Test

<p><strong>SpaceX</strong> will join the <strong>Nasdaq-100</strong> before markets open on Jul. 7, forcing passive funds to buy billions in shares just weeks after the <a href="https://yellow.com/news/spacex-ipo-4400-employees-millionaires" rel="noopener noreferrer nofollow">largest IPO on record</a>.</p>
<h2 id="key-points">Key Points:</h2>
<blockquote>
 <ul>
  <li>SpaceX joins the Nasdaq-100 before the open on Jul. 7, the fastest index inclusion on record.</li>
  <li>J.P. Morgan estimates roughly $4.3 billion in passive buying from the Nasdaq-100 alone, with Russell funds adding more.</li>
  <li>Skeptics, including Jeremy Grantham, warn the stock looks stretched after a sharp run since its Jun. 12 listing.</li>
 </ul>
</blockquote>
<h2 id="spacex-index-entry-set-for-jul-7">SpaceX Index Entry Set for Jul. 7</h2>
<p>Nasdaq <a href="https://www.cnbc.com/2026/06/26/spacex-added-to-nasdaq-100-on-hold-on-hold-on-hold.html" rel="noopener noreferrer nofollow">confirmed</a> the move after the close on Jun. 26. The exchange <a href="https://www.ebc.com/forex/spacex-stock-nasdaq-100-index-trade" rel="noopener noreferrer nofollow">rewrote</a> its eligibility rules this spring, letting very large new listings join the index after just 15 trading days instead of the months companies once waited.</p>
<p>That waiver cleared the rocket maker, which trades as SPCX, only weeks after its Jun. 12 market debut. More than $800 billion tracks the index, led by the <strong>Invesco QQQ Trust</strong>, one of the most heavily traded funds on the market, so any portfolio built to mirror it must now hold the stock. SpaceX enters with a weight near 1%, held down by a small public float that still drives heavy mechanical demand.</p>
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<h2 id="passive-flows-test-spacex-stock">Passive Flows Test SpaceX Stock</h2>
<p>Analysts at <strong>J.P. Morgan</strong><a href="https://www.tipranks.com/news/spacex-stock-forecast-nasdaq-100-inclusion-could-change-everything-for-spcx" rel="noopener noreferrer nofollow">estimate</a> the Nasdaq-100 entry alone could draw about $4.3 billion in passive buying as trackers rebalance. SpaceX also landed in the Russell 1000 and Russell 3000, where index trackers may add close to $3 billion more in the days around the switch, on top of the Nasdaq-100 flows.</p>
<p>Not everyone trusts the rally. Veteran investor <strong>Jeremy Grantham</strong><a href="https://finance.yahoo.com/quote/SPCX/" rel="noopener noreferrer nofollow">called</a> the stock a bubble, and the shares have slid about 32% from a peak near $225 that a thin float had powered in early trading. <strong>Morningstar</strong><a href="https://en.wikipedia.org/wiki/Initial_public_offering_of_SpaceX" rel="noopener noreferrer nofollow">pegged</a> fair value near $780 billion, far below the first-day market value of roughly $2.1 trillion, while the S&amp;P 500 has so far declined to add the stock at all.</p>
<p>Critics <a href="https://spotgamma.com/spacex-ipo-index-changes-spotgamma/" rel="noopener noreferrer nofollow">argue</a> that pairing the fast-track rule with a public float near 5%, well under the usual SEC threshold, propped up the opening price at the expense of retail buyers and retirement savers.</p>
<h2 id="spcx-debut-fuels-valuation-debate">SPCX Debut Fuels Valuation Debate</h2>
<p>The buying is a one-time event. One <a href="https://seekingalpha.com/article/4915718-spacex-analyzing-the-expected-nasdaq-100-passive-demand" rel="noopener noreferrer nofollow">study</a> put index demand near $10 billion, about 8% of the free float, while the consensus 12-month target sits near $188, a split that captures deep disagreement over how fast the business can grow.</p>
<p>SpaceX has had a wild first month in public markets. It priced at $135 a share on Jun. 12, valuing the firm at $1.77 trillion, raised about $86 billion in the biggest IPO ever, then spiked toward $225 before pulling back. Last week the company <a href="https://simplywall.st/stocks/us/telecom/nasdaq-spcx/space-exploration-technologies/news/spacex-spcx-stock-heads-to-the-nasdaq-100-as-it-buys-cursor" rel="noopener noreferrer nofollow">sold</a> $25 billion in senior notes, piling on leverage just as the forced index buying begins, adding interest costs to a firm still posting losses.</p>
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SpaceX Faces Its Bubble Test As Forced Index Buying Kicks Off

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