Nasdaq said late Friday that SpaceX will be added to the Nasdaq-100 before the market opens on July 7, accelerating the company’s inclusion in one of Wall Street’s most widely tracked technology benchmarks. The move is expected to prompt buying by mutual funds and exchange-traded funds tied to the index after the market closes on July 6. SpaceX is expected to enter the index with a weighting of less than 1%, but the addition still marks one of the quickest entries into the Nasdaq-100 following a major public listing.
The inclusion follows Nasdaq’s recently adopted fast-track rules for large newly public companies, which allow some IPOs to become eligible after 15 trading days rather than after a much longer wait. Supporters of the change say it gives index investors faster exposure to large market entrants that quickly become significant parts of the market. Analysts also say the mechanics of index investing could create meaningful demand for SpaceX shares because the company’s publicly tradable float is relatively small compared with its overall market capitalization, magnifying the effect of required purchases by passive funds and closely benchmarked managers.
SpaceX has already been at the center of heavy index-related trading. FTSE Russell was set to add the stock to its U.S. indexes after Friday’s close as part of its semiannual reconstitution, a change Jefferies estimated could require nearly $3 billion in purchases by passive funds. Reuters reported that SpaceX shares surged as much as 67% to a June 16 intraday high of $225.64 before falling back to $153 on Thursday, though the stock remained above its $135 IPO price. The company is also ineligible for the S&P 500 because that index retained profitability and seasoning rules that SpaceX does not currently meet.
The stock’s rapid rise and index-driven demand have also drawn sharp criticism. Avner Stepak, chairman and controlling shareholder of Israeli investment house Meitav, called the company’s valuation “absurd” and warned that enthusiasm surrounding the IPO could reflect broader excesses in equity markets. He argued that SpaceX’s valuation, reported at roughly 100 times last year’s revenue, and strong retail participation could make the shares vulnerable if sentiment turns. Reuters similarly noted that SpaceX traded at more than 100 times 2025 sales, far above Nvidia’s recent multiple. SpaceX reported a net loss of $4.9 billion in 2025 while increasing revenue 33.5% to $18.7 billion, leaving investors divided between those who see dominant long-term positions in satellite internet, AI and commercial space, and those who contend market enthusiasm is running ahead of the company’s fundamentals.