SpaceX began trading on Nasdaq after raising more than $85 billion, making it the largest IPO on record, and could join major index funds within weeks under fast-entry rules. The company listed at $135 per share and its valuation later surpassed $2 trillion. James Flintoft, head of investment solutions at AJ Bell, stated that millions of investors may soon find SpaceX inside funds they already own as the Nasdaq debut has opened fast-entry routes into several major indexes, while S&P 500 funds remain tied to a longer eligibility schedule. Only about 8% of SpaceX shares are currently tradeable, which will limit initial index weightings.
Nasdaq-100 Allows Top-40 Companies to Enter Within 15 Trading Days
Nasdaq's May 1, 2026, methodology update allows newly listed companies ranked among the top 40 by market capitalization to enter the Nasdaq-100 within 15 trading days. FTSE Russell announced on May 26, 2026, that eligible large IPOs can enter Russell U.S. indexes after the fifth trading day, using first-day free float. MSCI's Global Investable Market Indexes have used fast-track rules for large IPOs since 2007, covering benchmarks tied to MSCI World, MSCI ACWI, MSCI Emerging Markets, and MSCI EAFE products. Flintoft explained that if portfolios include Nasdaq-100 trackers, FTSE Russell-based products, MSCI World or MSCI All Country funds, those products will acquire exposure within weeks of listing.
S&P 500 Requires 12-Month Trading History and GAAP Profitability
S&P Dow Jones Indices confirmed June 4 that companies must trade publicly for at least 12 months and be profitable under U.S. Generally Accepted Accounting Principles. SpaceX has yet to meet either requirement, placing potential S&P 500 inclusion no earlier than mid-2027. The company reported a $4.94 billion net loss in 2025, compared with a $791 million profit in 2024, while revenue rose 33% to $18.67 billion. It also recorded a $4.3 billion loss in the first quarter of 2026.
Limited Free Float Constrains Initial Index Weightings
Bloomberg data shows about 8% of SpaceX shares are currently tradeable. Flintoft stated that the initial weighting will be measured in basis points given the constrained free float, but as lockup tranches release over the following six months, the weighting will grow. Additional shares are scheduled for release after the first quarterly earnings report and at later lockup dates.
FAQ
When can SpaceX enter the Nasdaq-100 index?
SpaceX can enter the Nasdaq-100 within 15 trading days under the exchange's May 1, 2026, methodology update, which allows newly listed companies ranked among the top 40 by market capitalization to qualify.
Why is SpaceX not eligible for the S&P 500 immediately?
S&P Dow Jones Indices confirmed June 4 that companies must trade publicly for at least 12 months and be profitable under U.S. Generally Accepted Accounting Principles. SpaceX has yet to meet either requirement, placing potential inclusion no earlier than mid-2027.
