The blame for SpaceX's potential mispricing shouldn't fall on passive investors, according to Financial Times Markets analysis. Index funds follow market weights without making individual stock calls, while active managers bear responsibility for capital allocation decisions.

SpaceX has attracted significant attention as private markets have grown, creating questions about how these companies are valued. The argument centers on whether mispricing stems from passive investment vehicles or from active managers making poor stock selections.

Active investors and stock pickers make deliberate bets on individual companies, including private firms like SpaceX. When valuations prove incorrect, these managers—not index funds—are the ones who misallocated capital through their specific investment choices.

The distinction matters because passive investing has grown substantially, and critics often point to index funds when questioning market efficiency. However, the responsibility for proper pricing lies with those making active decisions rather than those simply tracking broad market indices.