The $2T Index Fund Trap

In June, SpaceX sold shares at $135 each and raised $86 billion, reported as the biggest IPO ever. If you own a total-market index fund, you were in by the fifth day of trading, at about $185 a share. The first buyers are up 24%. Your fund's purchase is down 9%. The biggest companies now sell most of their growth to private investors first, and under rules that three index providers changed this spring, your retirement fund arrives days later and pays whatever the market is charging. In this video: • What an IPO used to be: Amazon at $429 million, with almost all of its growth still ahead • Why the largest companies stay private longer, and who gets the rise from $60 billion to $1 trillion • The index rule changes of spring 2026, and what they did to SpaceX day by day • Who bought at $135, who bought at $185, and why your fund was last in line • The lock-up calendar: why every release of insider shares makes your fund buy more • The one index that said no, and what the S&P 500 still requires • What is actually known about Anthropic's IPO, and what is only reported • Four numbers to read when its prospectus becomes public Every number is real, as of 7 October 2026. Anthropic's and OpenAI's IPO values and dates are press reports, not company statements, and are described that way in the video. Sources: SpaceX prospectus and SEC filings · Nasdaq · FTSE Russell · Morningstar Indexes · S&P Dow Jones Indices · CRSP · Jay Ritter, University of Florida (IPO data) · Ewens and Farre-Mensa, Review of Financial Studies (2020) · Vanguard · Anthropic and OpenAI company statements · Reuters · Fortune · Forbes Disclaimer: This video is for general information, education and entertainment only. It is not financial, investment, tax or legal advice, and it is not a recommendation to buy, sell or hold any security or fund. Worked examples are illustrations. Figures were correct on the date shown and will change. Do your own research and speak to a licensed professional before making any financial decision; any decision you make is your own responsibility.