SpaceX confirmed to get a weighting boost after Nasdaq 100 rebalancing: Bloomberg

SpaceX SPCX will account for a larger weighting of the Nasdaq 100 NDX when the quarterly rebalance of the index takes effect next week, Bloomberg reported on Saturday, confirming provisional data published by the index provider last week.

According to data obtained by Bloomberg and calculated based on the company’s last closing price, Elon Musk’s rocket, satellite, and AI company will make up 2.82% of the Nasdaq 100 NDX after rebalancing on Monday, a sizable increase from its current weighting of roughly 1.28%.

The publication projected a similar weighting boost for SpaceX SPCX last week using pro forma data published by the Nasdaq’s Global Index Watch.

Despite its market cap exceeding $2T, the Starlink owner made up a smaller weighting in the Nasdaq 100 NDX in July when it was added to the index, as most of its shares were locked up, limiting their public availability for trading.

As those lockups expire, the company’s free float as well as its weighting in the Nasdaq 100 NDX are expected to increase, prompting index funds and exchange-traded funds that track the benchmark to buy more of its shares.