Luckily so far only one index changed its rules to cover SpaceX and what the AI IPOs would need.

I don't know how specifically significant SpaceX being lower than at launch is, because actually most IPOs underperform the market and their own targets for the first three to five years. What is happening to it is not that unusual; its overvaluation is.

I do think there is a major risk here, and ordinary investors and pension holders will be hurt.

I am not sure any individual AI company is too big to fail, though probably one of the big two will be rescued, most likely Anthropic. I think OpenAI will fail, and it'll be stripped for parts. As will Oracle, who are overexposed to it.