Morningstar considers revamping index construction ahead of SpaceX IPO
Investment research and analysis provider Morningstar Inc. is the latest index provider to consider revising its approach to designing its market indexes in light of SpaceX's outsize pending initial public offering. Elon Musk's space transportation and exploration business is on track to issue as much as $75 billion of stock in an initial public offering that could value the company at $1.75 trillion, making it by far the largest IPO ever recorded and raising unprecedented challenges for investors about how and whether to add it to their portfolios. Morningstar, eyeing not only the pending SpaceX launch but also other similarly mammoth deals from companies like Anthropic and OpenAI later this year, said it will introduce what it refers to as an alternative way to gauge liquidity of these "unicorns" immediately following their debuts.