SpaceX set for fast entry into US, global indexes under new FTSE rules

May 26 (Reuters) - Elon Musk's SpaceX is eligible for inclusion in both the Russell U.S. Equity Indexes and FTSE Global Equity Index Series under newly announced fast-entry rules, according to index provider FTSE Russell.

FTSE Russell, a London Stock Exchange Group business, proposed introducing a fast-entry mechanism for initial public offerings and revising eligibility requirements for its Russell U.S. Equity Indexes in February.

SpaceX is estimated to carry an investable market capitalization of ⁠about $70 billion, a figure ⁠that clears two major index eligibility thresholds -- the $17.5 billion market-adjusted breakpoint for Russell Top 500 inclusion and the $13.5 billion fast-entry threshold set by the FTSE GEIS, the index provider said.

SpaceX's listing is expected to be the highlight of what is shaping up to ⁠be one of the busiest ⁠years for IPOs in recent memory, with several high-profile venture-backed companies and startups, including OpenAI and Anthropic, laying the groundwork for their respective debuts.

Musk's space venture, which is eyeing a public listing that could value it at $1.75 trillion, is expected to be added to Russell Top 50, Russell Top 200, Russell 1000 indexes.

It ⁠could be included in FTSE GEIS' Global All Series, FTSE All-World, FTSE World Index, FTSE Global Total Cap.

The index provider, ⁠however, cautioned that the assessment is based on SpaceX's current ⁠S-1 filing and limited publicly available information, which could be reassessed based on subsequent filings.

SpaceX is ⁠aiming to list its shares as early as June 12, with a roadshow launch targeted for June 4 and the share sale expected as early as June 11, Reuters has reported.

(Reporting by Juby Babu in Mexico City; Editing by Shilpi Majumdar)