SpaceX and other mega IPO candidates may have to wait years before joining the S&P 500 after S&P Dow Jones Indices retained its profitability requirement for index inclusion. Despite their massive valuations, companies such as SpaceX, OpenAI and Anthropic must demonstrate sustained profits before becoming eligible for the benchmark.

Morningstar values SpaceX at $780 billion, 56% below the $1.77 trillion IPO price, and says patient investors will get a better entry later.

S&P Dow Jones Indices rejected calls to change S&P 500 eligibility requirements.

SpaceX posted a net loss of $4.94 billion in 2025, even as revenue rose 33 per cent to $18.67 billion.