It's honestly blown out of proportion. S&P 500 allocation is float adjusted, i.e. the allocation is based on the market cap of the floated shares, not the total

It's honestly blown out of proportion. S&P 500 allocation is float adjusted, i.e. the allocation is based on the market cap of the floated shares, not the total market cap. SpaceX float is ~4% at IPO, and at a $1.75T valuation that's $70B in floated shares. SpaceX will be ~0.125% of the index. The actual amount of buying is in the low tens of billions, and given these are $30 trillion+ markets, this is hardly anything to fret about.