Episode Details

SpaceX just shattered Wall Street records with the largest IPO ever, raising $75 billion and soaring 19% on day one. Vanguard, a giant in passive investing, is carefully integrating SpaceX into its flagship index funds—not just tossing it in blindly. Most funds will include SpaceX within five days, but the S&P 500 ETF will wait, since SpaceX didn’t meet profitability thresholds. Vanguard’s “float-adjusted” rules ensure only publicly available shares count, keeping SpaceX’s weight under 1% to avoid market disruption. Despite massive revenue from Starlink and losses in new ventures like AI, Vanguard’s disciplined approach keeps passive investing grounded—not swept up by hype. This framework isn’t just for SpaceX; it’s the blueprint for future mega-IPOs.

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