SpaceX Stock Rises and It Could Get a Big Boost Today

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SpaceX’s weighting in the Nasdaq 100 is set to more than double. (Getty Images)

Key Points

SpaceX stock rose to start the week as the Nasdaq-100 index’s quarterly rebalance takes effect Monday.
The company’s weighting in the index is expected to increase to 2.82% from 1.28%, which could trigger more passive fund buying.
SpaceX shares have climbed back above their IPO open price of $150 but are down more than 10% since the start of July.

SpaceX stock was rising to start the week and it could be set for another boost as the Nasdaq-100 ’s quarterly rebalancing takes effect Monday.

The rocket and satellite company’s weighting in the tech-heavy index is expected to increase substantially, triggering more passive fund buying. Its weight in the index could more than double to 2.82% from 1.28%, Bloomberg reported citing data from the index provider.

SpaceX was fast-tracked into the index in July, less than a month after its blockbuster IPO. Its relatively low weighting, despite its $2 trillion market capitalization, is due to Nasdaq adjusting index weight based on a company’s free float–how many shares are publicly available.

Most of the company’s shares were locked up when it first entered the index.

The shares could do with a boost –they’ve climbed back above their IPO open price of $150 but are down around 10% since the start of July. The stock pointed 2.1% higher at $155.94 in early trading Monday.

Write to Callum Keown at callum.keown@dowjones.com

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