I have been thinking about the impact of the big IPO’s - Space X, Anthropic and Open AI and the exposure that Target Date Funds will have post IPO to those public securities. Using Vanguard as the example, most of their Target Date Funds are invested in Vanguard Total Stock Market Fund. The percentage of ownership is dependent the actual Target Date (ie 2030 vs 2065). The Total Stock Market Fund is exactly that, meaning it owns all the public stocks of the US (within certain parameters). So on the fifth day of trading for Space X say June 22, Vanguard indexing team must purchase Space X shares to match the newly adjusted weights of the index. Obviously that will create tremendous demand pressure (beyond Vanguard) and further selling pressure on the other 3494 stocks. Further demand will come from other index funds (S&P 500) when they will be forced to buy as well. So if Space X is IPO’d at 2 Trillion does that mean the funds that track the market have to sell 2 T of other securities?