[SpaceX and OpenAI Queue Up for IPO: Wall Street Begins 'Clearing Space' in Advance] According to a report by Golden Finance, as the mega IPOs of SpaceX, OpenAI, and others approach, major U.S. mutual funds and passive index funds have already started adjusting their portfolios in advance. Some funds are increasing their cash holdings and considering reducing positions in existing large-cap tech stocks to make room for future new index components. John Flood, Managing Director of FICC and Equity Business at Goldman Sachs Global Banking & Markets, pointed out that historical data shows that ahead of the four largest IPOs in the U.S. market over the past few decades, equity mutual funds have consistently increased their cash reserves. He stated that the market is reassessing the impact of major IPOs on index systems and capital flows. Currently, index providers such as the Nasdaq 100 Index (NDX), S&P 500 Index (SPX), and FTSE Russell are rapidly advancing new regulations to accelerate the inclusion of ultra-large-cap new stocks into indices. This means that future newly listed companies with trillion-dollar valuations, such as SpaceX, OpenAI, and Anthropic, could be incorporated into major benchmark indices within a very short time after their IPOs.