Markets are fixated on the pipeline from private hype to public capital. JPMorgan’s Jamie Dimon is preparing to pitch a prospective SpaceX float to the bank’s wealthy clients, while Coinbase is moving a step further, launching pre-IPO perpetual futures tied first to SpaceX so traders can bet on a private company’s valuation before any listing occurs. That appetite for futuristic growth is also showing up in real issuance: quantum computing group Quantinuum has priced an upsized IPO at $60 a share, a sign investors are still willing to fund big technology stories. Set against that risk-on mood is a reminder of the fallout when financial ambition unravels: Lex Greensill has agreed to a nine-year ban from serving as a UK company director following the collapse of Greensill Capital, underscoring regulators’ long memory for corporate failure.