- JPMorgan estimates the Sept 21 Nasdaq-100 rebalance raises SPCX's index weight to 2.25% from 1.25%, adding about $15.5B in passive inflows to the stock.
- Nasdaq's May 1 fast-entry rule change let SpaceX join the Nasdaq-100 on its seventh trading day if its full market cap ranks among the top 40 constituents; JPMorgan estimates that provision drove about $4.3B of passive inflows.
- More than 1 billion SpaceX shares become tradable by the end of October, with another 1.3 billion potentially available after Q3 results in November.
- SpaceX reported Q2 2026 revenue of $7.8B, up 92% year over year, a net loss of $541M, and $93.5B in cash and equivalents; AI capex alone reached $15.8B in the quarter.
- The ERShares Private-Public Crossover ETF (XOVR) returned 5.64% from SpaceX's June 12 IPO through Sept 4, beating the Russell 1000 Growth Index at 1.64% and the Nasdaq 100 at 0.47%.
- SPCX carries a $1.97T market cap, down about 12% from its June 15 opening price of $171.74, and still trades above its $135 IPO price.
Quotes
“Clearly, there's a lot of demand, that's why they fast-tracked the integration into the index”
“We think the stock is overvalued.”
“The period since the SpaceX IPO is a clear illustration of the private-public crossover opportunity.”