$SPCX It surged over 5% during today's session, reaching $160. Since its listing on June 12, this stock has been the market's focal point. Multiple factors are converging:

Index inclusion drives passive fund accumulation
This is the core driver of today's surge. SpaceX was officially added to the Russell 1000 and Russell 3000 indices today, and it will enter the Nasdaq 100 index on July 7. Funds tracking the Russell indices may need to buy nearly $3B worth of SpaceX stock; JPMorgan estimates Nasdaq 100 inclusion will bring in about $4.3 billion in passive inflows. Listing for just 15 trading days before entering the Nasdaq 100 is the fastest ever. Nearly 200 ETFs already hold SpaceX shares, with some space and AI-themed ETFs allocating over 20% weight to a single stock.

AI narrative fuels a $60 billion acquisition of Cursor
Just days after listing, Musk acquired AI code startup Cursor with $60 billion in stock. This is the clearest signal of SpaceX's transformation from a "rocket company" to "AI + space." The market values this decisiveness.

Scarce float amplifies supply-demand imbalance
Only about 4.2% of shares were tradable on the first day. The IPO raised $85.7 billion, a record. Minimal float paired with massive passive buy orders naturally pushes the price higher.

Passive index buying + AI narrative + scarce float—three forces combined. Short-term buying pressure is indeed strong, but limited float also means high volatility. It fell from $225 to $149 in less than two weeks, and now it's back to $160.

How long can this wave of passive buying from index inclusion sustain? We'll only know after formal inclusion on July 7.