① SpaceX is set to go public on the U.S. stock market, and several major global indices, including the Nasdaq Composite, plan to swiftly add it to their benchmarks following its listing; ② S&P Dow Jones Indices stated on Thursday that it will adhere to its existing inclusion rules, declining to shorten the current 12-month “seasoning period” for newly listed companies or relax profitability and public float requirements for index constituents.
U.S. aerospace and artificial intelligence company SpaceX is set to go public on the U.S. stock market, and recently, the Nasdaq Global Index has confirmed the implementation of a 'fast-track inclusion' rule, under which SpaceX will be added to the index 15 trading days after its listing, provided it meets the eligibility criteria.
In addition to Nasdaq, Hang Seng Indexes Company also announced that it will include SpaceX in the Hang Seng Hong Kong–U.S. Tech Index constituent stocks on the 11th trading day following its listing. FTSEthe Russell indexeshas further shortened the waiting period to five trading days.
The rapid inclusion of mega-cap technology firms into major indices reflects both the unusually large market capitalizations of companies awaiting IPOs in today’s market and the resulting passive demand from global index-tracking funds, which will automatically acquire shares of these newly listed giants once index inclusion takes effect—thereby generating more diversified investor demand for them.
However, S&P Dow Jones Indices is bucking this trend. S&P Global stated it will maintain its existing eligibility criteria for flagship benchmarks such as the S&P 500 and has rejected proposals to accelerate the inclusion of mega-cap companies like SpaceX immediately after their IPOs.
Sticking to Principles
In a press release issued on Thursday, S&P Dow Jones Indices clarified that it will not shorten the current 12-month “seasoning period” required for newly listed companies, nor will it waive existing profitability or public float requirements based on a company’s size.
This means SpaceX will only become eligible for inclusion in the S&P 500 at least one year after its IPO—and must still satisfy the index’s existing profitability and public float requirements: specifically, the company must report net income under GAAP in both the most recent fiscal quarter and cumulatively over the past four quarters, and maintain a public float of at least 50%.
According to SpaceX’s IPO prospectus, the company reported a net loss of USD 4.94 billion in 2025, despite a 33% year-over-year increase in revenue, which reached USD 18.67 billion.
Art Hogan, Chief Market Strategist at B. Riley Wealth, noted that S&P and Dow Jones indices uphold their credibility by adhering to rules that require companies to demonstrate profitability before inclusion. He added that deviating from established practice solely because a company is large or has remained private for an extended period would be unreasonable.
However, S&P Global also stated that it will revise the inclusion rules for its broader S&P Total Market Index and Dow Jones U.S. Total Stock Market Index to pave the way for SpaceX’s addition to these less influential indices.