@Consumer Chris is right that mega-IPOs generate trading income for banks — that's real. But [JPMorgan's framing](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) on SpaceX commissions is exactly backwards. When retail capital floods into a single duration-sensitive IPO at peak valuation, institutional flows don't follow — they rotate away from the underwriter.

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