Nasdaq Fast-Entry Rules to Add SpaceX, OpenAI, Anthropic to Major Indexes

Nasdaq implemented new fast-entry rules this month that will allow billions of dollars in passive investment funds to purchase shares of SpaceX, OpenAI, and Anthropic shortly after the companies go public. JPMorgan estimates that if half of a company's shares go public at a $2 trillion valuation, passive funds may need to sell about $95 billion worth of the eight largest tech stocks to rebalance their portfolios.

Investors are also bracing for additional selling pressure in smaller stocks that could be dropped from major indices later this year to make room for SpaceX and other new megacap entrants. Todd Sohn, chief ETF strategist at Strategas, told the Financial Times that SpaceX's limited public float could make its index inclusion frantic as ETFs tracking trillions in assets compete for a limited number of shares.

The new rules are expected to drive share prices of the three companies higher while forcing investors to offload other stocks, according to the Financial Times.