ME News, July 6 (UTC+8), fund managers tracking the Nasdaq 100 index will complete a forced rebalancing after Tuesday's market close in local time, with approximately $4.3 billion in passive capital buying SpaceX (SPCX) shares, causing tens of millions of American investors holding Nasdaq index funds in 401(k), IRA, or regular brokerage accounts to unknowingly become "passive" shareholders of SpaceX. Starting July 7, SpaceX will officially become a constituent of the Nasdaq 100—the fastest company to join a major US index in history—with related fund holdings accounting for approximately 0.5% to 0.7%. Nasdaq previously 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 the new rules effective May 1 significantly lowered the threshold: as long as the market value ranks among the top 40 existing constituents, only 15 trading days and five days' advance notice are needed for "fast-track inclusion," and this rule was implemented just six weeks before SpaceX's IPO on June 12. Critics say this time window is "too short to complete price discovery" and even directly label it "the most shameless manipulation of a major index," benefiting the company, existing shareholders, and the exchange, while passive fund holders are forced to bear the price cost. SpaceX's publicly traded shares account for only 3% to 5%, and coupled with the float weight multiplier, the volume of passive buying far exceeds the actual float's capacity. Meanwhile, S&P remains unchanged, maintaining the original 12-month observation period, four consecutive quarters of GAAP profitability, and other criteria for the S&P 500. SpaceX reported a net loss of $4.28 billion in Q1 and a full-year loss of $4.94 billion in 2025, with the earliest potential to meet S&P inclusion criteria being mid-2027. Analysis points out that the real test comes on August 6, when the company releases its first quarterly earnings report and approximately 20% of insider lock-up shares expire. With passive buying disappearing and potential selling pressure, the supply-demand dynamics could reverse. (Source: BlockBeats)

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Nasdaq "special handling" welcomes SpaceX: $42 billion in passive funds bought in, August 6th unlocking is the real test

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