SpaceX joins Nasdaq-100 on July 7, prompting index-fund buying

SpaceX, trading as SPCX, is set to join the Nasdaq-100 before the July 7 U.S. market open after Nasdaq confirmed the inclusion on June 26 under updated index rules for newly public companies. JPMorgan estimated roughly $4.3 billion of buying by index-tracking funds around the July 6 close and July 7 open, and said the stock could carry about a 1.3% index weighting. Shares have been volatile since the June 12 IPO at $135, rising as high as $225.64 before retreating; the newer source said SPCX closed Monday at $160.42, about 29% below its peak. Analysts and market participants said the index addition may support demand, but warned that high volatility, mixed visible order flow and lockup expirations beginning 70 to 135 days after the IPO could offset some of that support.