S&P Dow Jones Indices has rejected proposed rule changes that would have allowed SpaceX, OpenAI, and Anthropic to enter the S&P 500 index quickly after their planned IPOs. The decision means these AI and aerospace giants must meet the same profitability requirements as every other company seeking index inclusion, despite their combined valuations approaching $4 trillion.
Combined Losses Exceed $25 Billion in 2025
The three companies posted combined losses of more than $25 billion in 2025. SpaceX alone recorded a $4.94 billion loss for the year. Anthropic is expected to achieve its first quarterly profit in the second quarter of 2026, but both OpenAI and SpaceX remain unprofitable with no clear path to positive earnings in the immediate future.
Massive Valuations Despite Unprofitability
SpaceX is targeting a valuation between $1.8 trillion and $2 trillion and aims to raise up to $75 billion by June 2026. OpenAI and Anthropic are both expected to list in the fall of 2026, with valuations nearing $1 trillion each. The S&P 500 rejection means these companies will not gain immediate access to the $7.5 trillion in passive index funds that track the benchmark index.
Wall Street Debates AI Bubble Comparisons
The decision has sparked debate among Wall Street analysts about potential parallels to the dotcom era, when unprofitable technology companies commanded massive valuations before the bubble burst. Despite the profitability concerns, top analysts view the upcoming IPOs as potentially opening the floodgates for the broader IPO market. The companies' ability to attract such high valuations while remaining unprofitable represents a fundamental shift in how AI companies are valued, though the S&P 500 is maintaining traditional financial discipline by requiring demonstrated profitability before index inclusion.
Key Takeaways
- S&P Dow Jones Indices rejected fast-track entry rules for SpaceX, OpenAI, and Anthropic, requiring them to meet standard profitability requirements
- The three companies combined for losses exceeding $25 billion in 2025, with SpaceX posting a $4.94 billion loss
- SpaceX targets a $1.8-$2 trillion valuation with plans to raise $75 billion by June 2026
- OpenAI and Anthropic expect fall 2026 IPOs with valuations near $1 trillion each
- The rejection blocks immediate access to $7.5 trillion in passive index funds that track the S&P 500