They are going straight to the Nasdaq. Most index investors are invested in the S&P 500

Nasdaq is an exchange. S&P 500 is an index.

S&P 500 includes companies from multiple exchanges. Like Nvidia, which lists on Nasdaq.

	▲	scarface_74 4 days ago \| parent [-]
		Nasdaq 100… https://www.morningstar.com/funds/spacex-ipo-how-index-funds... > Nasdaq was the first to consider a rule change that would grant mega IPOs like SpaceX early admission to its flagship Nasdaq-100 index. The exchange and index provider began a consultation period in February to assess the viability of and industry response to a proposed “fast entry” rule. The change was approved on March 30 and will be effective on May 1.