SPGI changes
Pick any two versions below to diff them.
- Price
- $403.30 → $394.47(−2.2%)
- Next earnings
- Oct 29, 2026 → Oct 27, 2026
- Thesis
- Some investors see S&P Global's recent growth as unusually good and unlikely to last. Ratings revenue jumped 17% last quarter, largely on a surge of AI data center debt and merger financing. That is a source of issuance that can slow when AI spending cools. Other investors worry private lenders will skip public credit ratings altogether as private credit keeps growing. S&P Global has answered the second worry by doubling its private credit ratings coverage since 2021. It has also expanded further into new areas. These include a September 2026 deal to buy OpenZeppelin, which rates the security of onchain (blockchain) finance code, and an expanded data alliance with Kaiko. The Indices business, tied to a record $6.35 trillion in ETF assets, gives a second growth engine that moves with fund flows rather than the bond-market cycle. This offsets a slowdown in Ratings. For the discount to close, bond issuance tied to hyperscalers, the largest cloud computing providers, needs to keep coming in near management's $250-300 billion forecast for the year. Private credit deals also need to keep needing public ratings rather than bypassing them. The next quarterly results, removed: expected around late added: due on October added: 27, 2026, will help show this. So will full-year issuance data through year end, which together will show whether 2026's growth was a temporary AI-driven spike or a durable shift. If issuance holds up and private credit keeps needing ratings, the gap can close over the next two to four quarters. If AI-related debt issuance slows sharply, growth could cool back toward its more normal historical pace.
- Recent events
- Sep added: 29, 2026: Cboe and S&P Dow Jones Indices signed a 25-year extension of their exclusive license for S&P 500 index options, through 2051. Sep 17, 2026: S&P Global agreed to buy OpenZeppelin, a company that secures onchain (blockchain) finance code. Terms were not disclosed, and the deal is not expected to have a material financial impact. OpenZeppelin keeps operating under its own name inside S&P Global Ratings. Sep 11, 2026: S&P Global expanded its strategic alliance with digital-asset data firm Kaiko. Jul 28, 2026: S&P Global reported second quarter revenue of $4.15 billion, up 10%. Ratings revenue grew 17%, and Indices revenue grew 20%. Jul 1, 2026: S&P Global completed the spin-off of Mobility Global Inc., which began trading on the New York Stock Exchange under the ticker MBGL. May 20, 2026: The board of S&P Global approved a plan to spin off the Mobility division into an independent public company.