SpaceX set to join Nasdaq-100 less than a month after IPO

SpaceX is set to join the Nasdaq-100 on July 7, less than a month after its June 12 market debut, in one of the quickest additions to the tech-heavy index. Nasdaq confirmed the inclusion, which is expected to trigger buying by index-tracking funds and exchange-traded products such as Invesco's QQQ and QQQM as they rebalance to reflect the benchmark’s updated membership. J.P. Morgan estimated the move could generate $4.3 billion in passive inflows. Morningstar's Michael Field said the fast-tracked addition reflected strong investor demand, though he added that Morningstar views the stock as overvalued. SpaceX has swung between sharp losses and small profits over the past three years, and reported a net loss of $4.9 billion last year. The change also highlights Nasdaq’s looser index-entry rules for newly public companies, including requirements tied to profitability, time since listing and public float. By contrast, S&P Global said this month it would not alter the standards for entry into its major indices, including the S&P 500, and would wait at least 12 months before considering SpaceX.