Peter Haynes explains that the SpaceX IPO is a major but manageable event for market structure. The first trade is on Nasdaq, and the industry is prepared. The real index impact occurs at scheduled rebalancings (day 5, 10, 15) and later when locked-up shares are released. He criticizes S&P's decision not to fast-track SpaceX, delaying its S&P 500 inclusion. He emphasizes that the ecosystem of hedge funds and market makers provides liquidity for index funds to rebalance without major price dislocations.

Todd Sohn discusses the ETF landscape around the SpaceX IPO. He questions the stickiness of assets in pre-IPO exposure ETFs and notes that active managers will need to decide how to weight SpaceX. He highlights that thematic space ETFs can complement core portfolios but warns of boom-bust cycles. He sees S&P's exclusion as setting a precedent for OpenAI/Anthropic, potentially leading to 'index wars' where investors choose Nasdaq/Russell over S&P 500. He believes ETF providers can handle the IPO, though small floats may cause some frenzy.