SpaceX and OpenAI are lining up for IPOs: Wall Street starts clearing positions in advance

```htmlJinse Finance reported that as super-IPOs such as SpaceX and OpenAI approach, major US mutual funds and passive index funds have already begun to adjust their portfolios in advance. Some funds are increasing their cash holdings and considering reducing their positions in existing large technology stocks in order to make room for the allocation of new constituents in the future. John Flood, Managing Director of FICC and Equity at Goldman Sachs Global Banking & Markets, pointed out that historical data shows that before the four largest IPOs in the US market in recent decades, equity mutual funds increased their cash reserves. He stated that the market is reassessing the impact of large IPOs on index systems and capital flows. Currently, index compilers such as Nasdaq 100 Index (NDX), S&P 500 Index (SPX), and FTSE Russell are rapidly advancing new regulations to accelerate the inclusion of mega-cap new stocks into the indices. This means that in the future, newly listed companies with trillion-dollar valuations like SpaceX, OpenAI, and Anthropic may enter major benchmark indices in an extremely short period of time after going public.```