The S&P 500 index committee has rejected SpaceX request for expedited inclusion in the benchmark index, a decision with knock-on effects for AI companies OpenAI and Anthropic. The committee declined to waive its profitability requirement, which all three companies currently fail to meet.
The decision is significant because S&P 500 inclusion drives massive passive investment flows. SpaceX, OpenAI, and Anthropic are among the highest-valued private technology companies, and their exclusion from the index means index-fund investors cannot gain exposure to their growth.
The ruling highlights a structural tension between the traditional financial benchmarks and the new generation of capital-intensive AI companies that prioritize growth over near-term profitability. Some analysts expect the committee to revisit its criteria as AI firms mature and approach public-market readiness.