S&P 500 Excludes SpaceX, OpenAI, Anthropic From Elite Index — Investors Watch Next Move

June 11, 2026 — Sarah Johnson 4 min read

S&P Global confirmed Thursday that neither SpaceX, OpenAI, nor Anthropic will be included in the S&P 500 benchmark index, a decision that carries immediate consequences for pension funds, retail investors, and the broader technology sector.

Index Rules Exclude Three Tech Giants

The S&P 500, which tracks the 500 largest publicly traded companies in the United States, maintains strict eligibility criteria including a minimum $8 billion market capitalisation threshold and at least four consecutive quarters of profitability. SpaceX, the rocket company founded by Elon Musk, remains privately held and has not completed a public listing. OpenAI, the creator of ChatGPT, has also stayed off public markets despite reported valuations exceeding $150 billion. Anthropic, backed by Amazon and Google, similarly operates as a private entity.

Index inclusion typically triggers significant inflows from passive funds that track the S&P 500. Those funds must purchase shares of any newly added company to match the index's composition, creating automatic demand that can move stock prices by several percentage points on announcement day.

What This Means for Wall Street

The exclusion leaves trillions of dollars in index-tracking assets unable to hold exposure to what many analysts consider the most consequential companies in artificial intelligence and commercial spaceflight. Passive investment funds now manage an estimated $7.4 trillion globally, and their inability to allocate to these firms represents a structural gap in how markets price transformative technology.

Institutional investors who want exposure to OpenAI or Anthropic must pursue private funding rounds or wait for potential IPOs. That limitation shapes portfolio construction for sovereign wealth funds, university endowments, and corporate pension plans that mandate S&P 500 compliance.

The IPO Question

Whether these companies eventually pursue public listings will determine their index eligibility. Sources familiar with the matter indicate SpaceX has considered a tender offer that would allow existing shareholders to exit without triggering a full public offering. Such a move would not satisfy S&P Global's requirements for index inclusion.

Market Reaction and Investor Sentiment

The decision drew immediate reaction from market participants who had anticipated potential inclusion. Technology sector exchange-traded funds saw modest outflows following the announcement, suggesting some investors had positioned for an inclusion that will not materialise.

Companies already in the S&P 500 that compete with or partner with the excluded firms experienced muted trading. Microsoft, which has invested heavily in OpenAI, edged slightly lower in afternoon trading on the New York Stock Exchange.

Structural Questions About the Index

The exclusion raises broader questions about whether the S&P 500 methodology keeps pace with technological change. The index's profitability requirement effectively filters out companies that prioritise growth over earnings, a characteristic common among AI startups that pour revenue back into research and development.

S&P Global has faced periodic criticism for excluding high-profile companies that shape economic discourse but fail to meet mechanical criteria. The index added Tesla in 2020 despite similar concerns about valuation metrics.

What Comes Next

The next scheduled S&P 500 review will occur in December, when index committee members reassess eligible companies. Any of these three firms could change their status by completing public offerings before that date.

Investors should monitor SEC filings for any company planning IPOs or direct listings. SpaceX has discussed potential funding rounds that could push its valuation past $350 billion, placing it among the world's most valuable private companies.

Anthropic has not publicly commented on listing plans, though the company's AI safety focus and substantial compute requirements have driven rapid spending that makes quarterly profitability unlikely in the near term.

Economic Implications Beyond Markets

The index exclusion carries significance beyond investment portfolios. Companies that join the S&P 500 typically gain access to cheaper capital as institutional investors accept lower risk premiums for benchmark-compliant firms. Private companies that remain outside the index must rely on venture capital, private equity, or corporate investment to fund operations.

OpenAI has raised more than $10 billion from Microsoft alone, a relationship that illustrates how private funding networks have evolved to serve companies that bypass public markets entirely.

Looking Ahead

The December review offers the next opportunity for any of these companies to change their status. Until then, the trillion-dollar question for fund managers remains how to construct portfolios that capture AI-driven productivity gains when the most prominent AI companies sit outside traditional benchmarks.

Watch for any of these three companies to file confidential IPO paperwork with the SEC, a required first step toward public listing. That paperwork becomes public only after the company submits a formal prospectus, typically weeks before a listing date.