SpaceX Fast-Tracked into Nasdaq 100, Passive Inflows Loom
According to Reuters, Nasdaq has confirmed that SpaceX (ticker SPCX) will be officially added to the Nasdaq 100 Index on July 7, 2026. This move is set to trigger a wave of passive buying from ETFs that track the index, such as Invesco's QQQ and QQQM. JPMorgan estimates that the inclusion will attract approximately $4.3 billion in passive fund inflows, as these funds must purchase shares of newly added companies according to their weighting.
SpaceX debuted on Nasdaq on June 12, less than a month before its index inclusion. The rapid integration was made possible by recent relaxations in listing requirements by Nasdaq, FTSE Russell, and MSCI, including criteria on profitability, days since listing, and number of tradable shares. SpaceX's financial performance has been volatile over the past three years, swinging between large losses and modest profits. Last year, the company reported a net loss of $4.9 billion.
Mixed Market Reactions: Fund Managers Question Valuation
Michael Field, Chief Equity Market Strategist at Morningstar, noted, "Obviously, there is strong demand, which is why they are being fast-tracked into the index." He added that while many investors welcome the move, some fund managers and skeptics are less convinced. Morningstar itself believes the stock is overvalued. Investors typically gain exposure to SpaceX through Nasdaq 100-tracking funds like QQQ and QQQM.
Notably, despite SpaceX's successful listing and rapid index inclusion, S&P Global stated this month that it will not adjust its requirements for SpaceX to enter the S&P 500 or other major indices. S&P Global will consider SpaceX for inclusion only after at least 12 months, meaning the company will not immediately benefit from passive inflows from S&P-related ETFs.
Tech IPO Wave on the Horizon: OpenAI, Anthropic Prepare
Driven by SpaceX's momentum, more top-tier tech companies are accelerating their IPO plans. Reports indicate that OpenAI and Anthropic, both leaders in large language models, are expected to file for IPOs this year or next, potentially seeking valuations exceeding $1 trillion. If these companies go public, they could trigger a new wave of tech mega-IPOs, further capturing global capital market attention.