It is certainly possible that they can generate more cash than they can spend and don't need to raise, I suspect we will not know the answer until after Battery Day.
But I'm not sure Tesla does or doesn't want to raise cash, more cash in the bank is always handy... especially when expanding rapidly..
S&P 500, brings in a solid class of "buy and hold investors" and signals the maturity of the company to the slower learners.. It probably burns the rest of the shorts..
The share price is decoupled from the business, for the business, revenue and sales are what mostly count,,,
So possibly S&P 500 means fewer crap FUD articles in the press, and perhaps a bit more acceptance of the Tesla brand by a wider portion of the car buying public...
For the S&P 500 committee and the Index Funds, Tesla brings an opportunity to grow member funds and diversify away from risky Fossil Fuel assets...
If both sides are playing the long game, they do a deal, because Tesla in the S&P 500 is in the interests of both parties... the only clear losers are those that have already lost... the Shorts and the Fossil Fuel industry...
EDIT:: I will say the Index Funds need Tesla in the index more than Tesla needs to be in the index, but they don't need it at any price.....