The day Revolut lists, 3 ETFs must buy $230.3M of it.
UK-domiciled. Listing venue affects which US ETFs can hold it. NYSE/Nasdaq dual listing most likely.
Base case: $75.00B (Press reports). Use the slider to stress-test upside or downside scenarios.
Base case: 12%. Mega-IPOs typically float 5-15% initially. Lower float = higher demand vs supply imbalance.
Top 100 non-financial Nasdaq-listed stocks by market cap. Annual reconstitution in December. Quarterly rebalancing.
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| Ticker | Name | Old wt | New wt | Δ wt (bps) | $ outflow |
|---|---|---|---|---|---|
| NVDA | NVIDIA | 8.750% | 8.746% | -0.4 | -$11.7M |
| AAPL | Apple | 7.340% | 7.337% | -0.3 | -$9.8M |
| MSFT | Microsoft | 5.100% | 5.098% | -0.2 | -$6.8M |
| AMZN | Amazon | 4.720% | 4.718% | -0.2 | -$6.3M |
| MU | Micron Technology | 3.880% | 3.878% | -0.2 | -$5.2M |
| AVGO | Broadcom | 3.650% | 3.649% | -0.1 | -$4.9M |
| GOOGL | Alphabet Class A | 3.010% | 3.009% | -0.1 | -$4.0M |
| META | Meta Platforms | 2.890% | 2.889% | -0.1 | -$3.9M |
| TSLA | Tesla | 2.410% | 2.409% | -0.1 | -$3.2M |
| COST | Costco | 2.230% | 2.229% | -0.1 | -$3.0M |
Holds substantially all investable US equities. New IPOs added at quarterly rebalance after seasoning. Float-adjusted.
Show full dilution math →
| Ticker | Name | Old wt | New wt | Δ wt (bps) | $ outflow |
|---|---|---|---|---|---|
| NVDA | NVIDIA | 6.200% | 6.199% | -0.1 | -$4.9M |
| AAPL | Apple | 5.800% | 5.799% | -0.1 | -$4.6M |
| MSFT | Microsoft | 5.300% | 5.299% | -0.1 | -$4.2M |
| AMZN | Amazon | 3.400% | 3.399% | -0.1 | -$2.7M |
| GOOGL | Alphabet A+C | 3.200% | 3.199% | -0.1 | -$2.5M |
| META | Meta Platforms | 2.500% | 2.500% | -0.0 | -$2.0M |
| TSLA | Tesla | 1.800% | 1.800% | -0.0 | -$1.4M |
| BRK.B | Berkshire Hathaway | 1.500% | 1.500% | -0.0 | -$1.2M |
| AVGO | Broadcom | 1.400% | 1.400% | -0.0 | -$1.1M |
| JPM | JPMorgan Chase | 1.300% | 1.300% | -0.0 | -$1.0M |
Fast-track inclusion ~5 days after IPO if market cap is large enough. Held for ~2 years post-listing. Cap weight ~10%.
Show full dilution math →
| Ticker | Name | Old wt | New wt | Δ wt (bps) | $ outflow |
|---|---|---|---|---|---|
| ARM | Arm Holdings | 9.400% | 8.460% | -94.0 | -$1.7M |
| RDDT | 8.100% | 7.290% | -81.0 | -$1.5M | |
| KVYO | Klaviyo | 7.200% | 6.480% | -72.0 | -$1.3M |
| CRWV | CoreWeave | 6.800% | 6.120% | -68.0 | -$1.2M |
| FIG | Figma | 5.400% | 4.860% | -54.0 | -$972000 |
| BLSH | Bullish | 4.800% | 4.320% | -48.0 | -$864000 |
| KLAR | Klarna | 4.600% | 4.140% | -46.0 | -$828000 |
| CHYM | Chime | 4.100% | 3.690% | -41.0 | -$738000 |
| GEMI | Gemini | 3.800% | 3.420% | -38.0 | -$684000 |
| STUB | StubHub | 3.500% | 3.150% | -35.0 | -$630000 |
Six ETFs. Six different inclusion timelines.
Nasdaq listing + market cap easily clears Nasdaq-100 threshold. Fast-track entry possible if market cap exceeds existing constituent (top 25% rule).
Renaissance IPO ETF adds large US IPOs ~5 trading days after listing. Will likely enter as a top-3 holding given mega-cap size.
CRSP US Total Market includes all US-listed common stocks. Added at next quarterly rebalance (typ. ~30-90 day lag).
Non-US domicile — S&P 500 requires US place of incorporation (blocks Canva, Revolut, etc.)
GICS Financials sector. Excluded from VGT.
Active fund — Cathie Wood's stated convictions strongly favor frontier-AI and space themes. Position size at PM discretion.
Three trades the inclusion math points to.
Single-class structure — S&P eligible
Unlike most tech IPOs, Revolut has a single-class share structure. This makes it eligible for S&P 500 inclusion at first review post-profitability test. Combined with 12% float, this is mechanically the cleanest forced-buyer setup in the pipeline.
Coinbase / Robinhood comparable trade
Direct comps are HOOD and COIN. Revolut's broader product mix (banking + crypto + investing) means it should trade at a premium to pure-play brokers, similar to how SoFi trades.
UK fintech rerating
Revolut listing would force a rerating of European fintech: WISE.L, ADYEN, NXT. Watch for valuation arbitrage between US-listed and London-listed fintech names.