SpaceX saw its weighting in the Nasdaq 100 more than double during the index's September quarterly rebalance, forcing every fund tracking the index, starting with the Invesco QQQ, to hold a materially larger position in the company. The reweighting followed the expansion of SpaceX's public float as post-IPO lockups expired, with roughly 7.7 billion shares outstanding and a float near 3.7 billion. At $151.85 and roughly $1.17 trillion of market capitalization, SpaceX is among the largest companies ever admitted to the Nasdaq 100 in its first year of trading, yet it reported a $541 million net loss last quarter on $7.81 billion of revenue, with a $143 million operating loss. Adjusted EBITDA was $3.54 billion, up 191% year over year on 92% revenue growth, with backlog at $47.5 billion, and management pulled its internal $1 trillion revenue timeline forward from 2031 to 2030 as Starlink subscribers doubled to 12.0 million. The same lockup expirations that lifted the index weight also add new tradable supply, and another unlock in late October and early November threatens to test whether the passive bid holds, with options pricing about an 18% implied weekly move around the earnings-and-unlock combination.
Space Exploration Technologies Corp. Class A Common StockNasdaq 100 rebalance more than doubles SpaceX's index weight, forcing index funds to buy more, but the same lockup expirations add tradable supply and an October/November unlock threatens the passive bid.
