SpaceX shares rose at the start of the week, and the stock could get an additional boost as the Nasdaq-100’s quarterly rebalancing takes effect Monday.
SpaceX’s place in the tech-focused index is expected to grow a lot, which could lead to more buying from passive index funds. Bloomberg reports, using data from the index provider, that SpaceX’s weight in the index might more than double.
SpaceX joined the Nasdaq-100 quickly in July, only a few weeks after its big IPO. Even though the company is valued at about $2 trillion, its index weighting was low because Nasdaq bases weightings on the number of shares available for public trading. When SpaceX first joined, most of its shares were not available to the public.
The stock could benefit from this extra support. Shares are now above their original IPO price of $150, but they are still down over 10% since early July. Shares went up slightly before trading started on Monday.
