SpaceX enters the Nasdaq-100 before trading opens on Tuesday, July 7, just 15 trading days after its June 12 IPO. Funds that track the index can start buying the stock once markets close on Monday. J.P. Morgan expects the change to draw about $4.3 billion in passive inflows, according to Reuters.

The speed is the story here. Nasdaq recently eased its eligibility rules on profitability, time since listing and public float, and SpaceX is one of the first companies to benefit from the fast-track framework, CNBC reported.

Why the index move forces buying

More than $800 billion is benchmarked to the Nasdaq-100. Funds that track it, including Invesco’s QQQ and QQQM, must hold every stock in the index. When SpaceX joins, they have to buy, whatever they think of the price.

The company is expected to enter with a weighting under 1 percent. That still means billions of dollars in orders aimed at a small pool of available shares.

A tiny float meets forced demand

Only around 5 percent of SpaceX’s roughly 13 billion shares trade publicly, according to KeyBanc research cited by Yahoo Finance. Elon Musk holds a 42 percent stake that stays locked up until June 2027. Passive buyers will be competing for a thin supply of stock.

A volatile first month on the market

SpaceX priced its IPO at $135 per share and touched an intraday high of $225.64 after its debut, before giving back much of that gain. KeyBanc started coverage at Sector Weight, arguing the valuation already reflects the company’s long-term growth prospects. The company reported a net loss of $4.9 billion last year, Reuters noted.

Starlink remains the main earnings engine. The satellite internet unit generated about $11.4 billion in revenue in 2025, according to figures cited in KeyBanc’s coverage.

The index funds place their orders after Monday’s close. Tuesday’s open will show what forced buying does to a 5 percent float.

FYI (keeping you in the loop)

Does joining the Nasdaq-100 usually lift a stock?

Not reliably. Index inclusion brings one-time buying from tracking funds, and coverage of past additions notes the bounce often fades once that buying ends.