NEW YORK, June 26, 2026, 18:12 EDT
- SpaceX’s inclusion in the Russell is more significant for growth funds than for value funds. FTSE Russell allocated 90.4% of the stock to growth, with just 9.6% tagged as value.
- FTSE’s projected share count, using $153.23, puts Russell notional near $80.9 billion. Growth comes in around $73.1 billion, value at $7.8 billion, based on the calculations.
- Passive Russell funds will have to pick up over $4 billion in SpaceX stock. Nasdaq-100 eligibility could mean another test for index demand on July 6. Reuters
- S&P 500 trackers will not be in the initial group as S&P Dow Jones Indices kept its rules on profitability, seasoning, and float. News Release Archive
Space Exploration Technologies Corp NASDAQ:SPCX joined the Russell U.S. indexes after the bell on Friday, but one detail for index investors is less visible. Around $73.1 billion of SPCX’s estimated Russell notional has been tagged as growth, using FTSE Russell’s share count, its style split, and Friday’s $153.23 close.
FTSE assigned the stock a 90.4% growth and 9.6% value split for Russell style, using a projected share count of 527.777 million for the index add. Based on a price of $153.23, total Russell notional is almost $80.9 billion, with roughly $7.8 billion pegged to value.
Split is key since the first passive buying isn’t even. Russell growth index funds pick up most of the exposure, while value funds only get a fraction of a company that Reuters said traded at about 107 times 2025 sales. For comparison, NVIDIA Corp NASDAQ:NVDA traded at 21 times. Reuters
Russell index funds tracking the benchmark are set to buy over $4 billion in SpaceX to stay in line, Stephens quant analyst Melissa Roberts wrote Friday. Reuters said traders swapped around $19 billion in SpaceX shares for the day, nearly half that volume trading in the last few minutes. Reuters
At Friday’s price, the $4 billion order is about 5% of FTSE’s estimated SpaceX notional. That’s around 21% of Friday’s dollar turnover.
Steven DeSanctis, equity analyst at Jefferies in New York, told Reuters this week the reconstitution might trigger a “really massive trade.” “And the turnover is dramatic. That does argue for twice a year,” he said. Reuters
FTSE Russell is back to a semi-annual reconstitution schedule. The company said about $12.2 trillion in investor assets are either benchmarked to or invested in Russell U.S. indexes. For the June 2025 reconstitution, $217.2 billion traded at the close. LSEG
FTSE Russell’s Catherine Yoshimoto said there are “no major rule changes” in the June reconstitution for its U.S. indexes, according to Reuters. SpaceX, which FTSE listed as having its IPO on June 12, hit fast-entry criteria and is set for addition to the Russell 1000, Russell Top 200 and Russell Small Cap Completeness, FTSE’s notice said. Reuters
SpaceX shares have given back most of their post-IPO surge. After hitting $225.64 on June 16, the stock last changed hands at $153.23, up about 13.5% from its $135 debut but down 32.1% from its peak. Reuters
The small float is making the index calculations react faster. Reuters said about $100 billion in SpaceX shares are listed for trading, compared to a near $2 trillion market value, with Musk, insiders, and employees holding the rest. Reuters
Nasdaq-100 is the next forced-buy trigger. Under its rules, an IPO in the top 40 usually gets in after 15 sessions. Reuters said SpaceX could be eligible July 6. If it joins, ETFs like Invesco QQQ ETF NASDAQ:QQQ would have to buy. indexes.nasdaq.com
S&P 500 trackers stay out of the first group. S&P Dow Jones Indices, which is owned by S&P Global Inc. NYSE:SPGI, said on June 4 it won’t adjust rules on financial viability, seasoning, or minimum investable weight for the S&P 500, S&P MidCap 400, or S&P SmallCap 600. The group said IPOs still generally need at least 12 months of trading plus positive GAAP net income both in the last quarter and in the combined four quarters. News Release Archive
