SpaceX To Join Nasdaq-100 That Will Drive Huge ETF Buying Demand

SpaceX became one of the quickest additions ever to the Nasdaq-100 index, setting up a fresh wave of buying from passive investors less than a month after the company’s blockbuster public debut.

Nasdaq announced after the close Friday that SpaceX qualifies for inclusion in the benchmark technology index. Assuming the company meets the requirements, index-tracking funds and other product sponsors would begin purchasing shares after the market closes on July 6, with SpaceX officially joining the Nasdaq-100 before trading begins on July 7.

More than $800 billion tracks the index, including the Invesco QQQ Trust (QQQ) , which is one of the most popular securities traded each day and is seen as a barometer for the artificial intelligence bull market.

The aerospace and satellite company is expected to enter the index with a weighting of less than 1%.

Adding SpaceX this quickly would make the Elon Musk company one of the first beneficiaries of Nasdaq’s recently adopted fast-track inclusion framework for newly public companies.

The changes allow some large IPOs to become eligible for the Nasdaq-100 after just 15 trading days, dramatically shortening what had historically been a far longer waiting period.

Under the previous framework, investors tracking the Nasdaq-100 could be forced to wait months before gaining exposure to newly listed market giants.