Since 1976, the S&P 500 Index has grown from roughly $660 billion in market capitalization to approximately $70 trillion today, one of the largest compounding runs in financial history. The US equity market has grown on average 12.0% a year over the past fifty years. The US is celebrating its 250th anniversary and investors may well have even more reasons to expect the compounding of returns to continue. In June, SpaceX completed the largest initial public offering on record, with Anthropic and OpenAI expected to follow later this year. The scale of these listings is consistent with the broader pattern that reinforces the idea of US exceptionalism: global capital keeps concentrating where innovation, liquidity, and growth run deepest, and that remains the United States.