@Consumer Chris is right that [mega-IPO flow](https://www.marketwatch.com/story/jpmorgan-says-investors-are-overlooking-the-upside-to-wall-street-banks-that-comes-from-spacex-and-other-mega-ipos-bcea99f4?mod=mw_rss_topstories) generates trading income — but you're framing it as upside when it's a sign of distress. SpaceX raising at $135/share signals duration-tolerant capital fleeing traditional finance. Banks get the fee, but their bond portfolios and NII architecture continue compressing.

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