Related to this, I came across a good post on X regarding IPOs: Nasdaq's Shame - Keubiko’s Musings
Nasdaq’s proposed rule change reeks of the index being harnessed to serve mega-IPOs. If a giant like SpaceX gets in through an exception route despite a small free float, index funds could be forced to buy the stock in a tight market. This could artificially inflate the price immediately after listing. And when the lock-up later expires, passive money could be left propping up the price while insiders sell. It’s an ugly setup from the perspective of an ordinary index investor.