#SpaceX surpasses TSMC, Amazon, and Microsoft in four days. What happens after MSCI passive funds exit?**

Within four days, it surpasses TSMC, Amazon, and Microsoft, with SpaceX directly climbing to the world’s fourth place. MSCI passive funds have just begun to enter, while active funds have already pushed the valuation above 2 trillion.
Passive funds are usually stabilizers of prices, not drivers. The real question is: after MSCI inclusion is complete and passive buying ends, how much reason remains for active funds to continue holding?

As an experienced investor, I’ll be straightforward: there aren’t that many reasons.
Currently, SpaceX’s core narrative is still “the future.” Things like Mars, Starship, and Starlink haven’t fully realized cash flow yet. The biggest fear for active funds is “the story ends, and performance can’t keep up.” Once passive funds push the price to a relatively comfortable level, some active funds will start to cash out, especially early investors who have already made 5-10 times their money.

SpaceX isn’t unable to continue rising, but the next wave of growth will likely have to wait until Starship achieves high-frequency launches and Starlink generates stable profits. During this period, the valuation will be relatively fragile.