I have some concerns on Fidelity's FNILX index and how Fidelity is going to navigate the Space X situation.
Fidelity is a pre-IPO investor (another link), an IPO distribution partner, owner of the FNILX index, and manager of the fund buying.
The FNILX is S&P 500 like but not fully. There is no profitability requirement unlike the S&P.
I have seen other index providers make adjustments in their methodology just to include SpaceX such as the Nasdaq and the Russell indexes. S&P has decided to hold firm. I have no idea what FNILX will do as it is subject to discretion. Even after calling them up.
Fidelity has drastically changed its rules for SpaceX by lowering its threshold for IPO buyers from $500k to $2k, and the current SpaceX valuation is based on very lofty assumptions in a niche, infant industry- the antithesis of passive index investing.