> So what that it’s total market?

Total market is meant to be total market. It isn't slicing out large caps, like the S&P 500. The assumption was new issues would be too small to matter. That's clearly changed.

> main issue for me is that the seasoning window was reduced

Seasoning really only matters nowadays in respect of lockups. Private markets provide a lot more price signal than we had previously.

> what do you mean the 0.3% thing never happened?

S&P 500 won't include SpaceX. The magnitude of the effect of including SpaceX would have been on the other of about 0.3% for the S&P 500. (The other indices collectively matter less than individual allocators at e.g. BlackRock and Fidelity.)

If you think seasoning windows don’t matter and pre ipo price signal is already great, true and fair, explain Cerebras price after IPO in the midst of one of the biggest sectoral bull runs in history.