In 1602, Dutch merchants invented the stock market — and built it so no one who bought in could ever get their money back. Today, that same machine lists on the Nasdaq as SPCX.SpaceX just raised $75 billion in the largest IPO in history — nearly triple the previous record. But strip away the size and look at what a share actually buys: no vote that can change anything, money the company keeps permanently, and one man holding 82% of the decisions. That structure wasn't invented by Elon Musk. It was invented four hundred years ago by a company that ran a private army, signed treaties with kings, and secured its monopoly through massacre.This is the story of the Dutch East India Company — the world's first IPO — and what it tells us about the machine being offered to the public today.Members get early access to this and all my analysis. For written reports, including all the source documents, consider becoming a subscriber at https://theripcurrent.com.