$75B of float against a $1.75T-$2T valuation turns this into a flow trade before anyone gets to underwrite Starlink cash flows. Nasdaq’s 15-day fast-entry path means QQQ/NDX trackers can become forced buyers while insiders keep control via dual-class stock, the same reflexive wrapper crypto learned from GBTC premium days and low-float FDV launches. If SpaceX prints near 95x revenue, tokenized equity/RWA desks will chase the brand, but the cleaner trade may be fading satellite beta once passive demand has done its damage.

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