Odaily Planet Daily reports that SpaceX is set to launch its IPO, with an expected fundraising range of $50 billion to $75 billion, implying a valuation of approximately $1.75 trillion to $2 trillion—potentially the largest IPO in history. Analysts note that SpaceX’s exceptionally high valuation suggests it could rapidly be included in major indices and ETFs after listing, potentially leading to passive fund allocation speeds far exceeding those of previous large IPOs.
According to current rules and potential reforms:
1. Track the CRSP indices corresponding to Vanguard VTI and the growth-focused ETF VUG across the entire market, with potential inclusion within five trading days after SpaceX's listing;
2. The Nasdaq 100 Index tracked by QQQ can be included as soon as 15 trading days after listing;
3. The Russell 1000 and Russell 1000 Growth indices are expected to be added no earlier than September and December of this year, respectively;
4. The S&P 500 index tracked by SPY may be included after the rule changes in 2027.
SpaceX is expected to account for a weight of 0.47%–0.70% in the Nasdaq 100, higher than its representation in most float-weighted indices. Analysts suggest that as lock-up periods expire and more insider shareholders sell shares, SpaceX’s float may increase in the future, further boosting its weight in major indices. However, SpaceX’s current primary issue is its low float. Based on its current capital structure, its publicly tradable shares are estimated at only 2.86%–3.75%, far below the typical average of over 80% for major U.S. tech companies. This will limit its weighting in indices that use float-adjusted market capitalization. (BusinessInsider)