S&P 500 Bars SpaceX, OpenAI, and Anthropic

*SpaceX will not gain automatic access to passive index funds, and the same profitability rule now blocks OpenAI and Anthropic.*

The S&P 500 has turned down SpaceX’s bid for inclusion. It also declined to relax its profitability requirement for OpenAI and Anthropic.

The decision leaves SpaceX without the rapid inflow of capital that comes from index-tracking investors. The same standard applies to the two AI companies, which remain unprofitable.

What the rule requires

Index committees at S&P Global require consistent profits before adding a company. SpaceX, despite its valuation and launch cadence, did not meet that test. OpenAI and Anthropic face the identical barrier.

No waiver was granted. The committee treated the three cases under one standard rather than creating exceptions for private valuation size or sector growth.

Limited options for the companies

SpaceX can still pursue a public listing on its own timetable, yet it will not receive the automatic buying that follows S&P 500 addition. OpenAI and Anthropic must either reach sustained profitability or accept continued reliance on private rounds and direct institutional allocations.

Why it matters

Passive funds now hold more than ten trillion dollars in U.S. equities. Staying outside the index keeps those flows out of reach, forcing each company to compete for active capital on terms set by venture and strategic investors rather than by formula-driven index rules. The outcome narrows the path to low-cost, permanent ownership by the broadest slice of the market.

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Sources:

• Ars Technica

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