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SpaceX is poised to receive a substantially larger weighting in the Nasdaq 100 later this month, potentially driving billions of dollars in purchases by passive investment funds that track the technology-heavy index.
According to pro forma data from Nasdaq’s Global Index Watch cited by Bloomberg, SpaceX’s Nasdaq 100 weighting is expected to climb to approximately 2.82% from about 1.28%. The final weighting will be established later this month.
The adjustment could generate significant demand for SpaceX shares because index funds and exchange-traded funds are required to rebalance their portfolios to reflect benchmark changes. One of the biggest funds affected is the Invesco QQQ Trust Series 1, which manages roughly $481 billion in assets.
SpaceX initially received a relatively small Nasdaq 100 weighting when it joined the index in July. At the time, a substantial portion of its shares remained under lockup restrictions, limiting the number available for public trading.
That restricted free float reduced SpaceX’s initial influence within the benchmark. Nasdaq had previously revised its rules to allow newly listed large-cap companies to join the Nasdaq 100 sooner while eliminating a requirement that at least 10% of their shares be publicly tradable.
Since then, additional SpaceX shares have entered the market as lockup periods expired. The expanding free float is now allowing the aerospace and satellite company to secure a larger Nasdaq 100 weighting.
The upcoming rebalance could also make SpaceX a more influential driver of Nasdaq 100 performance. With its weighting potentially more than doubling, movements in SpaceX shares would have a greater impact on the overall index.
Further increases remain possible as additional shares are scheduled to exit lockup restrictions. A continued expansion in SpaceX’s publicly tradable share count could eventually result in another upward adjustment to its index weighting.
SpaceX shares closed at $151.21, gaining 2.04%, according to Bloomberg data.
