S&P rejects SpaceX "Green light"!

Currently, Musk, the world’s richest man, is rapidly advancing SpaceX IPO matters. Although SpaceX The listing was enthusiastically welcomed by Wall Street giants, but S&P refused to provide a fast track for inclusion in the index.

This means, SpaceX Must be included at least one year after listing S&P 500 . Additionally, SpaceX It also needs to meet the index’s profitability and public shareholding requirements.

Refuse to provide fast lane

According to multiple foreign media sources, S&P refused to give SpaceX Waiting for Big Mac IPO The company's inclusion in the index provides a fast track.

On Thursday local time, S&P Dow Jones Index The company issued a press release stating that the company will not shorten the current 12-month observation period for newly listed companies, nor will it exempt current profitability and public shareholding ratio requirements based on company size.

That is, the index provider will not change the inclusion requirements for its major stock indexes, effectively ruling out the largest in history IPO Company SpaceX Quick inclusion in benchmarks S&P 500 's possibility has dealt a blow to Musk's company.

SpaceX It is raising US$75 billion with a target valuation of US$1.75 trillion, which would place it among the ten largest public companies in the United States by market capitalization, but S&P said that "waivers from financial viability, time to market and float-to-market capitalization weighting requirements should not be granted based solely on market capitalization."

Art Hogan, chief market strategist at B. Riley Wealth, said: "This shows that S&P Dow Jones Index The company's rule-based approach, which requires companies to achieve profitability before inclusion in an index, is trustworthy. It doesn't make sense to make an exception for a company just because it's large, privately held for a long time, and not yet profitable. ”

According to one of S&P’s unmodified rules, should be included S&P 500 , companies must be profitable in accordance with GAAP in the most recent quarter and the most recent four quarters combined. SpaceX Saw a net loss of $4.94 billion in 2025, even as revenue grew 33% to $18.67 billion.

S&P 500 is Wall Street’s most watched benchmark index. Allow if rule is modified SpaceX Included in the index, passive with trillions of dollars in assets S&P 500 Funds will be forced to buy SpaceX Stocks.

SpaceX began its IPO Roadshow, in which the issuer of a security and its bankers typically gather feedback from investors and then finalize the IPO Price.

Informed sources revealed, SpaceX has told underwriting banks in its $75 billion initial public offering that it will insist on an update on Wednesday IPO The offering price was $135 per share disclosed in the filing. This decision once again shows that Musk is determined to promote this largest in history in accordance with his own demands. IPO , breaking Wall Street industry conventions. However, people familiar with the matter also emphasized that the pricing may still be adjusted before the official listing.

Three people familiar with the progress of this road show revealed that the market subscription demand is extremely strong. One of the sources said that the person responsible for this IPO Project analysts answer up to 20 inquiries from institutional investors every day, far more than popular new shares Usually 10 to 15 calls.

Musk spoke at on Thursday JPMorgan Chase CEO Jamie Dimon hosted an event via video link to JPMorgan Chase ’s customers gave speeches, which was a temporary addition before the event. When Dimon asked what prompted him to now move SpaceX When it went public, Musk said: "We are embarking on a massive new phase of growth, and for this we need funds." Musk also said that he felt "pretty good" about the company's revenue forecast, and that revenue had become "much more predictable" than before.

What is S&P worried about?

Currently, Wall Street is facing a new reality: some companies have reached unprecedented scale before going public. Earlier this year, S&P Dow Jones Index The company is launching a public consultation asking whether index rules developed for a different era should be adjusted to accommodate companies now reaching the scale that in the past was only achieved by mature blue-chip stocks, known in the industry as "fast track".

The proposal to speed up the inclusion of benchmark indexes has caused concern among some investors, who believe that regulations on profitability, number of outstanding shares and trading history are precisely to prevent benchmark indexes from blindly chasing hype. Additionally, they noted that incorporating too quickly IPO company, could expose passive funds to greater market volatility, forcing these funds to buy shares before reliable market pricing is fully established.

At the same time, supporters say the index should include large companies as quickly as possible to reflect the market investors actually own, arguing that these trillion-dollar companies may already be economically important before they meet the requirements of traditional indexes.

S&P reaffirmed existing rules on Thursday, meaning SpaceX Must be included at least one year after listing S&P 500 . James Seyffart, an ETF analyst at Bloomberg Intelligence, said, "This decision surprises me. But S&P is the market leader and can be independent."

and Nasdaq The rules have been modified recently, which will allow SpaceX , Anthropic and other newly public mega-companies are more likely to be included in their Nasdaq 100 Index. According to the new rules, SpaceX It only takes 15 trading days to join Nasdaq 100 index, which previously took at least three months. When SpaceX When adding the index, Nasdaq 100 Index funds will be forced to buy a significant portion of publicly traded SpaceX Stocks.

Index provider FTSE Russell has also adopted a similar approach Nasdaq 's approach shortens the waiting time to five trading days. Under FTSE Russell's newly announced fast-track inclusion rules, SpaceX Already eligible for inclusion in the FTSE US Equity Index Series and the FTSE Global Equity Index Series.

With SpaceX Highly valued technology companies such as AI giants Anthropic and OpenAI are getting closer to listing, and exchange operators have stepped up their efforts to promote initial public offerings as the market grows concerned about the continued decline in the number of listed companies in the United States.

S&P Global said it would revise the inclusion rules for its broader S&P Total Market Index and Dow Jones U.S. Total Market Index to provide SpaceX Joining these lower-profile indices opens up a path.