SpaceX to join Nasdaq-100 after record IPO, triggering index fund buying

SpaceX is due to join the Nasdaq-100 before the market opens on July 7 after becoming eligible under updated index rules that allow some of the largest newly listed companies to qualify after just 15 trading days. J.P. Morgan estimates the change will force about $4.3 billion of buying by exchange-traded funds and other index-tracking vehicles that must mirror the benchmark, with much of the demand expected around the July 6 close and July 7 open. The company debuted on Nasdaq on June 12 after what the source described as a record IPO that raised about $75 billion, and Nasdaq had earlier confirmed the planned index addition. Since listing, SpaceX shares have been volatile, recovering to around $158 after falling more than 18% from earlier highs. Investors are also tracking Cathie Wood’s ARK Invest purchases, the company’s recent $25 billion bond offering and reports that SpaceX holds 18,712 Bitcoin on its balance sheet, making it one of the few Nasdaq-100 members with direct exposure to the cryptocurrency.