SpaceX set to join Nasdaq 100, paving way for wave of passive buying

SpaceX will be added to the Nasdaq 100 index on July 7, exchange operator Nasdaq confirmed on Friday. The move paves the way for a surge in passive investments in the company. J.P. Morgan estimated that SpaceX's inclusion could draw 4.3 billion dollars in passive inflows. SpaceX made its Nasdaq debut on June 12. The company reported a net loss of 4.9 billion dollars last year. Michael Field, chief equity market strategist at Morningstar, said there is a lot of demand, which is why they fast-tracked the integration into the index. He added that some fund managers are skeptics and think the stock is overvalued. S&P Global said this month that it is not changing the requirements for SpaceX to enter its major indices, including the S&P 500, and will wait for at least 12 months before even considering it.