SpaceX cannot be considered for the S&P 500 before June 2027 because it must trade publicly for 12 months. It also fails the earnings test, with a $541 million second-quarter net loss and more than $8 billion in losses over its latest four reported quarters.
S&P Dow Jones Indices rejected proposed fast-track rules for megacap IPOs. A candidate must post positive GAAP net income from continuing operations in both its latest quarter and its latest four quarters combined, make at least 10% of its shares available to public investors, and still be selected by the index committee.
To pass the earnings test at the earliest date, SpaceX needs more than $541 million in net income over its next three reported quarters, with Q1 2027 profitable on its own. Its operating loss narrowed to $143 million in Q2 from $1.9 billion in Q1, but first-half capital expenditures were $28.5 billion, mostly on AI data centers. Second-quarter depreciation and amortization rose to $2.8 billion, and quarterly interest expense was $629 million after a $25 billion bond issue in June.
