How three possible mega-IPOs could upend markets

• SpaceX, OpenAI, and Anthropic are expected to go public in 2026 with multi-trillion dollar combined valuations.
• Initial free float for these IPOs, such as SpaceX's estimated 5% of the company, will be a relatively small portion of their total market cap (e.g., $50B for a $1T company).
• Vanguard's best practice is for IPOs to be included in indices almost immediately after listing, with index providers updating rules to accommodate these modern, large companies with potentially smaller initial free floats.

The segment discusses the potential market impact of anticipated mega-IPOs from SpaceX, OpenAI, and Anthropic in 2026. Rodney Comegys of Vanguard Capital Management explains that despite their large valuations, the initial free float will be manageable for market absorption. He advocates for prompt index inclusion of these companies to ensure indices accurately reflect the broader market.