Framing Analysis
S&P Global announced on June 4 that it would maintain existing profitability, seasoning, and float requirements for its major indices, a decision that rules out rapid inclusion for SpaceX despite its planned $75 billion IPO targeting a $1.75 trillion valuation. SpaceX reported 2025 revenue of $18.67 billion, up 33 percent, alongside a $4.94 billion net loss. The move follows S&P consultations on potential changes for megacap companies.