SpaceX's IPO did not just mint the biggest debut in market history and a trillionaire, but it also triggered a historic land grab in risky leveraged ETFs.

Options, leveraged ETFs and index arbitrage are likely boosting the stock ahead of its inclusion in some benchmark stock indexes.

SpaceX's Nasdaq IPO drove SPCX up 60% to a $2.7T market cap, sparking leveraged ETF launches and crypto market surges on Hyperliquid.