SpaceX set a record on the eve of its IPO: FTSE Russell breaks the rules to admit the company, and the US Space Force simultaneously places a $2.29 billion order.

As the highly anticipated mega IPO of SpaceX is about to take place, global index giants and the US military department released blockbuster news on the same day, adding fuel to this star aerospace company. The focus of the market this year is undoubtedly SpaceX. Its goal to raise $75 billion in an IPO will break the record for the largest initial public offering. In addition to SpaceX, other giant private companies such as OpenAI and Anthropic are also paving the way for their eventual listing. In the later hours of Tuesday local time, FTSE Russell announced a rule adjustment that will accelerate the inclusion of newly listed large-cap companies into its major indexes. This move is widely seen by the market as clearing regulatory obstacles for SpaceX's record-breaking IPO. Under the new policy, after the initial public offering (IPO), if the market capitalization of a qualified company exceeds the inclusion threshold of the Russell Top 500 index within the first five trading days, the stock will be eligible for "fast-track admission". Previously, such qualified companies had to wait for quarterly evaluations before being included in the index. Arne Noack, head of US Stock and Multi-Asset Indices at FTSE Russell, stated in a declaration that introducing a fast-track admission mechanism for large IPOs would allow indexes to more timely reflect significant market changes. This index provider, which is part of the London Stock Exchange Group, is not alone in this effort. Nasdaq had taken a similar step earlier this year, shortening the waiting period for IPO inclusion in indexes from a minimum of three months to 15 days. S&P Dow Jones Indices is currently evaluating possible revisions. Currently, there are over $30 trillion in assets globally benchmarked against various indexes, with the related inclusion rules either already in effect or under review. The pace of accelerated inclusion has raised concerns among some investors, who believe that too quickly adding new stocks may expose passive funds to greater volatility and force them to buy stocks before reliable market pricing is fully established. The rule revision specifically states that the calculation of market capitalization will be based on the number of freely tradable shares available at the IPO, as well as the closing price on the first day of listing. FTSE Russell had consulted the market for opinions on related proposals as early as February this year and reviewed the existing requirements for free float and voting rights. US Space Force awards $2.29 billion contract On the same day that the doors to the indexes were opened, SpaceX also made substantial progress in the military aerospace field. The US Space Force announced on Tuesday that it has awarded SpaceX a $2.29 billion contract for the construction of a secure, high-speed military satellite communication network to connect military sensors and weapon platforms around the world. This fixed-price non-traditional contract covers the "Space Data Network (SDN) backbone network" project. The network is designed as a resilient architecture that provides the military with high-capacity, low-latency data transmission services. The Space Force specifically requires the winning bidder to deliver a fully operational prototype system by the end of 2027. One of the key roles of the SDN backbone network is to provide near-real-time data communication pathways for missile warning and tracking sensors to interceptors. This capability is seen as a cornerstone of the Trump administration's "Golden Dome" missile defense program. Colonel Ryan Fraser of the Space Force stated that the SDN backbone network leverages the best innovations from the commercial sector to provide a solid foundation for the entire space data network mission, empowering operational personnel. The US Department of Defense stated that the SDN backbone network is a proliferative low Earth orbit (pLEO) satellite constellation that will expand a satellite mesh network providing global communication services and will work in conjunction with NASA's "Transport Layer" to form a unified architecture to support critical data transmission for current and future Department of Defense needs. The Space Force also revealed plans to determine more contractors for satellite manufacturing and other network elements in the summer of this year.