Giant IPOs From SpaceX to OpenAI Put Index Rules Under Pressure

For decades, the path into America’s most important stock benchmarks followed a predictable rhythm: go public, prove yourself, wait your turn. Now the three firms that control those benchmarks are considering whether to rewrite the rules to absorb trillion-dollar IPOs from SpaceX, OpenAI and Anthropic.

Critics warn the rush could distort the very markets these indexes are supposed to track — and question whether a few giant listings should be driving lasting changes to how benchmarks operate.