There is nothing in ED lore (i.e. codex, Tourist Beacons, FD livestreams etc) that says Raxxla is a planet that moves. That was a narrative feature in Drew Wagar's fan fiction series - good reads but not relevant. It may not even be representative of Holdstock's original concept - there is no evidence that it would/should be... DB said "of course Raxxla is in-game, but you dont know what it is"Yes, the fact that this predates FSD is the main argument this should be within the bubble or very close by. That being said, FDEV might not actually care about it.
Here are counterpoints:
1. It would be way too easy and it means Raxxla is basically a fancy tourist beacon.
2. Even if it originally was there, after the initial story plan blew up, if I was in charge of that, I'd move it. Where? Who knows, but it probably wouldn't be within the legacy drive range anymore.
3. It's trivial to explain why Raxxla isn't where "it's supposed to be" - according to lore the planet could be moved - it was literally one of it's main features, and the planet wasn't even in our galaxy per se but let's say it is. If it's not actually a planet but a gateway, then even more so it's very movable. If it's some other kind of artifact, even more likely.
4. What's the point of having 400 billion star systems if only a few hundred actually matter? They kind of got out of that with Colonia a little, but that still means that we're talking the bubble and a much smaller bubble, and a handful of things on the way in and out - the rest is a fancy wallpaper. The bubble is ~100k systems so basically something like 10^-5 of a percent of the universe. The greatest artifact of the universe just happens to be in the bubble...
5. There is no canonical proof that anyone ever has actually found the thing, much less used it in any shape or form. The codex entry mentions original story as "Cora [...] claims she's found a map to some pirate stash [...]. Maybe we should go FIND RAXXLA while we're at it!" So Raxxla in 2296 is a myth, it's not THE pirate stash, and just some legend about some unspecified awesome thing - there is no real reason it was findable.
Paradoxically, the most concrete, credible part of the codex talking about it is the part:
"Raxxla also plays a role in several conspiracy theories, most of which attest that it has already been discovered by some kind of sinister cabal (or sole tyrant), which has leveraged its power to establish covert dominance over humanity."
To me this directly alludes to INRA story and Salvation aka (ahem) the Witch, and Azimuth Biotech (which was literally a shadowy cabal and a sole tyrant. But we didn't get Raxxla out of that yet.
Funnily enough, the only mention in The Dark Wheel codex entry is that the group is often mentioned together with "Raxxla".
The Dark Wheel codex in fact seems to have a basic hint on what is going on: that the group gives people secretly a test, and only if you pass the test, you get inducted into the actual Dark Wheel - which perhaps gives people actual access to Raxxla (rather than the accidental run-in that perhaps Drakkster had) - but that isn't actually stated in the codex. The Pareco tip-off stuff would be the closest thing I've seen to that.
I think we have seen the resurgence of INRA - it's now called AEGIS.
The Great Potato Hunt has done a sterling job of investigating systems within the bubble, but since they didn't know what Raxxla is, & had no concept of how to recognise it, then it is not surprising that they didnt find it. There are several feasible methods of hiding Raxxla in ED that mean it is unlikely that it will be found by accident or even during an exhaustive system search - a couple of weeks ago Ian Doncaster posted on a few methods , but I dont think his list was exhaustive...a new one occured to me last Thursday. I still think Raxxla is hidden on the FD servers and will be downloaded to client machine when/if specific criteria are met. That's the way they originally implemented the Formidine Rift bases; let's hope their testing of Raxxla is better and we dont see a repeat of that BSOD when the criteria are met.