SpaceX is heading to the Nasdaq on Friday with a valuation of around $1.77 trillion, which would make it one of the most valuable companies in the world — despite not being profitable. On top of that, Senator Warren sent a letter to the SEC requesting a delay of the IPO to protect investors.

But that letter is mainly politics, not a market catalyst. Warren herself cannot stop the IPO — she would need the SEC led by Atkins, who, on the contrary, wants to "restart IPOs". The chance of a Friday delay is low. For an investor, it's a signal to pay attention, not a change of scenario.

I don't dismiss the substantive core of her objections. The strongest point concerns indexes: if their providers adjusted rules to allow faster inclusion of SpaceX, they push millions of passive investors into an exposure they didn't choose — at any cost. That can inflate the entry price and then hurt when things normalize.