OpenVC and Intercontinental Exchange have launched the NYSE OpenVC 500 Index, a first-of-its-kind benchmark tracking the 500 largest U.S. companies by value regardless of whether they are publicly listed or venture capital-backed. The index combines constituents from the NYSE U.S. 500 Index and the NYSE OPEN Venture Capital Unicorn Index, which tracks venture-backed private companies valued above $1 billion.

The index uses a modified, non-float-adjusted market capitalization approach, with caps on private holdings applied to meet liquidity requirements. It is reconstituted annually and calculated and disseminated daily, with ICE Data Indices serving as index administrator and calculation agent.

The launch comes as venture-backed companies remain private longer and reach valuations that rival long-established public companies, leaving traditional equity indices unable to capture the full picture of U.S. economic growth. OpenVC aims to give investors, advisors and product issuers a benchmark that more accurately reflects total U.S. equity returns.

OpenVC is a pioneer in private market indexing focused on democratizing venture capital investment through low-cost, institutional-grade products. ICE is a Fortune 500 company that operates digital networks, including the New York Stock Exchange.

KEY QUOTES:

“If you’re benchmarking U.S. equity market performance based solely on the performance of publicly-listed companies, you’re missing a huge piece of the puzzle. In fact, the two largest private venture-backed companies in the U.S. today are each valued at more than $850 billion, which would place them comfortably on the list of the 15 largest companies in the NYSE U.S. 500.”

David Shapiro, Co-Founder and CEO, OpenVC

“By leveraging OpenVC’s innovative methodology for valuing private companies and ICE’s listed equity indices, we’re able to bridge the chasm between public and private markets and create an index that benchmarks the breadth and dynamism of the U.S. capital markets.”

Preston Peacock, Head of ICE Data Indices