SpaceX's Nasdaq-100 Weighting Set to More Than Double After Free-Float Surge

Bloomberg reported Sept 8 that SpaceX's weighting in the Nasdaq-100 is on track to jump to roughly 2.82% from about 1.28% at the index's next quarterly rebalance (announced after the close Sept 18, effective Sept 21), based on pro forma data from Nasdaq's Global Index Watch. The driver is free float: more than 1 billion SpaceX shares have come out of post-IPO lock-up (the Aug 6, Aug 20 and Sept 9-10 tranches), lifting the tradeable float to nearly 30% of shares outstanding from less than 10% right after the June IPO. JPMorgan strategists estimated the reweighting could force roughly $15.5 billion in net passive buying from Nasdaq-100-tracking index funds and ETFs, including the $481 billion Invesco QQQ Trust. Bloomberg confirmed the pro forma weighting figures again Sept 12 as the rebalance neared; the final weighting will be set once the index committee's decision is announced.