SpaceX was added to the Nasdaq-100 index on July 7, 2026, a move anticipated to generate approximately $4.3 billion in passive inflows as index funds and exchange-traded funds (ETFs) tracking the Nasdaq-100, such as Invesco's QQQ and QQQM (which together manage over $570 billion), adjust their portfolios to reflect the new composition. This fast-tracked inclusion, among the quickest ever, was facilitated by Nasdaq's revised rules for newly listed companies and comes less than a month after SpaceX's stock market debut on June 12, 2026. SpaceX, with a market capitalization of over $2.1 trillion, making it the sixth-largest U.S. company, saw major brokerages including Morgan Stanley, Goldman Sachs, J.P. Morgan, Citigroup, and Wells Fargo initiate coverage with top ratings, praising its position in space, connectivity, and AI.
Despite the bullish analyst sentiment, some concerns persist. CFRA is the sole brokerage with a "sell" rating, arguing that SpaceX's valuation increasingly relies on unproven initiatives like Starship and xAI, citing execution risks, high capital intensity, and limited visibility into long-term profits. SpaceX reported a net loss of $4.9 billion in 2025 and another $4.3 billion in the first three months of 2026, and acknowledges it "may not achieve profitability in the future." Morningstar also views the stock as overvalued. In contrast, analysts from RBC, J.P. Morgan, Wells Fargo, Bernstein, and UBS project thousands of Starship launches annually by 2031, with Starship, the fully reusable next-generation rocket, seen as a key driver for ambitious growth.
SpaceX's weighting in the Nasdaq-100 is expected to be relatively modest, around 1%, despite its large market capitalization. This is due to the index's weighting based on free-float market capitalization, which excludes shares held by insiders or restricted from the market. Only a small percentage of SpaceX shares are publicly traded, limiting its initial impact on the index. The S&P 500, however, is not fast-tracking SpaceX's inclusion, maintaining its requirement for a stock to trade on an eligible exchange for at least 12 months and to have been profitable in its most recent quarter and over the sum of its last four quarters before consideration.
