Nasdaq Fast-Tracks SpaceX into Index Ahead of $75B IPO Valued at $1.77T
NDAQ•Nasdaq Inc. shortened its main index inclusion period for newly listed large-cap firms to fast-track SpaceX into passive funds' portfolios when it began trading June 12. The $75 billion IPO valued SpaceX at $1.77 trillion and sent shares 11% above the $135 IPO price to $150 on debut.
1. Index Rule Change
Nasdaq Inc. revised its main index rules to allow newly listed large-cap companies to enter within a shortened waiting period. The adjustment ensures passive index-tracking funds must purchase qualifying shares more quickly, increasing demand for debuting stocks like SpaceX.
2. SpaceX IPO and Trading Debut
On June 12, SpaceX raised $75 billion in what became the largest IPO in history, valuing the company at $1.77 trillion. Shares kicked off at $150, an 11% premium over the $135 IPO price, and traded around $164 by the close.
3. Implications for Nasdaq
This rule change and blockbuster IPO highlight Nasdaq’s growing role in attracting mega-cap listings and bolstering trading volumes. Enhanced passive inflows could boost exchange revenue and set a template for future high-profile debuts.
