Nasdaq will change the rules for its flagship index to let newly public companies join within 15 trading days, down from three months currently. The 10% public float requirement is also being dropped. Both changes take effect May 1.
The timing is not subtle. SpaceX is reportedly targeting a $1.75 trillion valuation — a raise that would far exceed the largest IPO on record and immediately place it within the top 10 most valuable public companies. The Nasdaq 100 is tracked by over $600 billion in assets, so index inclusion means automatic, mandatory buying from every fund benchmarked to it. Fund managers face a classic no-win: if they sit out and SpaceX soars, their performance looks dismal. If they buy in and it falls, at least everyone suffers together.
The rule change would also pull in OpenAI and Anthropic if they follow through on 2026 IPO plans. S&P 500 and the Russell 1000 are reportedly considering similar loosening.
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