On July 6, fund managers tracking the Nasdaq 100 index will complete a forced rebalancing after the local market closes on Tuesday, with approximately $4.3 billion in passive investment buying shares of SpaceX (SPCX). Millions of American investors holding Nasdaq index funds in 401(k), IRA, or regular accounts will 'passively' become SpaceX shareholders without their knowledge. Starting July 7, SpaceX will officially become a component of the Nasdaq 100—marking the fastest inclusion of a company into a major U.S. index in history, with related fund holdings accounting for about 0.5% to 0.7%. Previously, Nasdaq required new stocks to be listed for at least three months and have a public float of no less than 10% to be included in the index, but new rules effective May 1 significantly lowered the threshold—allowing for 'quick inclusion' as long as the market cap ranks within the top 40 existing components, requiring only 15 trading days and 5 days of prior notice. This rule was implemented just six weeks before SpaceX's IPO on June 12. Critics argue that this time window is 'too short to complete price discovery' and even label it as 'the most shameless manipulation of major indices,' benefiting the company, existing shareholders, and exchanges, while forcing passive fund holders to bear the price costs. SpaceX's public float only accounts for 3% to 5%, and combined with the liquidity weight multiplier, the amount of passive investment buying far exceeds the actual market capacity. Meanwhile, the S&P remains unchanged, maintaining its existing 12-month observation period and continuous four-quarter GAAP earnings thresholds. SpaceX reported a net loss of $4.28 billion in the first quarter, with an expected total loss of $4.94 billion for the entire year of 2025, and it may not meet the S&P inclusion criteria until mid-2027. Analysts point out that the real test will come on August 6—when the company releases its first quarterly report, and approximately 20% of insider shares will be unlocked. The disappearance of passive buying combined with potential selling pressure could reverse the supply-demand dynamics.

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· 4h ago

Just go for it 👊

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Nasdaq 'Fast Track' Welcomes SpaceX: $42 Billion Passive Investment, August 6th Will Be the True Test

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