SpaceX's index weight poised to rise as more shares become available to trade

SpaceX was added to the Nasdaq-100 on July 7 under the index provider's new "fast-entry" provisions announced earlier this year. The index provider conducts scheduled rebalances in March, June, and September, in addition to the full reconstitution in December.

Results from the September rebalancing of the market-capitalization-weighted index tracking 100 of the largest non-financial companies listed on Nasdaq are expected to be released on September 18.

As of the early hours on Tuesday, SpaceX held a weight of 1.25% in the index with a market cap of just over $2 trillion, according to data compiled by LSEG.

At the time of its record-setting debut in June, the company had made less than 5% of its shares available for stock market trading, with share "lockup" restrictions set to be lifted in a staggered manner.

As of last close, around 6.5 billion shares were fully available for trading, compared with the over 13.57 billion total shares outstanding, according to LSEG-compiled data.

All in all, restrictions lifted through December 8 will increase SpaceX's float of potentially tradeable shares to 40% of the company. The remaining 60%, including Musk's stake, will stay locked up until mid-2027.

SpaceX's influence on the Nasdaq-100 index could grow further in the upcoming September rebalancing, potentially triggering billions in demand from funds closely tracking the index, according to data from J.P. Morgan.

The brokerage estimates, taking August 31 as the reference point for its calculations, that SpaceX's weight in the tech-heavy index could grow by a further 1.51%, with indexer demand seen at close to 84 million shares worth over $12.4 billion.