SpaceX to Join Nasdaq-100 on July 7 After Rule Change; JPMorgan Sees $4.3B Passive Inflows

Elon Musk’s SpaceX will be officially added to the Nasdaq-100 index before the U.S. market opens on July 7, just 15 days after its June 12 Nasdaq debut, setting the fastest inclusion record since the index was created, according to Jiemian News. JPMorgan estimates Nasdaq-100 tracking products alone could force about $4.3 billion of passive buying of SpaceX shares; including simultaneous inclusion in MSCI and FTSE Russell global index systems, total forced passive purchases could reach about $35 billion over 15 trading days. Jiemian said the rapid inclusion followed Nasdaq rule changes implemented on May 1, allowing newly listed mega-caps ranked in the top 40 by market value to apply for Nasdaq-100 inclusion after 15 trading days, replacing a prior minimum three-month waiting period. Nasdaq also adjusted eligibility standards, including removing a 10% minimum free-float requirement and combining market value across share classes. SpaceX listed on June 12 at $135 per share under ticker SPCX, raising about $86.25 billion including the greenshoe (net proceeds about $85.7 billion). The stock closed at $160.95 on its first day, and was around $162 at the July 2 close, valuing the company at about $2.13 trillion, Jiemian reported.