June 4 (Reuters) - S&P Global ( SPGI ) said on Thursday

it was not changing the rules for fast entry into their major

indices, dealing a setback to Elon Musk's SpaceX by effectively

ruling out a swift entry into the benchmark S&P 500.

Musk has rewritten the IPO playbook for ⁠SpaceX in many ways

from planning to give retail investors a bigger role in

allocations to pushing for early index inclusion, and

structuring governance to preserve strong founder ​control.

S&P said "exceptions to the financial viability, seasoning,

and IWF (investible weight factor) requirements should not be

granted solely based on market capitalization".

SpaceX is aiming to raise $75 billion, the biggest ever for

an IPO, in a ​deal that would value it at $1.75 trillion,

immediately placing it among the top 10 most valuable

U.S.-listed firms.

"It speaks highly of the credibility of S&P Dow Jones

Indices to be rules-based and make sure there's profitability

before the entrance to index," said Art Hogan, Chief Mark at

Strategist at B. Riley Wealth.

"Making exceptions because companies are so large and have

been private so long yet are still not profitable, didn't make a

great deal of sense."

Exchange operators have ramped up efforts to boost initial

public listings as richly valued technology firms such as SpaceX

and AI giant Anthropic edge closer to public offerings, amid

growing concerns over a steady decline in the number of

U.S.-listed companies.

Rapid index inclusion post-IPO boosts liquidity and

visibility, attracting passive investment inflows. This

automatic demand stabilizes share prices.

SpaceX has already become eligible for inclusion in both the

Russell U.S. Equity Indexes and the FTSE Global Equity Index

Series under the newly announced fast-entry rules from the index

provider FTSE Russell.

But for the S&P indices, IPOs need to be traded on an

eligible exchange for at least 12 months before being considered

for an addition to an index such as the S&P 500.