SpaceX (SPCX) Stock: Weighting to Double in Nasdaq 100, Billions in ETF Buying Expected
TLDR
- SpaceX’s Nasdaq 100 weighting is expected to rise from roughly 1.28% to 2.82% following a rebalance later this month.
- The change could trigger billions in new buying from passive funds, including the $481 billion QQQ ETF.
- Baird Financial Group acquired 78,590 SPCX shares in Q2, valued at around $13.4 million.
- SpaceX reported Q2 revenue of $7.81 billion, up 91.9% year over year, with a loss per share of $0.09, beating estimates.
- Analyst consensus sits at “Moderate Buy” with an average price target of $221.06.
SpaceX (SPCX) opened at $151.21 on Friday, well below the analyst consensus price target of $221.06, as the company prepares for a meaningful shift in its Nasdaq 100 weighting later this month.
Space Exploration Technologies Corp., SPCX
The index rebalance is expected to lift SpaceX’s weighting from roughly 1.28% to about 2.82%, based on pro forma data from Nasdaq’s Global Index Watch released late Friday. The final weighting will be confirmed later in September.
The move matters because passive funds that track the Nasdaq 100 are required to adjust their holdings to match the index. That includes the Invesco QQQ Trust, which holds around $481 billion in assets. Roughly $1.7 trillion in total assets tracked the Nasdaq 100 as of the end of Q2.
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