SpaceX Joins Nasdaq-100
On July 7, 2023, Space Exploration Technologies (NASDAQ: SPCX) was added to the Nasdaq-100 index, which includes the 100 largest non-financial companies by market capitalization listed on the Nasdaq exchange. The company, with a market cap of approximately $2 trillion, surpassed the threshold of $121 billion required for inclusion, as Nasdaq’s new fast-track rules allow recent IPOs to join the index earlier.
Future Share Availability
SpaceX’s float is currently only about 5% of its market cap, but this is expected to increase. Over the next 180 days, 100% of early-release shares will become available for trading. A key milestone is set for two days after the company’s earnings release for Q2 2023, with 20% of shares potentially unlocking. Significant investors, including Elon Musk, will be holding their shares for at least 366 days post-IPO.
Impact on Nasdaq-100 Weighting
Once SpaceX’s shares are fully unlocked, it could account for around 4% of the Nasdaq-100 index. Analysts predict that its weighting is likely to align with its substantial market cap by mid-August. Despite current sell-offs in SpaceX’s stock, the company is seen as having high growth potential, contingent on executing its ambitious plans.
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