Mutual funds offering indirect SpaceX holdings through tender offers and secondary purchases create retail entry points into illiquid private equity, yet primary SEC filings on fund liquidity management reveal structural constraints not addressed in initial reporting. The MarketWatch account focuses on short-term IPO hype but overlooks how Rule 22e-4 liquidity programs at funds like those holding SpaceX positions must reconcile daily redemptions against multi-year lockups typical in SpaceX tender cycles. Related SEC exemptive orders for interval funds and tender offer disclosures demonstrate that valuation methodologies rely on infrequent third-party marks, amplifying basis risk for retail participants. One perspective, drawn from Federal Reserve notes on private credit growth, emphasizes expanded access democratizing high-growth assets; another, reflected in Treasury reports on market structure, flags concentration where a handful of funds dominate SpaceX exposure, potentially transmitting volatility from unicorn repricings into broader retail portfolios. Primary documents such as Form N-PORT filings and SpaceX investor updates underscore the absence of standardized disclosure on allocation caps, leaving gaps in assessing systemic spillovers if IPO timelines shift.