The term 'enshittification' describes how tech platforms deteriorate from useful to exploitative over time. SpaceX now embodies this risk as it prepares for public markets, claiming a $28.5tn total addressable market that dwarfs its current reality.

Musk values the rocket company at $1.75tn, which would rank it among America's seven largest firms despite revenues comparable to General Mills. Only 4% of the company - up to $75bn - will float initially, creating a mismatch between valuation and available shares.

Index providers Nasdaq and FTSE Russell have created fast tracks for companies with small floats, potentially rushing SpaceX into passive investment portfolios worldwide. This bypasses traditional waiting periods that typically give new listings time to prove themselves.

Retail investors with pensions and index funds face automatic exposure to SpaceX's lofty ambitions regardless of personal conviction. The precedent threatens market integrity if investors cannot opt out of Musk's moonshot vision.