Chan Ahn, CEO of Tessera PE and a former executive at Goldman Sachs and JPMorgan, warns that a future IPO for SpaceX might not adhere to traditional public offering practices. He highlights that new Nasdaq rules allowing rapid index inclusion could lead to a 'structural squeeze' instead of normal price discovery. Ahn estimates that SpaceX's tradable float could be as low as 5% due to Elon Musk's significant ownership stake and insider lockups. This limited supply, coupled with the potential for passive index funds to become immediate buyers, creates a scenario that deviates from historical IPO dynamics. Ahn indicates that this shift could have wider implications for future mega-cap IPOs, especially in sectors like AI and infrastructure, as the market becomes increasingly influenced by passive investment strategies.