Benchmarks are designed to represent the largest public companies, and waiting a year or more to include companies of this scale could leave a meaningful gap in coverage. Nasdaq, FTSE Russell, MSCI, and CRSP have all created fast-entry lanes to address this. There’s precedent for it too — FTSE and MSCI fast-tracked Saudi Aramco after its 2019 IPO. The S&P 500, however, is not changing its methodology and is not expected to include SpaceX until mid-2027 at the earliest. The staggered timing across providers spreads out the buying activity rather than concentrating it in a single moment.
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