S&P Global keeps fast index entry rules unchanged as Spac…

On June 4, 2026, S&P Global announced no changes to its fast entry rules for major indices, impacting SpaceX's plans for a quick debut into the S&P 500. SpaceX aims to raise $75 billion in what would be the largest IPO, valuing it at $1.75 trillion. S&P emphasized that exceptions to financial viability and seasoning requirements will not be based solely on market capitalization. Meanwhile, SpaceX is eligible for inclusion in other indices like the Russell U.S. Equity Indexes, but must be traded for at least 12 months on an eligible exchange before S&P index consideration.

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Item 1 of 2 A 3D-printed miniature model of Elon Musk and a SpaceX logo are seen in this illustration created on January 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

[1/2] A 3D-printed miniature model of Elon Musk and a SpaceX logo are seen in this illustration created on January 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

June 4 (Reuters) - S&P Global (SPGI.N), opens new tab said on Thursday it was not changing the rules for fast entry into their major indices, dealing a setback to Elon Musk's ‌SpaceX by effectively ruling out a swift entry into the benchmark S&P 500.

Musk has rewritten the IPO playbook for SpaceX in many ways from planning to give retail investors a bigger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control.

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S&P said "exceptions to the financial viability, seasoning, ⁠and IWF (investible weight factor) requirements should not be granted solely based on market capitalization".

SpaceX is aiming to raise $75 billion, the biggest ever for an IPO, in a deal that would value it at $1.75 trillion, immediately placing it among the top 10 most valuable U.S.-listed firms.

"It speaks highly of the credibility of S&P Dow Jones Indices to be rules-based and make sure there's profitability before the entrance to index," said Art Hogan, Chief Mark at Strategist at B. Riley Wealth.

"Making exceptions because companies are so large and have been private ‌so ⁠long yet are still not profitable, didn't make a great deal of sense."

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Exchange operators have ramped up efforts to boost initial public listings as richly valued technology firms such as SpaceX and AI giant Anthropic edge closer to public offerings, amid growing concerns over a steady ⁠decline in the number of U.S.-listed companies.

Rapid index inclusion post-IPO boosts liquidity and visibility, attracting passive investment inflows. This automatic demand stabilizes share prices.

SpaceX has already become eligible for inclusion in both ⁠the Russell U.S. Equity Indexes and the FTSE Global Equity Index Series under the newly announced fast-entry rules from the index provider FTSE Russell.

But for the S&P indices, ⁠IPOs need to be traded on an eligible exchange for at least 12 months before being considered for an addition to an index such as the S&P 500 (.SPX), opens new tab.

Reporting by Pritam Biswas and Shivansh Tiwary in Bengaluru; Editing by Arun Koyyur

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