SpaceX Joins Nasdaq 100 Following Record-Breaking IPO

Space Exploration Technologies Corp. (SpaceX) joined the Nasdaq 100 index on July 7, 2026, just 15 trading days after its June 12 initial public offering. The IPO was the largest in history, raising approximately $85.7 billion. This rapid inclusion was enabled by new fast-track rules from Nasdaq, FTSE Russell, and MSCI designed to attract large U.S. listings by relaxing profitability and seasoning requirements. SpaceX had already joined the Russell 1000 on June 26.

These index additions triggered massive passive investment, with estimates of forced buying ranging from $4.3 billion to as high as $27 billion from ETFs like Invesco's QQQ. However, S&P Global blocked the company from the S&P 500, citing a lack of positive GAAP earnings after SpaceX reported a $4.9 billion loss in 2025 and further losses in early 2026.

The company's entry into the index coincided with the end of the IPO quiet period on July 7, prompting major banks to initiate coverage. Sentiment is deeply divided: Morgan Stanley and Raymond James issued bullish ratings, with the latter setting a street-high price target of $800 based on AI infrastructure potential. Conversely, MoffettNathanson analysts questioned the $2 trillion valuation, and GMO co-founder Jeremy Grantham predicted a 90% chance of a stock crash, calling the company's AI ambitions inconceivable. Despite the bullish analyst reports, shares dipped approximately 5% to $151 on July 7, reflecting broader tech sector volatility.