I do wonder if any of these three companies are using AI to do their accounting and bookkeeping. What happens when there are AI hallucinations affecting those outcomes?

Plenty of ways to get exposure to that stock without it going into the indices it is not qualified for.

> However, the S&P Dow Jones Indices did “carve out one concession” by changing the investable weight factor rules for “lower-profile benchmarks” such as the S&P Total Market Index and Dow Jones US Total Stock Market Index, according to Quartz. That could allow an IPO faster entry into those indexes.

I think these total market indexes are used as benchmarks for US total market ETF's and funds?

This decision alone is worth several trillion dollars.

I will go drive my old German car now, and get a bit drunk in a bottle of Nebbiolo while listening to some French lunatic with a piano.

Enjoy your trip to Mars and your self driving toy cars. The world is off its rails. Bit time.

"SpaceX, Other Mega IPOs Denied Fast Index Entry by S&P" (bloomberg.com) https://news.ycombinator.com/item?id=48405718

Ars used to do deep insightful articles a couple of days after the news but today it's just regurgitated blogspam that is 2 days old news. And way more political. It's sad.

Adding these to the index immediately would force passive index funds (multiple trillions of $) to buy this stock, and thus not allow the market to make performance based decisions.

It's truly a shame that the NASDAQ caved and I will definitely reduce my position in such index funds (I have less trust in it now).

The point isn't that the impact would have been minimal. It's that changing the rules to suit the rich and connected is the literal definition of crony capitalism. Why should SpaceX get exemptions from entry requirements to the S&P when every other company before it didn't?

Trying to justify it based on an argument that it would have been 'just' $200 billion, is absurd since that $200 billion is coming largely from the public via index funds that would have been forced to buy SpaceX shares.

Anthropic is becoming "profitable" while burning a series H of 69 bns usd. Does it count as profitable?

I'm curious if someone well versed in finance can answer, because from my uneducated perspective, it's not profitable to burn billions in order to make a billion.

https://www.cnbc.com/2026/05/20/anthropic-revenue-explosive-...

These are just some somewhat recent IPOs that come to mind, I am sure I am forgetting some.

In the case of GPRO, look up their first quarterly reports after the IPO. Pure comedy gold.

The risk S&P takes by doing this is that they will still be forced to buy SpaceX, but a year after everybody else. Given that there is a massive amount of capital that you know will have to buy this stock in 12 months, that itself provides speculative reasons to buy it now.

The indices are in an unenviable position: a race to the bottom. The S&P 500 may be setting up its index funds simply to be the last buyer in a Ponzi scheme.

There is no guarantee that the market will find the “true value“ of SpaceX in the 12 month interval. Markets are frothy and speculative already, and they now have a built in exit liquidity provider.

*People who justify stealing from others by lazily giving a small pittance away according to a list some other guy showed them and they thought about for 5 minutes.

NASDAQ has an incentive to offer early entry into the index (they want SpaceX to list on their exchange), whereas S&P has no incentive for early inclusion; it could only increase risk for them. Even if they /wanted/ to add SpaceX early, that could create a precedent with unpredictable consequences.

Since most shareholders I know plan to hold for another 20 years, waiting a year to get into the S&P average seems fine. Congratulations to S&P for sticking to principle.

Previously: "SpaceX, Other Mega IPOs Denied Fast Index Entry by S&P" - https://news.ycombinator.com/item?id=48405718

squints

Is that an institution working for long-term stability instead of short-term gain?

looks through binoculars

Holy hell... it is!

There are countless other indices that are not well known to request seasoning time of these mega companies.

Shifting to S&P 500 seems prudent at the point. Besides S&P does anyone know which indices will be safe from these IPOs?

I don't care about profitability, sustainability, ESG scores or anything like that. If the market is pricing unprofitable company at hundred of billions maybe there is a good reason for it. I do care about market having time to evaluate the company so index funds buy at fair prices. For this you need time and enough float and volume. Time being the main factor.

if I get it this is an index to invest in common in distributed wallets chosen and managed by an organization named S&P?

I'ld be interested in something similar, but aiming at growing cooperatives, non profits, externally checked for alignment organisations striving to benefit humanity as a whole. It doesn't have to be something that have strong garanties of direct personal financial profits, just no way it makes me in personal bankrupts, zero personal gain would be ok, staying ahead of inflation nice to have, and having some profits back would be acceptable.

Please be kind or hold from losing time and energy for everybody with aggressive answers.

I'm just considering ways to make sure as few as possible resources end up in the control of techno fascists.

https://github.com/space-bacon/SRT