A future SpaceX IPO may not behave like a traditional public offering at all. That’s the warning from Tessera PE CEO Chan Ahn, the former Goldman Sachs and JPMorgan executive who believes new Nasdaq rules could fundamentally alter how mega-cap IPOs trade from day one.
In an interview with Benzinga, Ahn argued that SpaceX could face conditions more consistent with a “structural squeeze” than normal price discovery if the company debuts publicly under Nasdaq’s accelerated index-inclusion framework.
“The old guardrails are gone,” Ahn said.
A Tiny Float Meets Massive ETF Demand
Under Nasdaq’s updated “fast entry” rules, companies large enough to qualify for the Nasdaq-100 can become eligible for index inclusion after just 15 trading days.
Ahn believes SpaceX would likely qualify immediately.
The problem, according to him, is supply. …