SpaceX is set to join the Nasdaq-100 index before the market opens on July 7. The move comes less than a month after Elon Musk's company completed its historic IPO on Nasdaq under the ticker $SPCX.
The inclusion is a direct result of a rule change by Nasdaq, which now allows a newly listed company ranked in the top 40 by market capitalization to enter the index after just 15 trading days. SpaceX's IPO on June 12 raised approximately $85.7 billion, making it the largest in history. Shares debuted at $135 and closed their first day around $161, pushing the company's valuation beyond $2 trillion.
This triggers a wave of mandatory buying. Every ETF and mutual fund benchmarked to the Nasdaq-100, including the massive Invesco QQQ, must purchase $SPCX shares. Estimates project this could generate over $22 billion in demand from passive funds alone.
SpaceX's inclusion in the Nasdaq-100 is distinct from its existing presence in total-market ETFs. The rebalancing will alter the weightings of all other stocks in the index, subtly changing the risk profile of a global financial benchmark.
The company operates two major businesses: a launch division built on reusable rockets and its Starlink satellite internet constellation. The IPO capital provides a substantial war chest for projects like the Starship Mars program.
SpaceX is not yet eligible for the S&P 500, which has stricter inclusion rules.