OpenAI, SpaceX queue up for IPO: Wall Street begins to "make room" early

Odaily Planet Daily News: With super IPOs from SpaceX, OpenAI, and others approaching, large US mutual funds and passive index funds have already begun adjusting their positions early. Some funds are increasing their cash holdings and considering reducing their holdings of existing large-cap tech stocks to free up allocation space for new constituents.

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

Currently, index compilers such as the Nasdaq 100 Index (NDX), S&P 500 Index (SPX), and FTSE Russell are rapidly advancing new rules to accelerate the inclusion of newly listed stocks with ultra-large market capitalizations into the indices. This means that future newly listed companies with valuations reaching the trillion-dollar level, such as SpaceX, OpenAI, and Anthropic, could enter major benchmark indices within a very short time after listing.

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