Why Legal Structures Keep SpaceX and OpenAI Out of S&P 500
The S&P 500 is essentially the world's most influential club, and it's currently keeping SpaceX, OpenAI, and Anthropic at arm's length. The funny thing is that it isn't about their valuations. These companies have more than enough money to play the game. It's about their legal structures. S&P Dow Jones Indices recently decided that SpaceX wouldn't get accelerated entry into the index, despite the company requesting a swift admission as part of its market debut. This is a rare move. Usually, when a company of this size knocks on the door, the index providers find a way to let them in. By saying no, the S&P is blocking SpaceX from a massive, automatic influx of capital from passive investment funds. It's a weird standoff. We're seeing a clash between how the modern tech giants are built and how the legacy financial world decides who actually counts as a "large company." If the most successful companies in the world can't ...