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S&P Dow Jones Indices will make no changes to the eligibility rules governing the S&P 500, closing off any expedited path into the benchmark index for SpaceX and other large newly public companies.
In a Thursday press release, the index provider announced it was holding firm on all three contested criteria — the one-year waiting period before new listings can qualify, the requirement for demonstrated profitability, and minimum public float thresholds — regardless of how large a company may be. "Exceptions to the financial viability, seasoning, and IWF requirements should not be granted solely based on market capitalization," the company said. The decision preserves existing methodology without alteration.
The ruling is a direct setback for SpaceX, which is targeting a $1.75 trillion valuation in what would be the largest IPO in history. Under the rules S&P left intact, S&P 500 membership requires a company to show GAAP profits both in its latest reported quarter and cumulatively across the prior four quarters. According to its IPO filing, the company's 2025 financials show revenue climbing 33% to $18.67 billion, but that growth came alongside a $4.94 billion net loss for the year.
