> S&P 500 is not the most popular US equities benchmark for pension funds. Russell is the preferred provider

Where are you getting this from? Basically zero pension funds automatically track any single index. (There seems to be a misconception equating pension funds with retirement funds in general. Pension funds are, on the whole, remarkably sophisticated investors. Many pensions funds were private shareholders of these companies already.)

> Russell is the preferred provider - and they will include SpaceX 5 days after the IPO

Russell has loads of indices. Their total market index will quickly incorporate SpaceX. Same with S&P. There are also IPO indices that will incorporate it on day one, because that's what they're designed to represent.