NEW YORK, June 27, 2026, 09:05 EDT
- SpaceX NASDAQ:SPCX is set to join the Nasdaq-100 before trading starts on July 7. Nasdaq said index-tracking products together hold over $800 billion in assets.
- Russell and Nasdaq-tied passive buying is estimated at over $8.3 billion, making up about 44% of SpaceX’s share turnover Friday and topping 8% of the $100 billion share pool listed for trading.
- The stock finished Friday at $153.23, off roughly 32% from its June 16 intraday high of $225.64. It’s trading at about 107 times estimated 2025 sales.
U.S. stocks are closed for the weekend, and Space Exploration Technologies Corp NASDAQ:SPCX is set to face buyers who don’t have many other options.
SpaceX is set to join the Nasdaq-100, Nasdaq Inc NASDAQ:NDAQ said, with the change taking effect before trading starts on July 7. The company’s addition comes less than a month after SpaceX—described by Nasdaq as a rocket-and-AI company—began trading on June 12. The index has more than 200 tracking products holding over $800 billion, according to Nasdaq.
The main issue for investors isn’t just the timing. It’s also about how much stock will have to be bought and what’s actually available. J.P. Morgan Chase & Co NYSE:JPM says Nasdaq-100 entry could mean $4.3 billion in passive inflows. Stephens’ Melissa Roberts puts passive fund buying at over $4 billion needed to realign with Russell indexes after Friday’s reshuffle. SpaceX only has around $100 billion in shares available to trade, with most of the rest locked up by Elon Musk, insiders, and staff.
That brings expected index demand to over $8.3 billion for a stock with about $19 billion in turnover Friday. Reuters said nearly half that activity came in the last minutes. In dollar terms, passive buying amounts to roughly 44% of Friday’s volume, and tops 8% of the listed trading pool.
SpaceX has cooled off after its hot start. The stock jumped 67% from its IPO price to an intraday high of $225.64 on June 16, but dropped back to close Friday at $153.23. That’s over the IPO price of $135, but just barely above the $150 opening trade. The flow could be important now that early gains have faded.
Funds like Invesco QQQ Trust NASDAQ:QQQ, Invesco Nasdaq 100 ETF NASDAQ:QQQM and iShares Russell 1000 ETF (NYSEARCA:IWB) follow their benchmarks, not valuations. That means some of the risk tied to SpaceX could move from active stock pickers to index investors who don’t own the stock themselves.
The valuation debate is ongoing. SpaceX posted a $4.9 billion loss last year and is valued at roughly 107 times its expected 2025 sales. For comparison, Nvidia Corp NASDAQ:NVDA was recently trading at 21 times sales, Reuters said. S&P Global Inc NYSE:SPGI hasn’t updated S&P 500 admission requirements for megacap IPOs. It still asks for profits in both the latest quarter and over the last four quarters.
“Clearly, there’s a lot of demand,” Michael Field, chief equity market strategist at Morningstar Inc NASDAQ:MORN, told Reuters about the Nasdaq move. Field said, “We think the stock is overvalued.” Reuters
Russell trade volume has been on traders’ radar. “This week’s reconstitution could mean a really massive trade,” Steven DeSanctis, equity analyst at Jefferies Financial Group Inc NYSE:JEF, told Reuters. Roberts said Friday marked a “key liquidity day,” pointing to estimates that reconstitution-day trading would hit almost $150 billion. Reuters
SpaceX bonds fell after the company launched a $25 billion debt deal, the Financial Times reported. Yield on the 10-year notes was close to 6%, and spreads over Treasuries went past 1.6 percentage points. Reuters previously said SpaceX’s AI plans will need tens of billions more for data centers, hardware and power supply, and said the new debt is refinancing a $20 billion bridge tied to the xAI buy.
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