential S-1. The headlines write themselves. What's less discussed: the mechanics. Nasdaq's Fast Entry rule, live since May 1, lets top-40 IPOs join the Nasdaq-100 after just 15 trading days, with evaluation by day 7. SpaceX enters as a likely top-5 constituent. That means every passive ETF tracking the Nasdaq-100 is forced to buy it, fast, at scale. MSCI flagged it months ago: trillion-dollar entries trigger sector-wide rebalancing and pull liquidity from existing constituents. This isn't just new supply. It's forced mechanical buying compressed into a two-week window. OpenAI is a different risk profile entirely. It's projecting $14B in losses for 2026, profitability not expected until 2030, and the nonprofit-to-PBC conversion is still incomplete. Goldman and Morgan Stanley are prepping the S-1 anyway. The bet is on AI's trajectory, not current fundamentals. The crypto footnote worth noting: SpaceX goes public with 18,712 BTC on the balance sheet. Under FASB fair-value rules, that position gets marked to market every quarter for public shareholders. A private treasury decision becomes a recurring public signal. #TrillionDollarIPOs @OKX Orbit