Key Highlights

● The IPO priced at $135 per share on June 11, 2026, raising about $75 billion.

● The company was reported to have joined the Nasdaq-100 on July 7, 2026.

● J.P. Morgan estimated about $4.3 billion of passive inflows from the Nasdaq-100 move.

● S&P 500 criteria include 12 months of trading, positive GAAP Earnings and 10% float.

Space Exploration Technologies Corp. (NASDAQ:SPCX), widely known as SpaceX, has been trading publicly since June 12, 2026, after pricing its initial public offering at $135 per share on June 11. index access has become one of the more debated parts of the story. The company was reported to have joined the Nasdaq-100 on July 7, 2026, yet the S&P 500 has a different rulebook that may keep the stock outside that benchmark for some time.

IPO Valuation and Early Losses

According to market reports, the IPO raised about $75 billion through roughly 555.56 million shares, valuing the company at about $1.77 trillion at the offer price, and shares are listed on the Nasdaq Global Select Market and Nasdaq Texas. SpaceX reported its third quarter 2026 results on October 20, 2026, its second report since going public, and coverage described Revenue and earnings above consensus estimates, though figures should be checked against the company's own filing.

According to market data, SpaceX lost $4.94 billion in 2025 on $18.67 billion of revenue. Market data estimated Fair Value near $780 billion at the time of the offering, well below the IPO valuation. Underwriters also held a 30-day option to purchase up to about 83.33 million additional shares at the IPO price, and Elon Musk was expected to retain significant voting control while public holders received shares with lower voting rights.

Nasdaq Bends, S&P Holds

Nasdaq loosened its rules so that non-members ranking in the top 40 by market Capitalization could enter early, regardless of profitability, time since listing or float. J.P. Morgan (NYSE:JPM) estimated about $4.3 billion of passive inflows from the Nasdaq-100 move. The S&P 500 is stricter. According to market data, S&P Dow Jones Indices declined to relax its criteria, which include 12 months of public trading, positive GAAP earnings in the latest quarter and over the trailing four quarters, and a free float of at least 10%.

Market data estimated SpaceX's float at 3% to 4%, and a 12-month wait implies no eligibility before June 2027. J.P. Morgan estimated roughly $10 billion of passive Demand if S&P inclusion eventually occurs. The S&P 500 tracks far more Assets than the Nasdaq-100, roughly $20 trillion versus $1.4 trillion, according to market data, which is why the omission is closely watched.

Earnings, Float and Lock-Ups

Investors may watch the company's quarterly GAAP profit trend, since S&P eligibility requires positive trailing earnings, and any lock-up expirations or secondary sales that could raise the free float. Updates to S&P Dow Jones Indices methodology, or statements from the index committee, could change the timeline, although none have been confirmed. The Nasdaq-100 weighting, reported as under 1%, means fund flows may be modest relative to trading volume, and price swings since the IPO, which one report put between roughly $147 and $226 in the weeks after listing, suggest Volatility may remain elevated.

Rules Behind the Index Gap

SpaceX offers a clear example of how index rules shape the path of a newly listed megacap: Nasdaq-100 membership came quickly, while the S&P 500 requires profitability, float and seasoning that the company may not meet before mid-2027. Whether and when that changes depends on earnings, share structure and index committee decisions, none of which can be assumed. Investors may also weigh the 2025 net loss, the low free float and the gap between the IPO valuation and independent estimates when considering how index access fits into the broader picture.