S&P Keeps SpaceX Out of Index Despite $1.75T IPO

SpaceX will begin trading after a $1.75 trillion initial public offering on Friday, June 12, 2026. S&P Dow Jones Indices said it will not add SpaceX to the S&P 500 because the company posted a $4.94 billion net loss in 2025 and therefore does not meet the index’s profitability requirement.

S&P’s eligibility rules require a company to be profitable in its most recent quarter and across the prior four quarters combined. The index operator said waivers “should not be granted solely based on market capitalization.” As a result of the 2025 loss, SpaceX will be ineligible for S&P 500 inclusion for at least 12 months.

Exclusion from the S&P 500 removes automatic demand from passive S&P 500 funds, which manage trillions of dollars and would otherwise be required to buy any new constituent. Without S&P inclusion, those funds will not be forced to purchase SpaceX shares immediately after the IPO.

Nasdaq has fast-tracked SpaceX for the Nasdaq-100, allowing inclusion five days after the IPO rather than the usual roughly 90-day wait. Index funds that track the Nasdaq-100 will be required to buy shares on inclusion, creating institutional demand that S&P 500 funds will not provide.

S&P said it will adjust the entry rules for its broader Total Market Index and for the Dow Jones US Total Stock Market Index. FTSE Russell has already made SpaceX eligible for its global equity indexes under fast-entry provisions. Those alternatives have smaller passive fund footprints than the S&P 500.

SpaceX’s S-1 filing shows holdings of 18,712 Bitcoin with a cost basis of $661 million. That gives holders of SpaceX equity indirect exposure to Bitcoin. With Nasdaq fast-entry and no S&P inclusion, fewer passive investors will gain that exposure automatically.

Analysts project that several large private companies expected to list this year, including SpaceX and other technology firms, could raise more than $240 billion and may affect liquidity in technology, artificial intelligence and cryptocurrency markets. Art Hogan, chief market strategist at B. Riley Wealth, described the S&P decision as reasonable: ‘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.’

Trading will start next Friday, June 12, 2026. SpaceX can join the S&P 500 only after it meets the index’s profitability criteria or through the standard reconstitution process if it qualifies then.