>Vanguard owns a piece of every listed company

I doubt this is true, at least not across their primary stock market index funds. For example, VTSAX only holds about 3500 stocks [0].

I don't know how the fund usually treats new, large IPOs, but I highly doubt that they would just blindly buy it at "any price"

EDIT: I just checked the holdings of VTSAX [1] and VGT [2], neither holds Lyft.

[0] - https://investor.vanguard.com/mutual-funds/profile/portfolio...

[1] - https://investor.vanguard.com/mutual-funds/profile/overview/...

[2] - https://investor.vanguard.com/etf/profile/portfolio/VGT/port...