This one weird trick might cost your retirement fund billions (with SpaceX, OpenAI and Anthropic overvalued)

Stock Indexes Are Contorting Themselves to Include SpaceX and OpenAI

Hot stock IPOs are coming to an ETF near you, like it or not

By James Mackintosh

May 3, 2026 5:30 am ET

If what you want from your index fund is access to the latest hot stocks, you're in luck. The passive funds holding trillions of dollars of 401(k)s and other investments are rushing to change their rules as the IPOs of SpaceX, OpenAI and Anthropic draw closer.

The latest, on Thursday, was a proposal from S&P to drop the requirement to make a profit and wait a year for initial public offerings to get into the flagship S&P 500.

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