Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinancial TimesInvestor'Fast entry' SpaceX, OpenAI and Anthropic IPOs to ignite Wall Street trading frenzyPassive investors set to dump billions of shares to make way for new stocksAuthor of the article:Last updated 56 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.The SpaceX Starship V3 is seen docked at on a launch pad at Starbase on May 21, 2026 in Boca Chica Beach, Texas. Photo by Brandon Bell/Getty ImagesThe blockbuster listings of SpaceX, Anthropic and OpenAI are set to prompt an unprecedented wave of buying and selling as new “fast entry” rules thrust the stocks straight into Wall Street indices.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe rules, implemented this month by Nasdaq, mean billions of dollars of passive money will automatically flow to the three companies shortly after they go public, driving their share prices higher but forcing investors to sell other stocks.Elon Musk‘s SpaceX filed for an initial public offering on Wednesday that is expected to be the largest on record, hours before OpenAI’s plans to list were revealed and rival Anthropic said it was on track to turn a profit, laying the groundwork for its own flotation.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againSpaceX will make relatively few shares available to public investors at its IPO next month, a small “free float” which under old rules would exclude the rocket company from indices tracked by trillions of dollars of passive investments.However, Nasdaq has loosened its rules as it battled to win the SpaceX listing over its rival NYSE, allowing the stock to join the Nasdaq 100 after just 15 days. SpaceX and other new entrants will also be given an index weighting equivalent to three times the value of the shares floated. S&P Dow Jones Indices is also consulting on changes that could fast-track the stock’s entry into the S&P 500.The initial impact on the rest of the index will be limited by the relatively small number of shares on offer, but is likely to increase after a lock-up period expires, which will be staggered over the first 180 days of trading, according to the SpaceX prospectus.JPMorgan estimates that if 50 per cent of the company’s shares are eventually floated with a valuation reaching US$2 trillion, passive investors would have to sell US$95 billion of Wall Street’s eight biggest existing tech stocks. The FT has previously reported that SpaceX is aiming for a US$1.75 trillion valuation.“The SpaceX IPO, and the follow-on release of locked-up shares, [is] like no other single index event in recent history,” said Peter Haynes, head of index and market structure research at TD Securities, about the SpaceX listing. “We have been overwhelmed by institutional investors asking about the IPO, the name, the size, the impact.”Investors are also bracing themselves for selling of smaller stocks that could be booted from indices later in the year to make way for SpaceX and other megacap arrivals.Valérie Noël, head of trading at Syz Group, said that the “most discussed trades” in the market around the SpaceX listing included betting against “marginal Nasdaq 100 names”, which are candidates for index deletion, as well as pressure on the existing large-cap stocks.Todd Sohn, chief ETF strategist at Strategas, said the small volume of available shares following the SpaceX listing means the index inclusion will feel “almost a little frantic, because you’re dealing with ETFs and passive products that are tracking trillions of dollars of assets and yet you only have five per cent of float available”.The anticipated post-IPO pop in the share price could leave passive investors buying at a hefty valuation, according to Sohn. “If SpaceX is up 100 per cent the week after the IPO, and they have to buy it, they have to buy it. They have to take that price…They can’t discriminate,” he said.The limited timeframe between the new listings and index inclusion means that “it is going to be noisy”, said Christian Raute, head of markets trading strategy at Citi. “Because it is so large, it is a challenge,” Raute said. “It might get expensive.”But ultimately, “the market is not going to have a problem absorbing these IPOs”, said Raute. “The whole industry is braced and has participants trained to deal with this.”A portfolio manager at a large U.S. hedge fund said: “We’re going all in for maximum size on all of them [SpaceX, Anthropic and OpenAI]…We are not liquidity constrained at all.”© 2026 The Financial Times Ltd Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.