How three possible mega-IPOs could upend markets

Summary

Rodney Comegys discusses the potential market impact of three mega-IPOs from SpaceX, OpenAI, and Anthropic. He argues that the actual free float is small (e.g., SpaceX ~5%), so index inclusion will be much smaller than headline valuations suggest. He also states Vanguard's view that IPOs should be added to indices immediately, and notes index providers are updating rules accordingly.

• Three mega-IPOs (SpaceX, OpenAI, Anthropic) are potentially coming to market.
• SpaceX is rumored to bring only ~5% free float, significantly reducing its index weight.
• Rodney Comegys emphasizes that actual market absorption is much smaller than headline $1 trillion figures.
• Vanguard advocates for immediate index inclusion of IPOs, within days of listing.
• Index providers are updating rules to accommodate large IPOs with small free float.
• The discussion focuses on index construction and market mechanics rather than specific trades.