New Delhi, April 14 -- The initial public offering (IPO) market is preparing for an era of superjumbo listings that threatens to shift the earth's financial axis. With SpaceX reportedly filing for a market debut that could eclipse Saudi Aramco's $29 billion record in size, the stakes have moved beyond mere capital raising.

If successful, this launchpad will propel other decacorns-Anthropic and OpenAI-towards a collective $3 trillion public valuation.

Yet, while these rockets are high-tech, the financial engineering behind them is as old-school as a smoky backroom deal. To accommodate these behemoths, major index providers-Nasdaq, S&P Dow Jones and FTSE Russell-are falling over themselves to rewrite the rulebooks. It is a spectacle of su...