SpaceX is now the largest holding in the $97.7 billion Vanguard Extended Market ETF, surpassing 3,371 other stocks as of June 30. The ETF held 6,775,494 shares of SpaceX valued at $1.158 billion, despite the company's $1.63 trillion market cap, because its initial public offering float was only about 5% of total shares outstanding. This small float led the S&P 500 Completion Index to classify SpaceX as something other than a megacap stock, vaulting it to the top of the small- and mid-cap-focused fund. In contrast, SpaceX makes up just 0.29% of the Vanguard Growth ETF, weighted by a multiple of its float rather than market cap. As SpaceX gradually unlocks shares starting August 6, its weighting in larger ETFs is expected to rise, while it will likely be removed from the Vanguard Extended Market ETF.
Space Exploration Technologies Corp. Class A Common StockSpaceX becomes top holding in Vanguard Extended Market ETF, increasing visibility and potential demand from index funds.