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2026 is shaping up to be the year of the IPO

You've probably seen the headlines. SpaceX, OpenAI, and Anthropic are all expected to go public in 2026, and together they represent more than $3 trillion—though only a slice of that will actually be available to trade when they first list. It's one of the most significant IPO years in recent memory.

By Josh Shrair

Updated Jun. 16, 2026 |

2026 is shaping up to be the year of the IPO Jun 16, 2026 11:10:58 AM You've probably seen the headlines. SpaceX, OpenAI, and Anthropic are all expected to go public in 2026, and together they represent more than $3 trillion—though only a slice of that will actually be available to trade when they first list. It's one of the most significant IPO years in recent memory. But if you're invested in a 401(k) or IRA, the more relevant question is: Does any of this actually affect your account? The short answer: It depends on where your money is invested. Here's what to know. First, how do IPOs end up in your portfolio? When a company goes public, its shares become available to buy and sell on the open market. But that doesn't mean it immediately shows up in the index funds most retirement accounts are built on—like the ones tracking the S&P 500 or total U.S. stock market. Index funds are designed to track a specific list of companies. When a new company gets added to that list, the fund buys it. When it gets removed, the fund sells it. You don't have to do anything. It happens automatically. The timeline for when a newly public company gets added to an index varies. Historically, there's been a waiting period to let the market settle, pricing stabilize, and financials get assessed. But the scale of this year's IPOs has prompted several major index providers to update their rules, moving much faster (in some cases) than they would have before. Will these companies show up in your Betterment portfolio? It depends on which portfolio you're in. If you're in the Core portfolio, your U.S. stock exposure primarily comes through funds that track the S&P 500. The S&P 500 has chosen to keep its existing rules in place, including a requirement that companies have at least 12 months of trading history and meet certain earnings criteria before they're eligible. So Core portfolio investors are unlikely to see SpaceX, OpenAI, or Anthropic show up anytime soon after their IPOs. If you're in a different Betterment portfolio—like Value Tilt, Innovative Tech, or one of our Socially Responsible Investing portfolios—your U.S. stock exposure may come through broader market funds that operate on faster timelines. Some of those funds could add these companies within just five trading days of their IPOs. Not sure which portfolio you're in? You can check anytime in your Betterment account. Even if they do show up, how much will you own? Probably less than you'd expect given the headlines. Most index funds weight companies based on how many shares are actually available for public trading—not the company's total value. At IPO, the vast majority of SpaceX shares, for example, are expected to remain locked up with Elon Musk, employees, and early investors. Only a small slice—estimated at around 3–4%—would trade publicly. That means even in funds that add SpaceX quickly, the actual weight in your portfolio would likely be well under 1%. A meaningful position, but not a dramatic one. What about concentration in the broader market? This is worth knowing as a long-term investor. Technology and tech-adjacent sectors like Communication Services account for over 40% of the S&P 500. Adding several trillion dollars of tech-adjacent companies this year could push that higher. What that means in practice: broad index funds will keep doing what they're designed to do—reflect the market as it is. But as the market itself becomes more concentrated in a smaller number of large tech companies, the diversification you get from any single index fund may be more limited than it once was. It's not a reason to panic. It is worth understanding. What if you want more control? If you want to invest directly in SpaceX, OpenAI, or Anthropic after they go public, Betterment's Flexible portfolios let you adjust investments to build wealth the way you want to. That said, newly public stocks can be volatile, especially in the weeks right after listing. If you're considering a direct position, think carefully about how it fits into your overall portfolio, not just how exciting the company is. The bottom line The 2026 IPO wave is real, and these are genuinely significant companies. But for most retirement investors, the impact on your account will be more gradual and more modest than the headlines suggest. Your portfolio is built for the long term—and it's designed to adapt as the market changes, without you having to do a thing.

Key takeaways:

Whether SpaceX, OpenAI, or Anthropic appear in your retirement portfolio depends on which Betterment portfolio you're in.
Portfolios with direct exposure to ETFs tracking the S&P 500 (like Core) won't include these IPOs soon due to eligibility requirements around trading history and earnings.
Broader market funds in portfolios like Innovative Tech could add these companies within five trading days of their IPOs.
Even if these companies are added, their actual weight in your portfolio will likely be well under 1% due to limited public float.
The growing concentration of tech in major indexes means index funds may offer less diversification than they once did.

But if you're invested in a 401(k) or IRA, the more relevant question is: Does any of this actually affect your account?

The short answer: It depends on where your money is invested. Here's what to know.

First, how do IPOs end up in your portfolio?

When a company goes public, its shares become available to buy and sell on the open market. But that doesn't mean it immediately shows up in the index funds most retirement accounts are built on—like the ones tracking the S&P 500 or total U.S. stock market.

Index funds are designed to track a specific list of companies. When a new company gets added to that list, the fund buys it. When it gets removed, the fund sells it. You don't have to do anything. It happens automatically.

The timeline for when a newly public company gets added to an index varies. Historically, there's been a waiting period to let the market settle, pricing stabilize, and financials get assessed. But the scale of this year's IPOs has prompted several major index providers to update their rules, moving much faster (in some cases) than they would have before.

Will these companies show up in your Betterment portfolio?

It depends on which portfolio you're in.

If you're in the Core portfolio, your U.S. stock exposure primarily comes through funds that track the S&P 500. The S&P 500 has chosen to keep its existing rules in place, including a requirement that companies have at least 12 months of trading history and meet certain earnings criteria before they're eligible. So Core portfolio investors are unlikely to see SpaceX, OpenAI, or Anthropic show up anytime soon after their IPOs.

If you're in a different Betterment portfolio—like Value Tilt, Innovative Tech, or one of our Socially Responsible Investing portfolios—your U.S. stock exposure may come through broader market funds that operate on faster timelines. Some of those funds could add these companies within just five trading days of their IPOs.

Not sure which portfolio you're in? You can check anytime in your Betterment account.

Even if they do show up, how much will you own?

Probably less than you'd expect given the headlines.

Most index funds weight companies based on how many shares are actually available for public trading—not the company's total value. At IPO, the vast majority of SpaceX shares, for example, are expected to remain locked up with Elon Musk, employees, and early investors. Only a small slice—estimated at around 3–4%—would trade publicly.

That means even in funds that add SpaceX quickly, the actual weight in your portfolio would likely be well under 1%. A meaningful position, but not a dramatic one.

What about concentration in the broader market?

This is worth knowing as a long-term investor. Technology and tech-adjacent sectors like Communication Services account for over 40% of the S&P 500. Adding several trillion dollars of tech-adjacent companies this year could push that higher.

What that means in practice: broad index funds will keep doing what they're designed to do—reflect the market as it is. But as the market itself becomes more concentrated in a smaller number of large tech companies, the diversification you get from any single index fund may be more limited than it once was. It's not a reason to panic. It is worth understanding.

What if you want more control?

If you want to invest directly in SpaceX, OpenAI, or Anthropic after they go public, Betterment's Flexible portfolios let you adjust investments to build wealth the way you want to.

That said, newly public stocks can be volatile, especially in the weeks right after listing. If you're considering a direct position, think carefully about how it fits into your overall portfolio, not just how exciting the company is.

The bottom line

The 2026 IPO wave is real, and these are genuinely significant companies. But for most retirement investors, the impact on your account will be more gradual and more modest than the headlines suggest. Your portfolio is built for the long term—and it's designed to adapt as the market changes, without you having to do a thing.