A Better Newspaper

## Overview The S&P 500 index committee blocked SpaceX from fast-track entry and confirmed that unprofitable AI companies including OpenAI and Anthropic would not qualify for inclusion under current rules, according to reporting from Ars Technica (June 2026). The decisions reflect the index's profitability requirements and share structure rules. ## SpaceX Situation SpaceX reportedly sought or was considered for expedited S&P 500 inclusion, but the committee rejected waiving the standard eligibility rules. SpaceX's complex share structure and private company status have been ongoing barriers to index inclusion. ## OpenAI & Anthropic OpenAI and Anthropic, both reportedly pursuing or considering public market paths, are currently unprofitable, making them ineligible under S&P 500 profitability criteria. The committee reportedly confirmed it would not waive this requirement (Ars Technica, June 2026). ## Market & Investment Implications - S&P 500 exclusion limits passive index fund investment in these companies post-IPO - Exclusion may depress post-IPO valuations relative to comparable S&P-eligible technology companies - Pressure may increase on OpenAI and Anthropic to accelerate paths to profitability - Connects to Anthropic's $965B valuation trajectory and reported IPO planning ## Governance Context The S&P 500 committee's decisions on AI company eligibility will set precedent for how the most important equity benchmark handles the next generation of technology companies, many of which are structured as capped-profit or nonprofit hybrids.