SpaceX, the world's No. 9 company by market capitalization, will be added to the tech-heavy Nasdaq-100 index on July 7. It is being included less than a month after its listing on the 12th, which is highly unusual.
According to Reuters and other foreign media on the 26th (local time), Nasdaq disclosed that SpaceX will be included as a component of the Nasdaq-100 index starting July 7.
The Nasdaq-100 is a flagship index composed of 100 large nonfinancial corporations listed on the Nasdaq in New York. U.S. tech corporations such as Nvidia, Apple and Amazon are included.
Because exchange-traded funds (ETFs) and index funds tracking the Nasdaq-100 are managed at large scale, it is common for passive money to flow into stocks added to the index. Global investment bank JPMorgan estimated that SpaceX's inclusion in the Nasdaq-100 will draw about $4.3 billion (about 6.6 trillion won) in passive money.
Nasdaq is operating a "fast track" rule that allows mega-cap corporations like SpaceX to be added to the Nasdaq-100 quickly. In SpaceX's case, it posted a net loss of $4.9 billion (about 7.5 trillion won) last year, but under the relaxed inclusion criteria it was able to join the Nasdaq-100 earlier.
Meanwhile, S&P Global, which manages the S&P 500 index of 500 large-cap stocks, decided not to change the inclusion criteria for major indexes. As a result, an evaluation of SpaceX's inclusion in the S&P 500 is expected to be possible only after 12 months.