The $SPACEX IPO is shaping up to be one for the history books — and not just because of the size or the 26% first-day pop.

Think about what's stacked here: massive scale, sky-high valuation, unusual fee structure, tricky investor allocation, price discovery in real-time, extreme key-person risk (you know who), and fast-tracked index inclusion that forces passive funds to buy in immediately.

Oh, and it's creating a wealth effect so big it's literally lifting the entire market today.

This is the kind of event that gets studied in finance classes for decades — equal parts spectacle, structural weirdness, and genuine market-moving force.

For the record: I sat this one out. Sometimes the best trade is the one you don't make.