The highly anticipated public listings of SpaceX, OpenAI and Anthropic could mark the beginning of the end for the “Magnificent Seven’s” stranglehold on Wall Street, according to Nigel Green, CEO of global financial advisory deVere Group.
The warning comes as Nasdaq moves to accelerate index inclusion rules for newly listed companies, potentially allowing mega-IPOs with relatively small public floats to enter key benchmarks far sooner than before.
SpaceX is tipped to launch one of the largest IPOs in history, while OpenAI carries a private valuation exceeding $300 billion and Anthropic is valued at around $100 billion — reflecting surging investor appetite for AI exposure.
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Green argues the implications go well beyond IPO excitement. “For years, Wall Street’s gains have become increasingly concentrated in a very small group of mega-cap tech companies,” he said. “SpaceX, OpenAI and Anthropic could begin changing that balance as institutional capital shifts toward a new generation of AI and space giants.”
He warns that once these companies enter major benchmarks, passive funds and ETFs will be structurally required to buy in, potentially triggering tens of billions of dollars in reallocations — diluting the index weightings of existing Magnificent Seven members including Nvidia, Microsoft and Meta.
“Markets have been operating with unusually high concentration risk,” Green cautioned. “Capital is finite. The arrival of new market giants inevitably changes how institutional investors allocate resources.”
He concluded that for the first time in years, the companies absorbing the largest passive inflows may no longer belong exclusively to the Magnificent Seven.
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