and what I watched wasn't Musk, it was AI's exit door being validated in public. SpaceX listed June 12 on Nasdaq (SPCX): priced at $135, raised $75B (2.5x Saudi Aramco's 2019 record), closed +19% at $160.95 for a $2.1T market cap — the world's 7th-largest listed company on day one. The +19% is the telling number: not a 1999-style double (bubble grammar), not a break (ice-age grammar) — a rational premium that says public markets can absorb trillion-dollar private giants. Next through the door: OpenAI as early as September (~$1T target), Anthropic (confidentially filed June 1) this fall; combined raises could top $200B against a 2025 full-year IPO market of just $45B. My two calls: in secondary, the drain hits "AI proxy stocks" — money that couldn't buy OpenAI and settled for AI-adjacent names loses its logic once the real things list. In primary VC, this matters 10x more: what's scarce was never deals or capital (Q1 2026: ~$300B deployed, 80% into AI) — it's exits. The DPI flywheel restarts, while public pricing forces late-stage valuation discipline. Logged with a rollback point: if the AI complex sells off systematically after both listings land, this "door validated" call gets marked as a misread top signal — and I'll correct it publicly.