WASHINGTON (dpa-AFX) - Space Exploration Technologies Corp. (SPCX) is set to be added to the Nasdaq-100 index in under a month since its IPO, making it one of the quickest companies to get this honor thanks to Nasdaq's new fast-track rules.
Late Friday, Nasdaq announced that SpaceX meets the criteria for entry into the tech-heavy index. If everything continues on track, index-tracking funds will start buying shares after the market closes on July 6, and SpaceX will officially be part of the Nasdaq-100 when trading starts on July 7.
This inclusion is likely to create new demand for SpaceX shares, especially since there's over $800 billion in assets linked to the Nasdaq-100, including the Invesco QQQ Trust.
SpaceX is expected to enter the index with a weight of under 1%, but its relatively small public float could lead to a surge in buying from passive funds. However, it's still not eligible for the S&P 500, as it doesn't yet meet the profitability and seasoning standards needed for that index.
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