SpaceX is set to go public at a $1.77 trillion valuation, with only 4.2% post-IPO ownership for new shareholders. SPCX's IPO structure heavily favors existing shareholders, with Elon Musk retaining 85.1% voting power via dual-class shares. The early release program and low float create short-term scarcity, driving momentum and FOMO, but pose significant risk for new investors.