Here’s a sentence most people never expected to read: owning a boring index fund now means owning a piece of Elon Musk’s rocket company, which also happens to hold nearly 19,000 Bitcoin.
SpaceX completed its IPO in June 2026, raising $75 billion at $135 per share, making it the largest initial public offering in history. On day one, the company’s valuation hit approximately $1.77 trillion. And because of how index inclusion works, millions of passive investors, the people who specifically chose not to pick stocks, are about to become shareholders whether they like it or not.
The float problem is the volatility problem
SpaceX’s public float sits at an estimated 3-4% of total shares outstanding. For a company valued at nearly $1.8 trillion, that’s an absurdly thin slice of tradeable stock.
Index inclusion rules were modified to accommodate SpaceX, featuring a 3x float multiplier for weighting in indices like the Nasdaq 100. In English: the stock gets weighted in the index at three times its actual float, which forces passive funds tracking those indices to buy even more shares than the available supply would normally warrant.
