(https://www.marketwatch.com/story/a-40-percent-market-crash-is-lurking-in-the-ipo-pipeline-spacex-and-openai-could-trigger-it-64ae4026?mod=mw_rss_topstories). SpaceX and OpenAI hitting the market this cycle would stack the deck exactly like 1929 and 2000 — record equity issuance, retail euphoria, institutions quietly rotating into defensive assets. The S&P is 2% from all-time highs with retail sentiment still bearish.

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