Cameron Gleeson

So all of these people who thought they were holding broad equity market exposure missed out on all these gains as Tesla became a larger and larger company until it became included in the S&P 500, which is when it flipped to profitability.

So the NASDAQ's amended its index methodology.

It would normally allow the inclusion of a new company at a rebalance date, but it's amended to allow what's called a fast entry rule.

So it's around about after 15 days, if a company is going to sit within the top 40 of the NASDAQ 100 by market capitalization, if it's that large, then it can be included in the index from that point.

So that means not long after listing, a company can come into the NASDAQ.

And if you'd suggest that some of these incredibly large players have dominant market share, they're very important companies for the US economy, if you're thinking you want to get exposure to that, well, then perhaps...

If you're doing that through an ETF, you want to do that through something which is tracking the NASDAQ rather than, for example, something tracking the S&P 500, which will potentially take a lot longer to include.

Because, for example, Anthropic isn't yet profitable, so it will take a long time for that to enter that index.

True, yeah, good point.

It's probably, you know, I think, you know, a real advantage that NASDAQ has in terms of the way they think about providing exposure in their index and for investors who want to get, if you like, that broader exposure to the U.S.

economy and what's happening, innovation happening in the U.S.

economy.

Oh, yeah, yeah.

No, that's right.

So, and in terms of the timeframes, like none of this is set in stone, but look, SpaceX is expected to start doing roadshows in June.

So it should be listing shortly after that.

And that's a, it's not going to, not all of its shares will be listed, but a very large portion of its shares will be listed.

It's likely the valuation will sit, you know, between one and $2 trillion.

That's a massive company.

Yeah.