Passive Funds Don't Negotiate
Three private companies with a combined value approaching $3.5 trillion are moving closer to public listings: SpaceX, OpenAI and Anthropic.
This represents a rare clustering of very large initial public offerings in two of the most talked-about sectors of the decade: artificial intelligence and private space exploration.
An initial public offering, or IPO, is when a private company lists on a stock exchange and its shares become publicly tradable.
The most important point for investors is not about the opportunities or technologies involved. It is about what happens when companies of this size list, and how index funds are required to respond.
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- Open/View: Passive Funds Don't Negotiate