Benjamin Felix

To reiterate, that's why index providers are considering making these changes to get these companies represented in their indices sooner.

Indices are meant to represent the stock market.

So if all of a sudden there's this massive new company listed on the stock market, yeah, the indexes probably shouldn't hold it.

They're not designed to be investments.

They're designed to represent the market.

Putting that in context,

This is pretty interesting.

So there's a blog post from S&P where they show that SpaceX, OpenAI, and Anthropix, those three of those big private companies, at the time of writing the post, which is fairly recent, those companies would make up 2.9% of the S&P world index at their full market caps.

So that's like full free float or just whatever, their full market cap.

So that's almost as much as Canada, three companies, three newly listed companies, which is pretty crazy.

As I just said, that was their total market cap.

So no consideration for free float.

Now, since a lot of these companies are expected to have low public floats, I think that has to be accounted for in estimating their impact on the overall market.

There's another post from MSCI where they calculate the potential changes to the MSCI All Country World Investable Market Index in the event of some of these big companies going public in 2026.

Now, this was written back in February 2026 when SpaceX, they had a modest valuation of only 800 billion.

Now I mentioned it's expected to be 2 trillion.

I think the general points are still relevant.

Kind of crazy to whatever that is, two and a bit X their valuation in the course of a couple months.

It's pretty wild.

That was pre the XAI acquisition.