The pipeline
The 2026 IPO class against every major ETF.
Ten mega-IPOs. Six benchmark ETFs. Sixty inclusion calls — each one driven by index methodology rules, not opinion. Pick a deal, read the matrix.
Selected deal
SpaceX
S-1 filed May 20, 2026 targeting Nasdaq ticker SPCX. Pricing June 11, first trade June 12. Targeting $1.75T valuation, raising up to $75B — would be largest IPO in history by both valuation and dollars raised. Musk retains 85.1% voting control via super-voting class. 2025 revenue $18.7B (Starlink $11.4B), $4.9B net loss. ~30% retail allocation via Robinhood, Fidelity, Schwab.
Est. valuation$1.75T
ExchangeNasdaq
SectorAerospace / Satellite Communications
Share structuremulti-class
Est. float4%
Float $ value$70.00B
Source: S-1 filing SEC EDGAR May 20, 2026; Goldman/MS/BofA/Citi/JPM syndicate
Forced buying summary
$1.67B
of mechanical ETF demand on inclusion across eligible funds
QQQ$1.04B+
IPO$18.0M+
VTI$610.9M+
SPYNot eligible+
VGTNot eligible+
ARKKNot eligible+
The full matrix
Every IPO × every ETF, at a glance.
Green = mechanical eligibility. Amber = conditional. Red = excluded by methodology. Click any cell to see the why.
| IPO | QQQ | IPO | VTI | SPY | VGT | ARKK | Total $ flow |
|---|---|---|---|---|---|---|---|
SpaceX $1.75T · June 12, 2026 | ✓ | ✓ | ✓ | — | — | ? | $1.67B |
OpenAI $1.00T · H2 2026 (est) | ✓ | ✓ | ✓ | — | ✓ | ? | $2.89B |
Stripe $159.00B · H2 2026 (rumored) | ✓ | ✓ | ✓ | — | — | ? | $393.1M |
Anthropic $300.00B · 2026 (speculative) | ✓ | ✓ | ✓ | — | ✓ | ? | $879.1M |
Databricks $134.00B · 2026 | ✓ | ✓ | ✓ | — | ✓ | ? | $479.5M |
Cerebras Systems $23.00B · Q3 2026 (refiled May 4) | ✓ | ✓ | ✓ | — | — | ? | $73.4M |
Canva $42.00B · Late 2026 (rumored) | ✓ | ✓ | ✓ | — | ✓ | ? | $133.1M |
Revolut $75.00B · 2026 | ✓ | ✓ | ✓ | — | — | ? | $230.3M |
Kraken $20.00B · 2026 (confidential S-1) | ✓ | ✓ | ✓ | ✓ | — | ? | $93.6M |
Discord $25.00B · 2026 (high probability) | ✓ | ✓ | ✓ | — | — | ? | $66.5M |
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