Elon Musk’s SpaceX has been blocked from early entry to the benchmark S&P 500 index in the United States.
S&P Global (SPGI), which manages the S&P 500, said it is not changing the requirements for entry into the index, dealing a blow to SpaceX ahead of its upcoming initial public offering (IPO).
Musk had been pushing for quick inclusion in the S&P 500 index given that SpaceX is expected to be the biggest IPO in Wall Street’s history.
The commercial space company is expected to raise $75 billion U.S. at a $1.77 trillion U.S. valuation when it goes public on June 12.
SpaceX is immediately expected to become one of the top 10 most valuable U.S.-listed companies upon its market debut on the Nasdaq (NDAQ) exchange under the ticker “SPCX.”
Despite the value of the IPO, the S&P 500 requires that a company be profitable in its most recent quarter, as well as for the sum of its most recent four quarters before entering the index.
SpaceX posted a net loss of $4.94 billion U.S. in 2025, even as revenue rose 33% to $18.67 billion U.S.
The S&P 500 is Wall Street’s most closely tracked index. Passive S&P 500 index funds with trillions of dollars in assets will be forced to buy SpaceX when the company is included.
S&P Global did say that it will modify entry rules for its broader S&P Total Market Index and Dow Jones U.S. Total Stock Market Index, enabling SpaceX to join those lesser-known indices early.
SPGI stock has declined 19% over the past 12 months to trade at $420.12 U.S. per share.
Tech Insider
