SpaceX blocked from early US benchmark index entry as S&P reaffirms existing rules
June 4 : S&P Global said on Thursday it was not changing the requirements for entry into its major indices, dealing a setback to Elon Musk’s SpaceX by effectively ruling out a swift entry for the world’s biggest-ever IPO into the benchmark S&P 500 index. Musk has rewritten the IPO playbook for SpaceX in many ways from planning to give retail investors a bigger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control. The company is raising $75 billion and targeting a $1.75 trillion valuation that would place it among the top 10 most valuable U.S.-listed firms, even as only a fraction of its shares are available for trading. But S&P said “exceptions to the financial viability, seasoning, and IWF (investable weight factor) requirements should not be granted solely based on market capitalization”. To be included in the S&P 500, a company must be profitable under Generally Accepted Accounting Principles in its most recent quarter as well as for the sum of its most recent four quarters, …








