In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos break down the historic launch of SpaceX, the biggest initial public offering ever, which priced at $135 a share before popping 11% to open at $150 on Friday. The share price rose steadily after that, closing up 19%. Meanwhile, Tesla shares were volatile, though they ended higher on the day. Plus, the hosts look ahead to a major milestone at the Federal Reserve as Kevin Warsh presides over his first meeting as Fed chairman. After the break, Owen Lamont, senior vice president and portfolio manager at Acadian Asset Management, breaks down whether the sudden rush to include mega-cap companies such as SpaceX into major indexes like the Nasdaq 100 and Russell 1000—often through specific rule changes—is a signal that the market is beginning to overheat. Then, they discuss the risks of buying into IPOs, particularly those with small floats (that is, a company’s available shares to trade) or lack of profitability. He explains what he calls the "third horseman of the bubble apocalypse" and whether current IPO plans for Anthropic and OpenAI are the beginning of a larger, potentially dangerous market trend. Chapters: 0:20 - SpaceX Initial IPO Price 0:44 - IPO Pops and Retail Allocation 4:34 - The Elon Musk Factor 5:33 - S&P 500 and Index Inclusion 7:03 - Fed Meeting Preview 9:14 - Interview: Owen Lamont on Indexes and IPOs 15:44 - Speed of Index Addition 17:43 - S&P 500's Decision on SpaceX 21:52 - How to Avoid SpaceX in Your Portfolio 23:19 - Is It Smart to Buy an IPO? 25:50 - IPO Waves and Bubble Signals 28:02 - Are We in an IPO Wave? This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. #WSJ #SpaceX #IPO