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They are going straight to the Nasdaq. Most index investors are invested in the S&P 500


Nasdaq is an exchange. S&P 500 is an index.

S&P 500 includes companies from multiple exchanges. Like Nvidia, which lists on Nasdaq.


Nasdaq 100…

https://www.morningstar.com/funds/spacex-ipo-how-index-funds...

> Nasdaq was the first to consider a rule change that would grant mega IPOs like SpaceX early admission to its flagship Nasdaq-100 index. The exchange and index provider began a consultation period in February to assess the viability of and industry response to a proposed “fast entry” rule. The change was approved on March 30 and will be effective on May 1.




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