When Giants Go Public: MSCI's Approach to Large IPOs
A handful of the world's highest-valued private companies* are expected to go public in 2026 or 2027. These aren't typical IPOs. SpaceX alone is reportedly valued in the trillion-dollar range, which would make it one of the largest publicly traded companies in the world upon listing. OpenAI is close behind with a valuation measured in the hundreds of billions.
MSCI's approach to large IPOsRules-based, consistent and unchanged
When a major company goes public, questions quickly follow: Will it be added to MSCI indexes? When? What happens to my benchmark?
The answers are in MSCI's methodology — the same methodology that has governed large IPO inclusion since 2007.
MSCI has not changed its rules
MSCI’s GIMI methodology rules are applied consistently and are not tailored to, or modified in anticipation of, any specific IPO. The Global Investable Market Indexes (GIMI), which include the MSCI ACWI, World, Emerging Markets, and EAFE indexes, follow a consistent, published framework applied equally to all eligible companies.
When a large IPO occurs, MSCI evaluates eligibility after listing using publicly available market data and the published methodology.
Have more questions?Read the FAQ
MSCI's approach is rules-based and transparent. The MSCI Global Investable Market Indexes (GIMI) methodology — which underlies the MSCI ACWI, World, Emerging Markets and EAFE Indexes — has included explicit, published rules for the fast-track inclusion of large IPOs since 2007. These rules are applied consistently and systematically across all eligible companies.
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*As of May 2026. Estimated valuations are obtained from MSCI data partners and modeled using venture-capital funding rounds, secondary-market trades, price events and public comparables. Classifications of private companies using MSCI PACSTM, a global standardized taxonomy for private assets.
1 The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices. "Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Dow Jones Indices.