Inclusion in the Nasdaq-100 index forces global funds to buy SpaceX shares, driving mechanical demand amid a $38.6B revenue outlook.
SpaceX (NASDAQ:SPCX) will be added to the Nasdaq-100 on July 7, compelling index-tracking funds, ETFs, and pensions to purchase shares regardless of valuation. The move follows a recent rule change and marks one of the fastest inclusions in the index’s history.
The company’s revenue is projected to reach $38.6 billion this year, nearly doubling its prior run rate, driven by $27.8 billion in annual AI compute contracts post-xAI merger. Prediction markets price a 92% probability of SPCX closing above $145 by June 29, with a 31% chance of exceeding $175.
Shares have risen 6% over the past week as funds front-run the rebalance, compressing the trailing sales multiple from 112x to an estimated 54x on forward revenue.