SpaceX Joins Russell 1000 as Stock Sits 24% Below High
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- SpaceX was added to the Russell 1000 index after Friday's close, with Monday marking its first full trading day as a member; the article notes billions are indexed to the Russell, though far less than the trillions tied to the S&P 500.
- SPCX has fallen 24% from its June 16 high of $201.80 to around $157.86, though it remains above the $135 IPO price and a post-IPO low of $147.11.
- S&P Global declined to fast-track SpaceX into its indexes, citing a supply-and-demand imbalance: only about 86 million of SpaceX's 13 billion-plus outstanding shares are available to trade, with more float expected within six months.
- SpaceX is set to join the Nasdaq-100 on July 7, which the article flags could trigger another wave of passive buying from funds including the Invesco QQQ ETF.
- Elon Musk said on X he would be "disappointed" if SpaceX didn't "significantly exceed" a projected $100 billion in 2028 revenue, aligning with Wall Street's roughly $103 billion consensus estimate.
- Musk also tweeted that Grok 4.5 — SpaceX's AI model from the recently dissolved xAI — might outperform comparable products from Anthropic; xAI was merged into SpaceX in February and no longer exists as a separate entity.
- SpaceX carries a roughly $2 trillion valuation at current prices, and the article concludes that the direction of investor optimism, rather than indexation, will likely drive shares in coming months.
Why it matters: S&P Global's refusal to add SpaceX is the structural constraint: with only ~86M of 13B+ shares tradeable, passive demand would overwhelm supply. That gates the next leg of forced buying until more float unlocks over the next six months — and the $2T valuation rides on it.
