Aswath Damodaran's warning on trillion-dollar fight over SpaceX and OpenAI in world's most powerful stock index

Valuation guru Aswath Damodaran has warned about the challenges S&P Dow Jones Indices faces in potentially adding SpaceX, OpenAI, and Anthropic to the S&P 500, noting these companies will likely remain money-losing with governance concerns even a year after listing. S&P has confirmed it will retain its one-year trading requirement, pushing any inclusion decision to 2027 at the earliest. Damodaran also dismissed the index inclusion premium myth, citing an S&P study of 715 additions and 711 deletions between 1995-2021 showing the price bump from inclusion has largely disappeared over the last two decades.