Alphabet, the parent company of Google, has officially joined the 30-stock Dow Jones Industrial Average (DJIA), replacing Verizon Communications, effective 29 June (Monday).
Meanwhile, Space Exploration Technologies Corp. () made a record-breaking public market debut earlier this month, raising $85.7 billion, and is set to enter the 100 from 7 July. The twin developments underscore the growing influence of technology companies in global equity markets.
Here’s what market experts say about the available investment avenues for Indian investors, whether SpaceX could eventually make it to the Dow, and which of the two companies offers the stronger investment case.
How can Indian investors access Alphabet and SpaceX shares?
According to Gaurav Arora, Head of Research at Sahi, investors seeking a simple route can consider Nasdaq-100-based funds.
“The easiest route is a Nasdaq 100 ETF or fund, such as Motilal Oswal’s Nasdaq-100 fund, which will now automatically hold a slice of SpaceX alongside companies like , Microsoft and Nvidia,” Arora said.
He added that “those wanting to directly own Google or SpaceX shares can use Interactive Brokers under the RBI’s Liberalised Remittance Scheme, which allows up to $250,000 a year abroad.”
However, Arora cautioned that many US-focused mutual funds investing overseas remain closed to fresh inflows because of the RBI’s overseas investment limits, making it important for investors to check fund availability before investing.
Apurva Sheth, Head of Market Perspectives and Research at Samco Securities, said investors can also buy US stocks directly through Indian brokers offering international investing facilities.
“Indian investors have the option of directly buying these shares through Indian brokers offering access to US stocks. They can also invest in ETFs such as the SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks the Dow.
For broader US market exposure, investors may consider S&P 500 ETFs such as SPDR S&P 500 ETF (SPY) or Vanguard S&P 500 ETF (VOO),” Sheth said.
Meanwhile, Pratik Oswal, Chief of Passive Business at Motilal Oswal AMC, summed it up, saying, “For Indian investors, exposure to Alphabet and SpaceX can be accessed through international mutual funds, ETFs tracking US indices such as the Nasdaq-100, or via direct international investing under the Liberalised Remittance Scheme (LRS).”
Will SpaceX eventually become part of the Dow Jones?
Experts believe that such a move is still several years away.
According to Arora, “SpaceX isn’t even S&P 500-eligible yet. That requires at least a year of trading history along with sustained profitability under GAAP, which SpaceX hasn’t demonstrated. Dow inclusion, reserved for an even smaller, hand-picked group of companies, is realistically years away,” he said.
Tanvi Kanchan, Associate Director at Anand Rathi Share & Stock Brokers, also believes SpaceX’s entry into the Dow is unlikely in the near term.
“The standard requirements of at least 12 months of trading history and four consecutive quarters of GAAP profitability remain in place for S&P 500 inclusion, and the Dow generally selects established, profitable companies. Since SpaceX is still loss-making, it does not yet fit the Dow’s typical profile,” she said.
However, she noted that Dow constituents have evolved over time. “It’s not impossible over the next three to five years if SpaceX achieves sustained profitability and its public float expands,” Kanchan added.
Which is the better investment opportunity: Alphabet or SpaceX?
While both companies represent innovation, experts see different risk-reward profiles.
Arora believes “Between the two, Alphabet looks the safer, steadier bet- profitable, cash-rich, and powered by AI, cloud, and advertising. SpaceX is the thrilling, high-growth gamble on space travel and Starlink’s internet business, still posting GAAP losses.”
Sheth also favours Alphabet and mentioned that, “Alphabet offers a relative margin of safety over SpaceX. There is an optionality in buying Alphabet over SpaceX since it owns a 5-6% stake in SpaceX,” he said.
“For a retail investor with a long horizon and high risk appetite, SpaceX offers a rare entry point into a category-defining space and satellite business. For an investor wanting steadier, more analysable AI exposure, Alphabet is the more prudent core holding,” Kanchan mentioned.
Oswal added that while Alphabet’s entry into the Dow carries symbolic significance, SpaceX’s inclusion in the Nasdaq 100 is likely to have a greater impact on passive investment flows because the Nasdaq 100 attracts significantly larger institutional and ETF investments.