The most important market event this week was not simply that SpaceX came to public markets. It was that public markets were asked to absorb one of the largest capital formation events in history at precisely the moment the artificial intelligence cycle is becoming more capital intensive, more concentrated and more dependent on liquidity.

SpaceX matters because it sits at the intersection of several of the most powerful forces in markets today: artificial intelligence, space infrastructure, telecommunications, defence, data networks, passive flows, retail...