Inclusion in the index typically boosts the stock price, as exchange-traded funds looking to replicate the index’s performance buy shares of the newly ​included firm.

To make it more attractive for companies seeking US listings, Nasdaq, ​along with other index providers FTSE Russell and MSCI, relaxed ⁠its entry requirements, including profitability, the number of days after a company ​goes public and the number of shares available for trading.

SpaceX, which made its ​Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. Last year, the company reported a net loss of $4.9 billion.

Large Language ​Model (LLM) makers OpenAI and Anthropic are also expected to file for their ​initial public offerings this year or next year and likely target valuations of more ‌than $1 trillion.

Investors ⁠buy mutual funds and ETFs, such as Invesco’s QQQ and QQQM, that track the Nasdaq 100, to get broader exposure.

J.P. Morgan estimated that SpaceX’s inclusion in the Nasdaq 100 could draw $4.3 billion in passive inflows.

“Clearly, there’s a ​lot of demand; ​that’s why they ⁠fast-tracked the integration into the index,” Michael Field, chief equity market strategist at Morningstar, said. “A lot of people will ​be happy with it.

Some fund managers are less so, the ​sceptics ⁠amongst them, us included. We think the stock is overvalued.“

S&P Global said this month that it was not changing the requirements for SpaceX to enter its ⁠major indices, ​including Wall Street’s benchmark S&P 500 index, ​and will wait for at least 12 months before even considering it.