Anthropic IPO and GM Move Threaten Ferrovial's Nasdaq 100 Spot 2026

Anthropic's upcoming IPO and General Motors' decision to leave the New York Stock Exchange for the Nasdaq are creating unexpected ripples for Ferrovial, a Spanish construction company with no direct ties to AI or automobiles. The two corporate moves threaten Ferrovial's position in the Nasdaq 100 index, according to a report by Expansión.

Ferrovial joined the Nasdaq 100 in December 2025, but with the index's annual review approaching this December, the company could be pushed out. The stakes are high for the Spanish infrastructure giant, which has benefited from the visibility and investment flows that come with index membership.

What Happened: GM's Nasdaq Switch and Anthropic's IPO Plans

General Motors confirmed it will move its listing from the New York Stock Exchange to the Nasdaq, effective November 16. The announcement sent GM shares up as much as 7% at the open on the day of the news. This ends 115 years on the NYSE, with the only interruption being the company's 2009 bankruptcy.

Meanwhile, Anthropic, the AI company behind the Claude chatbot, has filed its prospectus for an IPO expected within weeks. The filing includes 94 pages of risk factors, underscoring the scale of the offering. The Nasdaq has become the default destination for major tech IPOs, with SpaceX also debuting there in June.

Why It Matters: The Nasdaq 100's Finite Capacity

To remain in the Nasdaq 100, a company must rank among the 125 largest non-financial companies on the exchange by market capitalization. Ferrovial currently qualifies with a market cap of around €36 billion, but its margin is thin.

Every new giant that enters the index pushes others down a notch. With GM and Anthropic both set to join the Nasdaq, Ferrovial faces increased competition for a limited number of slots. The index's rules mean that even a slight shift in market cap rankings can trigger a removal.

The Money Trail: Why Index Membership Matters

Invesco's QQQ ETF, which tracks the Nasdaq 100, manages nearly half a trillion dollars. If Ferrovial is removed from the index, QQQ and other funds that replicate the Nasdaq 100 would be forced to sell their Ferrovial holdings, potentially putting downward pressure on the stock.

Index inclusion also brings prestige and liquidity. Being part of the Nasdaq 100 signals to investors that a company is among the most important non-financial firms on the exchange. For Ferrovial, which chose the Nasdaq for its U.S. debut, losing that status would be a setback.

Key Takeaways

• GM's move to Nasdaq ends 115 years on the NYSE and adds another large-cap competitor to the index.
• Anthropic's IPO is expected within weeks, further crowding the Nasdaq 100's upper ranks.
• Ferrovial's market cap of €36 billion may not be enough to secure its place in the December review.
• Index funds like QQQ would have to sell Ferrovial shares if it is removed, impacting the stock price.
• The December review is the key date to watch for Ferrovial's index fate.

Ferrovial's Nasdaq 100 Position in Context

Ferrovial's inclusion in the Nasdaq 100 was a significant milestone for the Spanish company, which has expanded its presence in the U.S. market. The construction and infrastructure firm is known for managing airports, toll roads, and energy projects worldwide.

However, the tech-heavy nature of the Nasdaq 100 means that industrial and construction companies are often at a disadvantage compared to high-growth tech firms. The addition of GM, a legacy automaker, and Anthropic, a cutting-edge AI company, highlights the index's evolving composition. The background to this story is set out in Anthropic Files for US IPO With $1.5 Trillion Valuation. A related thread runs through Anthropic IPO Filing: Four Key Takeaways for Investors. Earlier coverage in Anthropic Files S-1 for IPO: Revenue and Losses Revealed shows how the argument developed.

What to Watch Next

The December review of the Nasdaq 100 will be the critical moment for Ferrovial. Investors should monitor the market caps of GM and Anthropic as they begin trading on the Nasdaq, as well as any other large IPOs that could further crowd the index. A closer look at the same subject appears in S&P 500 and Nasdaq Hit Record Highs on AI Chipmaker Rally. Anyone following the wider picture can start with London Stock Exchange Loses Three More Firms as Takeover Deals Top. The same theme surfaces in Oura Smart Ring Maker Files for Nasdaq IPO After Revenue Surge, which takes a different angle.

Ferrovial's management may also explore ways to boost the company's market capitalization or argue for its continued inclusion. However, the index's rules are mechanical, and inclusion ultimately depends on ranking by market cap. Context on how this played out before sits in Anthropic IPO Filing: 94 Pages of Risks Explained. A companion piece, Anthropic IPO at $1.5T: AI Growth and Market Precarity, approaches the same subject from another angle.

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