OpenAI, SpaceX Line Up for IPO: Wall Street Starts "Making Room" Early

Odaily Planet Daily News As super IPOs from companies like SpaceX and OpenAI approach, major U.S. mutual funds and passive index funds have begun adjusting their portfolios in advance. Some funds are increasing their cash holdings and considering reducing positions in existing large-cap tech stocks to make room for future new index constituents.

John Flood, Managing Director of FICC and Equity at Goldman Sachs' Global Banking & Markets division, pointed out that historical data shows equity mutual funds have increased their cash reserves ahead of the four largest IPOs in the U.S. market over the past few decades. He stated that the market is reassessing the impact of large-scale IPOs on the index system and capital flows.

Currently, index compilers such as the Nasdaq 100 (NDX), S&P 500 (SPX), and FTSE Russell are rapidly advancing new rules to expedite the inclusion of ultra-large-cap new stocks into their indices. This means that future newly listed companies with trillion-dollar valuations, such as SpaceX, OpenAI, and Anthropic, could be added to major benchmark indices very shortly after their market debut.

In addition to SpaceX, OpenAI and Anthropic are also progressing with their IPO plans. OpenAI's valuation could exceed $1 trillion, while Anthropic's latest funding round valuation is also approaching this level. (Jinshi Data)