Such rule changes would accommodate SpaceX’s plan to offer only about 3 percent of its IPO shares to public investors and the fact that SpaceX is now unprofitable with a growing debt load of $29 billion. It spends money on AI infrastructure.
But in its latest decision, S&P Dow Jones Indices said “there will be no changes to eligibility criteria, including financial viability screens, seasoning periods or minimum IWFs.” Even after the standard one-year wait, SpaceX, Anthropic and OpenAI may struggle to deliver the consistent profitability needed to qualify for the S&P 500.
Money rules and exceptions
A quick entry into the S&P 500 would have led to a $14 billion passive fund purchase for SpaceX. Bloomberg Intelligence. Bloomberg’s investment research arm also estimated that OpenAI could earn more than $8 billion and Anthropic could earn $4.6 billion from a similar passive buying spree fueled by S&P 500 entries.
That’s because the $7.5 trillion passively managed funds, popular with both individual and institutional investors, follow the S&P 500 by buying shares of companies based on their proportional representation in the S&P 500 index. For example, brokerage giants Vanguard and Fidelity offer passive mutual funds that track the S&P 500 index.
However, the S&P Dow Jones Indices “got a concession” by changing the investable weighting rules for “low-profile benchmarks” such as the S&P Total Market Index and the Dow Jones US Total Stock Market Index. According to quartz. This may allow the IPO to enter those indexes more quickly.
In contrast, the Nasdaq stock market changed the rules Allowing SpaceX to enter the Nasdaq-100 Index within 15 trading days, as opposed to the usual three months. Similarly, the FTSE Russell index provider decided to give SpaceX and other pursuit companies accelerated access to the Russell Top 500 Index after the close of the fifth trading day after the IPO.
The rejection of accelerated S&P 500 entry for SpaceX comes days after Morningstar analysts described SpaceX as a takeover. “Significantly overrated” Until the IPO. Based on its strengths, the investment research firm valued SpaceX at $780 billion — less than half of SpaceX’s $1.75 trillion IPO target. Starlink satellite service and rocket launch business.
This story was updated on June 6, 2026 to more clearly describe the rule changes that will apply to all MegaCap companies.
