NEW YORK, June 30, 2026, 07:08 (EDT)
- U.S. regular session was still closed as premarket trade moved in New York.
- SPCX finished Monday at $164.19, up 7.15%. The ETF was last seen at $163.30 before the bell.
- Estimates for the Nasdaq-100 and Russell point to a minimum of 50.5 million shares set to be bought by index trackers at Monday’s close.
- Rocket Lab NASDAQ:RKLB and Iridium NASDAQ:IRDM offered investors a new public read on how Starlink is impacting the space.
Space Exploration Technologies Corp NASDAQ:SPCX heads into Tuesday with index demand still building up around the name, while the float remains small for a stock with a $2.16 trillion market cap. Shares settled at $164.19 on Monday, rising 7.15%. They traded at $163.30 in the premarket ahead of the 9:30 a.m. ET Nasdaq open. The Nasdaq market schedule lists July 3 as the next full closure for Independence Day, with June 30 open for trading.
The stock is trading 21.6% above its $135 IPO price, but still sits 27.2% under its $225.64 high. SpaceX said the IPO closed June 15 after selling 638,888,888 Class A shares, including the full overallotment, for total gross proceeds of around $85.7 billion. Shares started trading on Nasdaq June 12 under the SPCX ticker.
Nasdaq Inc NASDAQ:NDAQ said SpaceX is set to join the Nasdaq-100 on July 7. J.P. Morgan NYSE:JPM put passive inflows for the entry at an estimated $4.3 billion. Morningstar NASDAQ:MORN chief equity strategist Michael Field told Reuters there is “a lot of demand” for the fast Nasdaq move, but said: “We think the stock is overvalued.” S&P Global NYSE:SPGI said SpaceX won’t be looked at for its main indexes for at least 12 months, sticking to its index rules. Reuters
Russell’s moves are already at work. Stephens analyst Melissa Roberts told Reuters that passive funds would have to buy more than $4 billion in SpaceX to keep pace with Russell index changes. Reuters also said SpaceX ended Friday trading at around 107 times estimated 2025 sales, while Nvidia Corp NASDAQ:NVDA was at 21 times.
The $4.3 billion Nasdaq estimate and a $4.0 billion Russell minimum together mean at least 50.5 million shares at $164.19. FTSE Russell said SpaceX gets 527,777,000 shares for their index entry, calling the stock 90.4% growth, 9.6% value. The combined Nasdaq and Russell numbers are about 9.6% of that FTSE projection.
| Flow item | Dollar estimate | Shares at $164.19 | Read-through |
|---|---|---|---|
| Nasdaq-100 entry | $4.3 bln | 26.2 mln | Goes into effect July 7 |
| Russell demand floor | >$4.0 bln | >24.4 mln | Rebalancing is underway |
| Combined floor | >$8.3 bln | >50.5 mln | Makes up about 9.6% of FTSE shares |
| FTSE style split | 90.4% growth | — | Growth buying dominates weighting |
The ratio is key because index funds just follow the benchmark, not earnings or any analyst’s model, not even Starship updates. That often props up the price for a while. But when more supply lands, late buyers can get stuck.
Morningstar’s Nicolas Owens and Suryansh Sharma see SpaceX as worth $780 billion—roughly 64% under its current market value. Most of that value comes from launch and satellite communications, with the AI business getting far less weight because the timing is unclear.
| Valuation check | Figure | Market read |
|---|---|---|
| Monday’s close, market cap | $164.19 / $2.16 tln | Pulled back but still above IPO |
| IPO price, gross proceeds | $135 / $85.7 bln | Issuer kept the cash |
| Morningstar fair value | $780 bln | That’s 64% under market cap |
| Reuters sales multiple | 107x 2025 sales | Nvidia traded at 21x |
Rocket Lab Corp NASDAQ:RKLB agreed Monday to acquire Iridium Communications Inc NASDAQ:IRDM for $54 a share in cash and stock, putting Iridium’s enterprise value at around $8.0 billion. Rocket Lab gets Iridium’s L-band spectrum, its satellite network, and 2.55 million-plus active users. The deal is expected to close in mid-2027.
Rocket Lab CEO Peter Beck told Reuters the Iridium deal brings Rocket Lab “a very profitable business” and “all-important spectrum.” Micah Walter Range, who runs Caelus Partners, said Iridium’s customers and distribution may be “more valuable than the hardware.” Reuters
Rocket Lab traded at $98.01 lately, up 15.9%, putting its market value at $59.3 billion. Iridium was last at $54.59, up 25.4%, giving it a $5.8 billion market cap. Rocket Lab’s equity is still about 1/36 of SpaceX’s, even with the latest deal bump.
| Listed space tape | Google Finance ticker | Latest quoted price | Move | Market value / deal read |
|---|---|---|---|---|
| SpaceX | NASDAQ:SPCX | $164.19 at the close, trading at $163.30 before the bell | Shares rose 7.15% at the close, but dipped 0.5% premarket | Market cap at $2.16 trillion |
| Rocket Lab | NASDAQ:RKLB | $98.01 | Jumped 15.9% | Market cap comes in at $59.3 billion |
| Iridium | NASDAQ:IRDM | $54.59 | Up 25.4% | Deal at $54; shares trade above the offer |
SpaceX now has a public debt curve. In a June 23 SEC filing, the company said it priced $25 billion in senior unsecured notes with coupons ranging from 5.350% due 2031 to 6.650% due 2056. SpaceX said it will use the proceeds to pay off its bridge loan, cover fees, and use anything left for general corporate needs.
The next scheduled move is July 7, when the Nasdaq-100 addition lands before the bell. Russell funds already made their changes. Tuesday’s market will show how much more buying is left after that first batch of Russell-linked trades.
