[mcoliver]

Bingo. The bigger story is that the float is not there so the companies are "public" in that they sell a small number of shares at IPO to get crazy market caps that then force the ETFs to buy stimulating demand. It's genius and infuriating at the same time.

[DanielHB]

It is a one-time technique for private investors to extract money from pensions.

I moved all my money outside US index and global index funds because of SpaceX and OpenAI. At least until these IPOs have passed I will not move any money back. The sheer size of these IPOs might trigger a market crash.

[eudamoniac]

Shouldn't you have waited to move your money after the IPO but before the holding period for insiders expires?

[DanielHB]

I moved more than a year ago, the US stock market is basically just gambling by now.