SpaceX enters Nasdaq 100 after biggest IPO in history

SpaceX officially entered the Nasdaq 100 index this Tuesday (7), offering investors a new opportunity to invest in the company's shares and, at the same time, generating billions of dollars in automatic purchases by index funds.

SpaceX's inclusion in the Nasdaq 100 marks a new chapter in the stock's post-IPO trajectory, which has been closely monitored. The index is one of the world's most widely followed technology benchmarks and also underpins hundreds of funds and investment products designed to track its performance.

There are more than 200 investment products, with $800 billion in assets, that track the Nasdaq 100. Funds that track the index need to buy SpaceX shares to continue reflecting its performance. This means that investors holding funds related to the Nasdaq 100 will automatically gain exposure to SpaceX.

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Recent changes to index methodologies to accommodate large IPOs (initial public offerings) have allowed SpaceX shares to be quickly included in different stock market indexes.

SpaceX has already integrated the benchmark indices offered by FTSE Russell and MSCI, two other major index providers. Meanwhile, S&P Dow Jones Indices has not changed its methodology rules, so SpaceX will not be eligible to join the S&P 500 for at least a year.

Why is SpaceX joining the Nasdaq 100?
The Nasdaq 100 is an index that tracks the 100 largest non-financial stocks traded on the Nasdaq exchange. SpaceX debuted on the Nasdaq and Nasdaq Texas exchanges on June 12.

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The Nasdaq 100 is an index with a strong presence in the technology sector and usually includes companies with high growth prospects.

In May, Nasdaq announced new eligibility requirements for a stock to be included in the Nasdaq 100. The changes allow stocks to become eligible to join the index 15 days after an initial public offering (IPO), compared to the previous waiting period of at least three months.

"All the different index providers have had to review their rules and ensure they are fit for purpose, taking into account that SpaceX is the largest initial public offering in history," said Peter Haynes, head of index research and market structure at TD Securities.

Will SpaceX have major influence on the Nasdaq 100?
While SpaceX's market cap of more than $2 trillion makes it the sixth-largest publicly traded company in the United States, it enters the Nasdaq 100 with a significantly lower weighting and influence.

The Nasdaq index methodology weights stocks based on the number of shares available for trading. SpaceX went public with less than 5% of its shares available for trading, meaning its weighting in the index will start much lower than its true market value.

If you own $100 worth of Nasdaq 100 stocks, you will own about $1 worth of SpaceX stock. SpaceX's weighting in the Nasdaq 100 could increase significantly over time as more shares become available for trading, as lock-up periods end and the supply of shares in the market increases.

How to avoid exposure to SpaceX?
As SpaceX joins more and more indices, some investors may want to limit - or simply avoid - exposure to the company's shares.

For some investors, CEO Elon Musk has become a controversial figure. Other investors may be skeptical of SpaceX's valuation. Morningstar analysts value the company at half the value of its stock market debut, with a forecast suggesting intense volatility.

Since SpaceX will not be eligible for inclusion in the S&P 500 for at least a year, buying the S&P 500 would be one of the simplest methods for investors who want to avoid SpaceX.

(The S&P 500, however, includes Tesla, Musk's electric vehicle company.)

The Dow Jones index, made up of blue-chip companies, does not include SpaceX or Tesla. Investing in international index funds to avoid US companies entirely is another strategy.

Different people have different reasons for investing. There are pros and cons to trying to build strategies based on excluding specific companies, noted Warren Hurt, chief investment officer at F&M Trust.

People should evaluate what they feel comfortable investing in, taking into account the possibility of missing out on returns by avoiding high-growth technology companies. In the end, it's a gamble and a personal choice.

"I think the beauty of what our financial markets offer is that there is a way to really build any strategy you want," Hurt said. "You need to decide what allows you to sleep peacefully at night."

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How to increase exposure to SpaceX?
For investors interested in trading SpaceX shares, there are several products available to buy and sell.

Exchange-traded funds, or ETFs, that aim to double SpaceX's gains (but also its losses), are hitting the market.

Of course, investors can also buy and sell SpaceX shares directly.

What to Watch
SpaceX shares are up nearly 20% from its IPO price target of $135 per share. Still, SpaceX shares are down 21% from their high closing price, recorded shortly after the IPO.

Analysts expect share price volatility to continue as investors evaluate the company's earnings and forecasts in the coming quarters.

To eventually be included in the S&P 500, SpaceX would need to record four quarters of profits. It took Tesla 10 years to join the S&P 500.

Meanwhile, SpaceX's share of the Nasdaq 100 and its share price performance will be under scrutiny. The greater its weight in the Nasdaq 100, the greater its influence on the index's performance.

"There will be a lot of shares coming to market in the next six months, so there will be a lot of supply," Hurt said. "Price volatility is not over. In fact, it is probably just beginning."

Source: CNN