OpenVC® Launches the NYSE® OpenVC® 500 Index, A Benchmark for Today’s Equity Market, Encompassing the 500 Largest Public and Venture-Backed Private Companies in the U.S.

Key Terms

venture capital-backed financial

A venture capital-backed company has received money from specialized investors who fund young, high-growth businesses in exchange for an ownership stake. For investors, this signals a focus on rapid expansion and higher risk and reward: venture backers often push for fast scaling, influence management decisions, and seek an eventual sale or public offering that can significantly change valuation and share ownership. Think of them as active coaches who invest money and guidance to try to make a small team into a champion.

market capitalization financial

Market capitalization is the total market value of a company’s outstanding shares, calculated by multiplying the current share price by the number of shares issued. It gives a quick snapshot of a company’s size and how investors value it, influencing perceived risk, index membership, and roughly how much it might cost to buy the whole company — like using a sticker price to compare the relative size and price of different houses.

float-adjusted financial

Float-adjusted means a company's market value or an index weight is calculated using only the shares available for public trading, excluding closely held or restricted shares owned by insiders, governments, or strategic partners. For investors, this gives a more realistic sense of how much stock can actually be bought or sold and how trading might move the price—like sizing a crowd by the people who can enter a room rather than everyone on the guest list.

index administrator technical

An index administrator is the organization that creates, maintains and publishes a financial index—like a list that tracks the prices or performance of a set of stocks, bonds or other assets. It matters to investors because the administrator decides what assets belong in the index, how they are weighted and when changes occur, and many funds and trading products copy those rules, so their choices directly affect investment flows and benchmark performance.

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The new crossover benchmark brings together the largest public and venture-backed private companies in a single, transparent index

NEW YORK--(BUSINESS WIRE)-- OpenVC®, a pioneer in private market indexing, today announced the launch of the NYSE® OpenVC® 500 Index, a first of its kind benchmark designed to track the 500 largest companies by value in the United States, regardless of whether they are publicly listed or venture capital-backed.

As venture-backed companies stay private longer and reach valuations that rival long-established public companies, traditional equity indices that only track publicly listed companies no longer capture the full picture of U.S. economic growth. This new index was created to address that gap by offering a more complete view of where value, innovation, and scale truly reside in the U.S. equity landscape.

“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,” said David Shapiro, Co-Founder and CEO of OpenVC. “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. Add the fact that private companies are pioneering so much of the innovation taking place in Artificial Intelligence and other areas of the tech sector, and it’s no wonder investors have been demanding greater transparency to the full picture of the U.S. equity market, something we’re very excited to finally be providing them with today.”

The NYSE® OpenVC® 500 Index combines constituents from the NYSE® U.S. 500 Index and the NYSE® OPEN Venture Capital Unicorn Index, which tracks the largest venture-backed private companies with valuations above $1 billion. From this unified universe of both public and private companies, the 500 largest U.S.-headquartered companies are selected and weighted using a modified, non-float-adjusted market capitalization approach.

This methodology allows private companies to be represented alongside public peers in a framework designed to be consistent and investable, while caps on private holdings are applied to meet product and liquidity requirements.

The index is reconstituted annually and calculated and disseminated daily, with ICE Data Indices serving as index administrator and calculation agent.

By integrating large private companies into a familiar index structure, OpenVC aims to provide investors, advisors, and product issuers with a benchmark that more accurately reflects total U.S. equity returns, not just those visible in public markets.

“We have decades of experience designing new index methodologies to meet the needs of the constantly evolving financial markets,” said Preston Peacock, Head of ICE Data Indices. “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.”

To learn more about the NYSE® OpenVC® 500 Index, please visit https://openvc.com/.

About OpenVC

OpenVC® is revolutionizing index investing in the late-stage venture capital space, offering improved access to the world's leading private Unicorns. Our mission is to democratize venture capital investment with low-cost, institutional-grade products. With a focus on reducing fees and leveraging the power of index investing, we are committed to making this asset class accessible to all investors. For more information, visit www.openvc.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, Inc., NYSE: ICE, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

ICE Data Indices, LLC (“IDI”) is the administrator of the index referenced herein. Additional important information regarding the index, including methodologies, limitations, and disclaimers, can be found at indices.ice.com. IDI, its affiliates or their third-party suppliers make no representations or warranties regarding the advisability of investing in securities generally or in any investment product based on an index. Past performance of an index is not an indicator of or a guarantee of future results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505011630/en/

Media:
Rob Jesselson
Craft & Capital
rob@craftandcapital.com

Source: OpenVC