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Regulators, Nasdaq team to revive US IPOs with SpaceX leading

Source: economist.com

TL;DR

America’s regulators and market operators team up to boost public listings amid declining IPOs.
SpaceX plans $75bn IPO at $1.75trn valuation, twice Saudi Aramco's 2019 record.
Nasdaq cuts index inclusion wait to 15 days, aiding mega-IPOs like OpenAI and Anthropic.[[1]](https://www.economist.com/business/2026/03/29/the-plan-to-make-ipos-great-again)[[2]](https://seekingalpha.com/news/4570570-nasdaq-slashes-waiting-period-for-ipos-in-major-index-overhaul)

The story at a glance

America’s regulators and Nasdaq propose rules to ease IPO burdens and speed index inclusion for new listings. Elon Musk's SpaceX, post-merger with xAI, eyes the largest-ever IPO this year, joined potentially by OpenAI and Anthropic. The push counters firms' aversion to public markets, as voiced by Musk in 2013.[[1]](https://www.economist.com/business/2026/03/29/the-plan-to-make-ipos-great-again)[[3]](https://www.economist.com/business/2026/03/12/altman-amodei-and-musk-fight-dirty-for-the-biggest-prize-in-business)

Public listings have halved since 1997 to about 4,700 exchange-listed firms.[[4]](https://corpgov.law.harvard.edu/2025/10/11/keynote-address-by-chair-atkins-on-revitalizing-public-company-appeal)

Key moments & milestones

2013: Elon Musk warns SpaceX employees against going public until "Mars is secure."[[1]](https://www.economist.com/business/2026/03/29/the-plan-to-make-ipos-great-again)
Feb 2026: SpaceX merges with xAI at $1.25trn valuation.[[5]](https://www.economist.com/business/2026/02/03/elon-musks-mega-merger-makes-little-business-sense)
Mar 2026: Nasdaq consults on shortening Nasdaq-100 index entry to 15 trading days for large IPOs.[[6]](https://www.bloomberg.com/news/articles/2026-03-30/nasdaq-clears-way-for-spacex-big-ipos-to-gain-fast-index-entry)
Mar 29, 2026: Article highlights SpaceX targeting $75bn raise at $1.75trn.[[1]](https://www.economist.com/business/2026/03/29/the-plan-to-make-ipos-great-again)
Mar 30, 2026: Nasdaq confirms rule effective May 1.[[6]](https://www.bloomberg.com/news/articles/2026-03-30/nasdaq-clears-way-for-spacex-big-ipos-to-gain-fast-index-entry)

Signature highlights

SEC Chair Paul Atkins prioritises "making IPOs great again" via scaled disclosures, litigation reform, and governance tweaks to cut public company costs.[[4]](https://corpgov.law.harvard.edu/2025/10/11/keynote-address-by-chair-atkins-on-revitalizing-public-company-appeal)
Nasdaq drops 3-month minimum and 10% float rules for top-cap IPOs, enabling 15-day Nasdaq-100 entry to reflect mature listings faster.[[2]](https://seekingalpha.com/news/4570570-nasdaq-slashes-waiting-period-for-ipos-in-major-index-overhaul)
Three AI mega-IPOs—SpaceX ($1.75trn), OpenAI, Anthropic—could spread AI wealth but crowd smaller listings.[[7]](https://www.facebook.com/TheEconomist/posts/three-mega-listings-will-gladden-those-who-want-to-see-the-wealth-generated-by-a/1440784491413400)
Public companies fell from 7,800 in 2007 due to regulations, litigation, private funding ease.[[4]](https://corpgov.law.harvard.edu/2025/10/11/keynote-address-by-chair-atkins-on-revitalizing-public-company-appeal)

Key quotes

"Anybody who has ‘not been through a public-company experience may think that being public is desirable. This is not so.” — Elon Musk to SpaceX employees, 2013.[[1]](https://www.economist.com/business/2026/03/29/the-plan-to-make-ipos-great-again)

Why it matters

Reviving IPOs counters private markets' dominance, where 800+ unicorns hoard capital from public investors. It lowers going-public costs for firms and expands stock access for retail and index funds. Watch SpaceX, OpenAI, Anthropic debuts and post-IPO performance to gauge public vs private power shift.[[8]](https://www.threads.com/@theeconomist/post/DWeTRUXlPlJ/the-coming-months-will-serve-as-a-test-of-the-balance-of-power-between-public)