(Bloomberg) — S&P Dow Jones Indices LLC is considering changes to rules governing how companies join the S&P 500 Index, a move that would potentially fast-track SpaceX’s entry after its IPO, people familiar with the matter said.

The rule change could mean that billionaire Elon Musk’s space transportation and satellite company would see a wave of billions of dollars in forced buying. Funds that track the index must buy newly added stocks, and roughly $24 trillion is tied to the S&P 500, according to Bloomberg Intelligence.

Most Read from Bloomberg

The index provider is engaging with stakeholders to determine whether there’s demand for changing rules, said the people. No decision has been made and S&P would still have to launch a formal consultation that would last several weeks before any change can be made, the people said.

Any change to the S&P 500’s rules would be momentous. The benchmark, which comprises 500 companies covering about 80% of the market capitalization of the US equity market, includes some of the largest companies in the world.

A representative for S&P declined to comment. A spokesperson for SpaceX didn’t immediately respond to a request for comment.

Unlike other indexes, there’s no fast-track for joining the S&P 500. Companies need to meet criteria including having a market capitalization — the value of outstanding shares — of at least $22.7 billion, be domiciled in the US and be a public company for 12 months. Any decision to allow a new entrant is made by a committee.

The potential move comes as large private companies including OpenAI and Anthropic PBC are also considering IPOs as soon as this year. If all of the 10 largest venture-backed US companies were to list and join the S&P 500, they would make up about 4.5% of the index — more than the weight of the energy sector, the index provider said in a blog post earlier this month.

Nasdaq is considering a proposal to speed up the inclusion of newly listed, large-cap firms in the widely followed Nasdaq 100 benchmark, and FTSE Russell has launched a consultation on the treatment of large IPOs in its Russell US Equity Indexes.

Bloomberg LP, the parent of Bloomberg News, offers index products for various asset classes through Bloomberg Index Services Ltd.

SpaceX could seek a valuation in the IPO of more than $1.75 trillion in a step that would raise as much as $50 billion, people familiar with the preparations have said.

SpaceX is making early inclusion on the Nasdaq 100 a necessary condition of its potentially choosing to list on Nasdaq’s exchange, Reuters has reported.

At a $1.75 trillion market value, SpaceX would be bigger than all but five of the companies in the S&P 500 Index — Nvidia Corp., Apple Inc., Microsoft Corp., Amazon.com Inc. and Alphabet Inc.

It would be larger by that metric than Meta Platforms Inc., as well as Musk’s own Tesla Inc. — both listed on the Nasdaq.

–With assistance from Youkyung Lee and Matt Turner.

Most Read from Bloomberg Businessweek

©2026 Bloomberg L.P.