Nasdaq makes special arrangements for SpaceX: $42 billion in passive funds were invested; the real test will be the unlocking of the shares on August 6.

According to Mars Finance, on July 6th, fund managers tracking the Nasdaq 100 index will complete a mandatory rebalancing after the market closes on Tuesday, with approximately $4.3 billion passively buying SpaceX (SPCX) shares. Tens of millions of US investors holding Nasdaq funds in 401(k), IRA, or regular accounts will become SpaceX shareholders "passively" without their knowledge. Starting July 7th, SpaceX will officially become a Nasdaq 100 component stock—the fastest company to be added to a major US index in history, with related funds holding approximately 0.5% to 0.7% of the index. Previously, Nasdaq required new stocks to be listed for at least three months and have at least 10% public shareholding before inclusion in the index. However, the new rules that took effect on May 1st significantly lowered the threshold—as long as the market capitalization ranks within the top 40 of existing component stocks, only 15 trading days and 5 days' advance notice are required for "fast inclusion." This rule was implemented exactly six weeks before SpaceX's IPO on June 12th. Critics argue that this window is "too short to complete price discovery," even going so far as to call it "the most shameless manipulation of major indices," benefiting the company, existing shareholders, and the exchange, while passive fund holders are forced to bear the price costs. SpaceX's publicly traded shares account for only 3% to 5%, and with the float multiplier, passive buying far exceeds the actual float's capacity. Meanwhile, the S&P 500 remains unchanged, maintaining its existing 12-month observation period and four consecutive quarters of GAAP profitability requirements. SpaceX reported a net loss of $4.28 billion in the first quarter and a projected loss of $4.94 billion for the full year of 2025, meaning it may not meet the S&P inclusion criteria until mid-2027 at the earliest. Analysts point out that the real test will come on August 6th—when the company releases its first quarterly earnings report, and approximately 20% of insider shares will be released from lock-up, potentially reversing the supply-demand balance due to the disappearance of passive buying and potential selling pressure.