The SpaceX IPO is without precedent in scale and structure. Its implications for markets, indices and portfolios extend well beyond the deal itself. An important discussion for investors is what SpaceX and other mega-IPOs mean for passive indices, given there is an estimated $30 trillion in global assets under management tracking them, according to our own research. If SpaceX, OpenAI and Anthropic all achieve full index inclusion over the coming quarters/years, the U.S. equity index picture will change dramatically.