Index eligibility criteria from providers such as S&P Dow Jones Indices and FTSE Russell require minimum public float and trading history, a threshold SpaceX and Anthropic have avoided through repeated private rounds documented in SEC Form D filings. This produces a widening divergence: public-market indices capture only post-IPO liquidity events while early value accrual remains outside benchmark weights. One perspective, drawn from Vanguard’s 2023 index methodology statements, emphasizes that delayed inclusion preserves replicability for retail funds; another, reflected in SEC private-placement statistics through 2024, shows institutional platforms gaining exposure via tender offers unavailable to standard index vehicles. The MarketWatch account correctly flags timeline friction yet understates the policy dimension—ongoing Treasury and SEC discussions on accredited-investor expansion could either widen or narrow the retail-private gap depending on final rules. Primary data from company capitalization tables and exchange listing standards confirm the structural bypass pattern rather than temporary delay.