S&P 500 Rejects SpaceX, Keeps OpenAI and Anthropic Out

*The index committee will not waive its profitability rule, denying the three companies fast entry to passive-fund capital.*

The decision

S&P Dow Jones Indices turned down SpaceX’s request for expedited inclusion in the S&P 500. The same rule that blocks the rocket company also prevents OpenAI and Anthropic from joining while they remain unprofitable.

Prior practice

Index additions normally require sustained GAAP profits. SpaceX argued that its rapid valuation growth and private-share liquidity justified an exception. The committee declined. OpenAI and Anthropic, both operating at a loss, face the identical barrier.

Capital impact

Exclusion keeps the firms outside the automatic buying programs run by index-tracking funds. Those vehicles manage trillions and would otherwise have been required to purchase shares once the companies went public or met float criteria. Without the waiver, any future public offering must still clear the profitability test before index money flows in.

Reactions

No public statements from S&P Dow Jones Indices, SpaceX, OpenAI, or Anthropic appear in the reporting. Investor forums noted the precedent but offered no new facts.

Why it matters

The ruling preserves a bright-line standard that favors mature earnings over growth narratives. Companies that cannot yet show profits will continue to rely on private rounds or direct listings without the built-in bid from index funds. For SpaceX the outcome simply delays access to that pool; for the AI labs it extends the same constraint they already face.

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Sources:

• Ars Technica

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