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What S&P Sector is SpaceX likely to be in once it launches on the public markets. View More
In this articleSPGIFollow your favorite stocksCREATE FREE ACCOUNT SpaceX is on the verge of going where no initial public offering has ever gone before.The company, created and led by Elon Musk, is targeting a stratospheric valuation of $1.75 trillion on the Nasdaq Stock Market. SpaceX may be fast-tracked into broadly held indexes like the Nasdaq 100 and S&P 500 at light speed. The upper stage of a Falcon 9 rocket deploys a stack of Starlink "V2 Mini" satellites in orbit.SpaceX As market watchers and investors prepare and strategize the best ways to play the IPO, one way to get involved will be to buy the S&P Sector and Industry Indexes where SpaceX will eventually reside.When a company goes public, as SpaceX is likely to do in the coming weeks, two financial data companies, S&P Global and MSCI, determine which sector and industry indexes are the right fit. Because SpaceX is involved in so many areas of the economy - everything from space rockets, to satellite internet, to data centers and artificial intelligence agent Grok, to name a few - placement may be more complicated in this case.Here's how it works. First a newly listed company is put into one of the 163 "sub-industries." From there, it's whittled down to one of 74 "industries," and then again to one of 25 "industry groups" before being assigned to one of the 11 S&P Sectors. Those sectors include information technology, communications, industrials, real estate, materials, health care, consumer staples, consumer discretionary, financials, utilities, or energy.MSCI and S&P look at four tiers when deciding on sector placement. The first thing MSCI and S&P consider is which parts of a company create the most revenue. SpaceX's S1 filing released last week says, "Our Space and Connectivity segments contributed the substantial majority of our consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025, demonstrating the benefits of their scale and operating leverage in our vertically integrated business model." The "space" part of the equation is the rocket launches and space missions. SpaceX's filing says, "We generate Space revenue primarily through launch and mission services of Falcon 9, Falcon Heavy, and Dragon provided to commercial and government customers."When SpaceX talks about connectivity, it means Starlink, which supplies customers with high-speed internet service all over the world. That part of the business brought in more than $11 billion in revenue in 2025. New construction rises above the SpaceX production facility as preparations continue for the 12th test flight of the Starship spacecraft and Super Heavy booster at Starbase in Texas, U.S., May 16, 2026. Steve Nesius | Reuters The space business was responsible for about $4 billion in revenue last year. Another part of SpaceX's business is xAI, which includes Musk's artificial intelligence platform known as Grok. The S1 filing shows the AI business brought in $3.2 billion in 2025. xAI also derives revenue from data centers in Memphis, Tennessee, and Southaven, Mississippi. Representatives for MSCI and S&P say that while revenue is a key driver in judging which sector a company will ultimately fall, "Earnings and market perception, however, are also recognized as important and relevant information for classification purposes, and are taken into account during the annual review process."Based on revenue from Starlink, SpaceX is likely destined for the S&P Communication Services Sector which currently includes companies like Alphabet, Meta, Netflix, and Echostar â a company that owns between 2% and 3% of SpaceX. AT&T, Verizon, Netflix, Charter Communications, and Walt Disney are also members of the Communication Services Sector.SpaceX could also be a candidate at some point for the industrials sector, which houses space and defense companies including Howmet, Boeing, GE Aerospace, Northrop Grumman, L3, and General Dynamics. FILE PHOTO: Elon Musk gives a tour to U.S. President-elect Donald Trump and lawmakers of the control room before the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, U.S., November 19, 2024 .Brandon Bell | Via Reuters While SpaceX includes some earth-based data centers, at the U.S.-Saudi Investment Forum in November 2025, Musk made it clear the future of that part of the business is in space. "If you want to have something that is producing a million times more energy than earth can possibly produce you must go into space, that's where it is kind of handy to have a space company," he said. "Even in the four- or five-year time frame the lowest cost way to do AI compute will be with solar powered AI satellites."While most terrestrial data center companies are in the S&P Real Estate Sector, a space-based competitor such as the one Musk envisions may be classified differently as it wouldn't be taking up land.In the S1 filing released last week, SpaceX made the case it is also a data center company: "We believe SpaceX is uniquely positioned to deploy and operate data centers in orbit that can eventually achieve a lower cost than terrestrial data centers over time due to our extreme vertically integrated approach across launch, satellite manufacturing at scale, network connectivity, and terrestrial data center expertise." Right now the S&P Real Estate Sector is home to three major data center-focused companies including Equinix, Digital Realty Trust, and Iron Mountain. All three stocks are up significantly so far in 2026. 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Following a bridge collapse, residents demanded accountability for corruption and construction quality. The safety of multiple bridges in Bihar is under scrutiny, with visible damage prompting state investigations. View More
The agreement is part of JSL's ongoing nationwide drive to create awareness regarding the application of corrosion-resistant and high tensile stainless steel View More
William Butler Yeats' quote highlights the importance of taking an action in the moment, instead of waiting for the perfect time. It addresses the issue of procrastination directly and suggests that if we keep waiting for the right time, it may never come. View More
India imposed a provisional anti-dumping duty on low-ash metallurgical
coke - known as ?met coke - imports in December for six months View More
India's Steel Ministry wants finance ministry to remove import duties on met coke. Domestic supplies are low and prices are high. Steel manufacturers face financial strain. State-run RINL struggles to get enough met coke at good prices. Small and medium steelmakers also face challenges. The domestic market is not meeting the industry's needs. View More
India's Ministry of Steel has asked the finance ministry to withdraw anti-dumping tariffs on low-ash metallurgical coke imports, citing inadequate domestic supplies and higher prices, according to a government document reviewed by Reuters. India, the world's second-largest crude steel producer, imposed a provisional anti-dumping duty on imports of low-ash metallurgical coke - known as met coke - in December for six months. India primarily imports met coke from China, Indonesia, Poland, Japan and Switzerland. Import volumes are down sharply since the curbs were imposed, industry experts say. "Concerns have emerged regarding the limited availability of met coke in the domestic market and a substantial increase in domestic prices following the imposition of ADD, which has imposed a significant financial burden on steel manufacturers," the steel ministry said in an office memorandum dated May 18, referring to anti-dumping duties with an acronym. The ministries did not respond to emails from Reuters seeking comment. Live Events The steel ministry highlighted the difficulties faced by state-run Rashtriya Ispat Nigam Ltd (RINL), saying the company had been unable to procure adequate quantities of met coke at reasonable prices from the domestic market, resulting in a 20% rise in input costs. CONCERNS FOR SMALL AND MEDIUM-SIZED STEELMAKERS RINL, which is undergoing a government-backed financial revival, has seen its operational viability and competitiveness adversely affected by inadequate supplies of met coke, the steel ministry memorandum said. RINL did not respond to a Reuters email seeking comment. The ministry also flagged concerns for small and medium-sized steelmakers, which rely heavily on merchant suppliers for met coke. "The domestic market has not been able to ensure adequate availability of met coke at competitive rates to meet the requirements of the steel industry," it said. Steel mills have struggled to procure met coke ever since the government introduced import curbs from January last year. Major steelmakers, including JSW Steel and ArcelorMittal Nippon Steel India, have also raised concern about the impact of the curbs on steel production in the country. In 2025, met coke imports fell 21% to 3.81 million metric tons compared to a year ago, according to data from commodities consultancy BigMint. India's steel mills secured only about half of their metallurgical coke needs from domestic suppliers in the first half of 2025, Reuters reported in October. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
India and six nations have approached the World Trade Organization regarding the UK's new steel import restrictions. These measures, set to reduce tariff-free quotas significantly, are a concern for trade. India has urged the UK to adopt less trade-restrictive solutions. The issue is a hurdle for the India-UK economic pact. View More
New Delhi: India, along with six other countries, has reached out to the World Trade Organization (WTO), raising concern over the UK's latest steel safeguard measures that seek to limit tariff-free steel imports . At the WTO's Council for Trade In Goods meeting Wednesday, New Delhi asked the UK to find solutions that are least trade-restrictive in nature. Also read: UK's Scotch whisky body hopes for 'swift' India FTA implementation The issue remains a sticking point in implementation of the India-UK compressive economic and trade agreement (CETA) signed on July 24, 2025. The pact was expected to come into force this month, but now the two sides are trying to work out a "creative solution" to ensure the deal is implemented "at an early date". The proposed measure by the UK is slated to come into effect July 1, reducing the overall quota volumes by 60% compared to the earlier steel safeguard measures. Any imports exceeding these levels will now face a 50% tariff. Live Events Earlier, the UK had in place safeguard measures that also imposed import quotas . The new measures reduced that quota. "India said it remains engaged with the UK in addressing our concerns on this important sectoral issue," said an official aware of the WTO meeting. "We request the UK to find solutions which are least trade-restrictive in nature." Brazil, Turkiye, Switzerland and Australia also flagged their concerns on the measure, besides Japan and Korea who initiated the discussions. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The UK defended the measures as necessary to protect domestic steelmaking capacity, even as the issue threatens to complicate implementation of the India-UK trade agreement View More
While backing global opposition against the July 1 tariff hikes, New Delhi is working bilaterally with London on a ‘creative’ solution to break the FTA deadlock. View More