NEW YORK, June 5, 2026, 05:06 (EDT)
S&P Global left its headline rules for index entry untouched, a move that blocks Elon Musk’s SpaceX from sliding into the S&P 500 via a fast track. The rocket, satellite and AI giant is lining up what could be the world’s biggest IPO. According to Reuters, SpaceX is aiming for a valuation near $1.75 trillion, with plans to raise $75 billion.
Now, index entry isn’t just about prestige. If SpaceX landed in the S&P 500, passive funds tracking the index would need to scoop up the stock—injecting automatic demand right as the company is courting investors at a valuation that rivals the country’s top public firms.
SpaceX kicked off its IPO roadshow June 4. Pricing wraps up June 11, and shares are slated to debut June 12 on both Nasdaq and Nasdaq Texas, trading under “SPCX,” SEC filings show. SEC
Reuters says SpaceX is looking to offload roughly 555.6 million shares, with IPO materials pegging the price at $135 apiece. If every share gets picked up, that’s about $75 billion raised—before the overallotment. Full exercise of that option bumps the total to $86.25 billion, per the Australian prospectus on file with the SEC.
It’s Starlink that remains at the center of the valuation debate. Roth Capital analyst Rohit Kulkarni summed things up on CNBC, calling the “biggest question” simply “how does Starlink scale.” That gets right to the point for investors: SpaceX still has to prove that satellite internet is more than just a narrative. YouTube
The figures tell a clear story. According to Reuters, only Starlink’s connectivity arm is turning a profit out of SpaceX’s three divisions, with the others still losing money. The outlet also noted that governance rules would keep most voting rights in the hands of Musk and a small group of insiders.
The S&P’s move brings a straightforward gauge for the market. SpaceX recorded a $4.94 billion net loss for 2025, Reuters said, despite revenue climbing 33% to $18.67 billion. That left it falling short of the S&P 500 profitability bar, which demands GAAP profit both in the latest quarter and across the most recent four quarters. GAAP, short for generally accepted accounting principles, sets the U.S. accounting standards.
Art Hogan, chief market strategist at B. Riley Wealth, threw his support behind S&P’s approach, praising the rules-based system. “Making exceptions” for a company that’s massive yet still unprofitable “didn’t make a great deal of sense,” he told Reuters. Reuters
The offering throws out the usual IPO playbook. According to Reuters, SpaceX isn’t bothering with the standard pricing range, instead opting for a rigid take-it-or-leave-it stance—rare in a market where companies usually float a price band and tweak it as orders come in. Weiheng Chen, senior partner at Wilson Sonsini, told Reuters that Musk’s choice of a firm price could fly, especially with current market dynamics and no real peers to compare to.
Comparable companies are hard to pin down. SpaceX’s rockets line up with aerospace and defense names, while Starlink edges closer to telecom. Its AI moves bring it into the same orbit as OpenAI and Anthropic—both of which, Reuters notes, are eyeing public listings and could chase the same investor pool. Amazon’s low-Earth-orbit play, Amazon Leo—previously called Project Kuiper—stands out as a more direct challenger to Starlink in broadband. Amazon says its system targets a fleet of over 3,000 satellites.
Jeff Bezos, Amazon’s Executive Chairman, insists the sector isn’t a zero-sum game. “There’s room for lots of winners there,” he told Reuters last year, speaking as Amazon kicked off launches for its satellite network, then called Kuiper. Reuters
But valuation isn’t the only concern. Reuters flagged on June 5 that both SpaceX’s website and IPO marketing docs were off-limits in mainland China and Hong Kong, potentially sidelining investors from those regions. Neither SpaceX nor the IPO’s lead banks had immediate comment. According to Cloudflare, the error showing up most frequently indicates that the site owner has blocked access for certain countries or regions.
SpaceX, for the time being, still has Nasdaq on its side. Reuters says Nasdaq tweaked its rules to clear the way for giants like SpaceX to join the Nasdaq 100 more easily. S&P Global, meanwhile, pointed out that SpaceX could slip into less-watched total-market indexes. The decision’s first major test will rest with investors—index committees won’t have the final word.
