⚓ How might mega-cap IPOs affect markets?
• 800+ private companies are now valued over $1B, some nearing $1T — set to reshape index weightings as they go public.
• IPOs typically float only a small share slice, with 6+ months lockups, so a mega-cap listing isn't a day-one shock.
• Nasdaq 100 and Russell 1000 plan to fast-track inclusion in weeks/months; S&P 500 keeps its 12-month seasoning rule.
• Average IPO this decade popped 32% on day one but was down 26% a year later.
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