SpaceX's Nasdaq-100 Weight Could Jump 1.51% in September Rebalancing, Driving $12.4B in Demand
SPCX sits 43% above its 52-week low of $104.83 on light trading volume (0.3× avg).
Summary
J.P. Morgan estimates SpaceX's weight in the Nasdaq-100 could rise by 1.51% in the September rebalancing, triggering index fund demand for about 84 million shares worth over $12.4 billion. The company currently holds a 1.25% weight with a market cap just over $2 trillion. Lockup expirations through December 8 will lift the float to 40% of shares outstanding, up from 6.5 billion tradeable shares now versus 13.57 billion total. Rebalancing results are due September 18. This follows SpaceX's July 7 fast-entry addition to the index and its record June IPO.
At the time of this announcement, SPCX was trading at $149.92 on NASDAQ in the Technology sector, with a market capitalization of approximately $2T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.