SpaceX is being added to the Nasdaq-100 index before the stock market opens on July 7. Less than a month after going public, Elon Musk’s rocket and satellite company is about to become a fixture in one of the most widely tracked indices in global finance.
The inclusion will force every ETF and mutual fund benchmarked to the Nasdaq-100 to buy shares of $SPCX, whether their managers want to or not. That’s how passive investing works: if a stock is in the index, the fund has to own it. And when the company in question has a market cap north of $2 trillion, the buying pressure is enormous.
From IPO to index in record time
SpaceX completed its IPO on Nasdaq on June 12 under the ticker $SPCX, pricing shares at $135 each. The offering raised approximately $85.7 billion, including a greenshoe option, making it the largest IPO in history by a wide margin.
On its first day of trading, shares closed around $161. That pushed SpaceX’s market capitalization beyond $2 trillion, immediately placing it among the largest publicly traded companies on the planet.
