SpaceX faces a setback as S&P Dow Jones Indices refuses to relax eligibility rules for megacap firms, blocking early entry into the S&P 500. Despite a planned $1.75 trillion valuation IPO, SpaceX fails profitability criteria due to recent losses. Meanwhile, Nasdaq has eased listing rules for large AI firms like Anthropic and OpenAI.
New York: In a major setback for SpaceX, the S&P has ruled out changing its existing rules for entry of megacap companies into the benchmark index.
S&P Dow Jones Indices confirmed that exceptions to its seasoning and profitability rules for megacaps won't be made effectively blocking an early entry for Elon Musk's rocket startup, according to a CNBC report.
SpaceX is raising $75 billion and targeting a valuation of $1.75 trillion. At this valuation, SpaceX would be placed among the top ten most valuable companies listed in the US.
However, S&P Global said that rules governing entry to its broader S&P Total Market Index and Dow Jones US Total Stock Market Index would be modified making it easier for SpaceX to be listed on these less-widely followed indices, the CNBC report added.
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