On July 7, 3 weeks after the largest IPO in history, SPCX enters the Nasdaq-100 with billions in passive index buying behind it. The more interesting market is the one Wall Street does not run: tokenized shares on Solana, perpetual futures that priced the listing before bankers did, a $557 million subscription campaign that had to refund almost everyone, and 18,712 Bitcoin sitting on the rocket company’s balance sheet.