‘Fast entry’ SpaceX, OpenAI and Anthropic IPOs to ignite Wall Street trading frenzy

The blockbuster listings of SpaceX, Anthropic and OpenAI are set to prompt an unprecedented wave of buying and selling as new “fast entry” rules thrust the stocks straight into Wall Street indices. The new rules, implemented this month by Nasdaq, mean billions of dollars of passive money will automatically flow to the three companies shortly after they go public, driving their share prices higher but forcing investors to sell other stocks. Elon Musk’s SpaceX filed for an initial public offering on Wednesday that is expected to be the largest on record, hours before OpenAI’s plans to list were revealed and rival Anthropic said it was on track to turn a profit, laying the groundwork for its own flotation. SpaceX will make relatively few shares available to public investors at its IPO next month, a small “free float” which under old rules would exclude the rocket company from indices tracked by trillions of dollars of passive investments. However, Nasdaq has loosened its rules as it battl

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• Kavish Garg