S&P 500 rejects SpaceX, also blocking entry for OpenAI and Anthropic
S&P 500 rejects SpaceX, also blocking entry for OpenAI and Anthropic
标普500指数拒绝SpaceX，同时封锁了OpenAI和Anthropic的准入
SpaceX has requested unusually swift entry into several leading stock market indexes as a condition of its historic stock market debut. But the S&P 500 stock market index representing many of the largest profitable US companies has surprised market analysts by refusing to bend the rules for Elon Musk’s space and AI company. SpaceX曾要求在进行历史性的首次公开募股（IPO）时，能以不同寻常的速度快速进入几大主要股票指数。然而，代表着美国众多盈利规模最大企业的标普500指数（S&P 500）却拒绝为埃隆·马斯克的这家太空与人工智能公司破例，这一决定令市场分析师感到意外。
The June 4 decision by S&P Dow Jones Indices—the company that creates and manages stock market indexes such as the S&P 500—means that SpaceX will not gain accelerated access to potentially billions more dollars through passive investment funds that automatically purchase shares of S&P 500 companies. 标普道琼斯指数公司（负责创建和管理标普500等股票指数的机构）于6月4日做出决定，这意味着SpaceX无法通过被动投资基金获得“加速准入”，从而错失了自动购买标普500成分股的数十亿美元潜在资金。
An exception for SpaceX could have also allowed leading AI companies such as OpenAI and Anthropic to gain entry not long after their own expected initial public offerings (IPOs). That possibility has now been shuttered. 如果为SpaceX破例，也可能让OpenAI和Anthropic等领先的AI公司在预期IPO后不久就能进入该指数。如今，这种可能性已被彻底封死。
The news will likely come as a relief to people concerned about passive investor money and people’s retirement savings plans having greater exposure to the market risks associated with SpaceX’s big bet on AI and speculative orbital data center plans. AI companies are generally facing more challenges in funding and building expensive AI data centers, even as they shift more of the subsidized costs of running AI services onto shocked customers through usage-based pricing. 对于那些担心被动投资者资金及个人养老金计划过度暴露于市场风险的人来说，这则消息或许是一种解脱——这些风险主要源于SpaceX在AI领域的豪赌及其投机性的轨道数据中心计划。AI公司在融资和建设昂贵的AI数据中心方面普遍面临更多挑战，尽管它们正通过基于使用量的定价模式，将运行AI服务的更多补贴成本转嫁给感到震惊的客户。
To weigh expedited entry for SpaceX, the S&P Dow Jones Indices held a monthlong consultation to consider changing or waiving several main requirements for so-called MegaCap companies with “unprecedented market capitalizations.” Those proposed changes included shortening the “seasoning period” for new IPOs from 12 months to six months, waiving the investable weight factor (IWF) requirement for MegaCap companies to make at least 10 percent of their shares publicly available, and waiving the requirements for MegaCap companies to demonstrate profitability in the latest quarter of the financial year along with the previous four quarters. 为了评估是否给予SpaceX快速准入，标普道琼斯指数公司进行了为期一个月的咨询，考虑为所谓的“拥有前所未有市值”的超大型公司修改或豁免几项主要要求。这些拟议的变更包括：将新股IPO的“沉淀期”（seasoning period）从12个月缩短至6个月；豁免超大型公司至少有10%股份需公开流通的“可投资权重因子”（IWF）要求；以及豁免超大型公司必须证明其在最近一个财季及过去四个财季均实现盈利的要求。
Such rule changes would have accommodated SpaceX’s plan to only offer approximately 3 percent of its IPO shares to public investors, and the fact that SpaceX is currently unprofitable with a growing debt load that has reached $29 billion because of its spending spree on AI infrastructure. But in its final decision, the S&P Dow Jones Indices stated that “no changes will be made to the eligibility criteria including financial viability screens, seasoning period, or minimum IWF.” Even after the standard yearlong wait, SpaceX, Anthropic, and OpenAI may struggle to deliver the consistent profitability necessary to qualify for the S&P 500. 这些规则变更本可以迎合SpaceX的计划——即仅向公众投资者提供约3%的IPO股份，并掩盖其目前处于亏损状态、且因在AI基础设施上大肆支出导致债务负担已增至290亿美元的事实。但在最终决定中，标普道琼斯指数公司声明：“包括财务可行性筛选、沉淀期或最低IWF在内的准入标准将不会做出任何改变。”即使在等待标准的12个月后，SpaceX、Anthropic和OpenAI可能仍难以实现进入标普500指数所需的持续盈利能力。
Money rules and exceptions
资金规则与例外
Swift entry into the S&P 500 would have triggered $14 billion of passive fund buying for SpaceX, according to Bloomberg Intelligence. The investment research arm of Bloomberg also estimated that OpenAI could have gained more than $8 billion, and Anthropic could have netted $4.6 billion from similar passive buying sprees triggered by their S&P 500 entries. This is because $7.5 trillion in passively managed funds—popular among both individual investors and institutional investors—follow the S&P 500 by purchasing shares of companies according to their proportional representation in the S&P 500 index. For example, the Vanguard and Fidelity brokerage giants both offer passive investment funds that track the S&P 500 composition. 据彭博行业研究（Bloomberg Intelligence）估计，快速进入标普500指数将为SpaceX带来140亿美元的被动基金买入。该研究机构还估计，如果OpenAI和Anthropic进入标普500，分别能获得超过80亿美元和46亿美元的被动买入资金。这是因为规模达7.5万亿美元的被动管理基金（深受个人和机构投资者欢迎）会根据标普500指数的成分股比例来购买股票。例如，先锋集团（Vanguard）和富达投资（Fidelity）这两大经纪巨头都提供追踪标普500成分股的被动投资基金。
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. By contrast, the Nasdaq stock exchange changed its rules to allow SpaceX to enter the Nasdaq-100 Index within 15 trading days as opposed to the usual three months. Similarly, the FTSE Russell index provider decided to give SpaceX and other follow-on companies accelerated entry to the Russell Top 500 Index after the close of the fifth trading day following an IPO. 然而，据Quartz报道，标普道琼斯指数公司确实做出了一项“让步”，即修改了针对标普全市场指数（S&P Total Market Index）和道琼斯美国全市场股票指数（Dow Jones US Total Stock Market Index）等“知名度较低基准”的可投资权重因子规则。这可能允许IPO公司更快进入这些指数。相比之下，纳斯达克证券交易所修改了规则，允许SpaceX在15个交易日内进入纳斯达克100指数，而非通常的3个月。同样，富时罗素（FTSE Russell）指数提供商也决定，允许SpaceX及其他后续公司在IPO后第五个交易日收盘时加速进入罗素前500指数（Russell Top 500 Index）。
The denial of accelerated S&P 500 entry for SpaceX comes just days after Morningstar analysts described SpaceX as having been “significantly overvalued” in the lead-up to its IPO. The investment research firm valued SpaceX at $780 billion—less than half of SpaceX’s $1.75 trillion IPO goal—primarily based on the strengths of SpaceX’s Starlink satellite service and rocket launch business. 在拒绝SpaceX加速进入标普500指数的几天前，晨星（Morningstar）分析师曾指出，SpaceX在IPO前夕被“严重高估”。这家投资研究公司对SpaceX的估值为7800亿美元——不到SpaceX 1.75万亿美元IPO目标的一半，其估值主要基于SpaceX的星链（Starlink）卫星服务和火箭发射业务的实力。