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SpaceX is set to gain significantly more influence in the Nasdaq 100 Index when the benchmark completes its quarterly rebalance on Monday, with the company's weighting expected to more than double.
According to Bloomberg, citing data from the index provider, SpaceX's Nasdaq 100 weighting will rise to 2.82% from its current 1.28%. The calculation is based on Friday's closing prices and confirms an earlier provisional weighting for the space and satellite company.
The adjustment brings SpaceX's index representation closer to its substantial market capitalization. The company, which went public in July, is valued at more than $2 trillion and ranks as the seventh-largest company in the Nasdaq 100 by market value.
Despite its size, SpaceX currently does not rank among the top 20 Nasdaq 100 constituents by percentage weighting. Its relatively limited representation has been partly linked to restrictions on the availability of shares following its initial public offering, as a large portion of SpaceX stock remained locked up.
Nasdaq previously revised its index rules to make it easier for newly listed mega-cap companies to join the Nasdaq 100 earlier, removing the requirement that such companies have at least a 10% free float. The upcoming quarterly rebalance will further reduce the gap between SpaceX's market valuation and its influence within the benchmark.
The higher SpaceX weighting is also expected to generate substantial demand for the company's shares from passive investment funds. ETFs and other products tracking the Nasdaq 100 must adjust their holdings to match changes in the benchmark, potentially resulting in billions of dollars of mechanical SpaceX stock purchases.
Among the largest funds affected is the Invesco QQQ Trust Series 1 (QQQ), which tracks the Nasdaq 100 and manages about $482 billion in assets.
More broadly, over 200 investment products worldwide track the Nasdaq 100, representing more than $800 billion in assets. SpaceX's increased weighting means these funds will need to raise their exposure as the new index composition takes effect.
