SpaceX Has Had a Limited Effect on Major U.S. Stock Indexes

SpaceX's growing presence has had little effect on major U.S. stock indexes, while a Russell 1000 Growth rebalance could prompt more than $10 billion in passive ETF buying.

SpaceX's effect on index valuations and performance has been modest. Excluding SpaceX would slightly lower Nasdaq-100 volatility.

Index fund ownership of SpaceX shares should rise as more shares become publicly tradable. A Russell 1000 Growth rebalance could generate more than $10 billion in passive ETF purchases, with a smaller effect on the Nasdaq-100.

SpaceX could qualify for the S&P 500 in the second half of 2027 after meeting trading-history and profitability requirements. A merger with an S&P 500 company could offer another route, though the timing is uncertain.