Those guys who stacked nine layers of SPV structures to access SpaceX investments while extracting 2% management fees and 20% carried interest for essentially zero value-add? Yeah, they're absolutely thrilled right now.

The setup speaks volumes about how some operators game the system. Multiple SPV layers mean each tier clips the ticket—compounding fees that investors ultimately shoulder. When you're charging institutional-grade rates but providing nothing beyond pass-through exposure, it's pure arbitrage on information asymmetry.

What's wild is how this model persists. Retail and smaller institutional players desperate for SpaceX allocation will accept almost any terms. The intermediaries know it. Stack enough entities between the underlying asset and the end investor, and suddenly those 2/20 fees across multiple vehicles turn paper-pushing into serious profit centers.

Meanwhile, actual value creation? Nowhere in sight. Just structural engineering designed to extract maximum rent from capital flows.