As major IPOs such as SpaceX and OpenAI approach, large U.S. mutual funds and passive index funds are adjusting their portfolios. According to Odaily, some funds are increasing their cash holdings and considering reducing positions in existing large tech stocks to make room for new additions.
John Flood, Managing Director of FICC and Equities at Goldman Sachs Global Banking and Markets, noted that historically, equity mutual funds have increased 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 IPOs on index systems and capital flows.
Currently, index compilers such as the Nasdaq 100 (NDX), S&P 500 (SPX), and FTSE Russell are rapidly implementing new rules to expedite the inclusion of large-cap new stocks into indices. This suggests that newly listed companies like SpaceX, OpenAI, and Anthropic, with valuations reaching the trillion-dollar level, could be included in major benchmark indices shortly after their listings.
In addition to SpaceX, OpenAI and Anthropic are also advancing their IPO plans. OpenAI's valuation could exceed $1 trillion, and Anthropic's latest financing valuation is nearing this level.
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