SpaceX will make up 2.82% of the Nasdaq 100 when the index's quarterly rebalance takes effect Monday, according to data obtained by Bloomberg, locking in a sharp increase from its current weighting of about 1.28%.
The final figure, calculated using Friday's closing price, matches a provisional weighting previously published by the index provider and reported by Bloomberg.
SpaceX's relatively small weighting as of now dates to its addition to the index in July. At the time, most of its shares were still locked up and unavailable for public trading, limiting the company's weighting even after Nasdaq changed its rules to let newly listed large-cap companies enter the index sooner and dropped a requirement that at least 10% of their shares be publicly tradable.
The expected increase would begin to close an unusual gap. SpaceX is the seventh-largest company in the Nasdaq 100 by market value, at more than $2 trillion, but its current weighting doesn't even place it in the top 20 in terms of percentage weight within the gauge.
A bigger weighting matters because passive funds tied to the benchmark must adjust their holdings accordingly. Such funds include the $482 billion Invesco QQQ Trust Series 1, known as QQQ, one of the largest ETFs. More than 200 investment products track the Nasdaq 100, with over $800 billion in assets under management globally.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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