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Nasdaq (NDAQ) said it will add CoreWeave (NASDAQ:CRWV), Nebius (NASDAQ:NBIS), Rocket Lab (NASDAQ:RKLB), Astera Labs (NASDAQ:ALAB) and Teradyne (TER) to the Nasdaq-100 index, a move that is likely to prompt fresh buying from index-tracking funds, according to a Wednesday exchange notice.

The changes will take effect before the market opens on June 22 as part of Nasdaq's quarterly rebalance. The index, which holds 100 of the largest non-financial companies listed on the exchange, is reviewed regularly to keep its membership in line with eligibility rules.

Warning! GuruFocus has detected 4 Warning Signs with CRWV. Is CRWV fairly valued? Test your thesis with our free DCF calculator.

Shares of CoreWeave, Nebius, Rocket Lab, Astera Labs and Teradyne jumped in after-hours trading after the news. CoreWeave edged higher 4%, while Nebius climbed about 5%, Rocket Lab rose nearly 9%, Astera Labs surged more than 11% and Teradyne added about 10%.

Companies leaving the Nasdaq-100 are Charter Communications, Cognizant Technology, Insmed, Verisk Analytics and Zscaler. Being added to the Nasdaq-100 can lift trading volume because funds and ETFs that track Nasdaq (NDAQ) often adjust holdings to match the new lineup.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Investing.com -- SpaceX begins trading on Nasdaq today under the ticker SPCX, targeting a valuation of approximately $1.75 trillion and seeking to raise $75 billion, more than 2.5 times the previous record set by Saudi Aramco (TADAWUL:2222) in 2019. The scale alone rewrites the record books. But the more interesting argument for "unique" runs deeper than the headline number.

SpaceX spent over two decades as a private company, accumulating more than $10 billion in venture capital funding while remaining almost entirely inaccessible to ordinary investors. That changes today for the first time. A wave of institutional holders, including Founders Fund, DFJ, D1 Capital, Fidelity, and Thrive Capital, along with thousands of early employees, are reaching their first genuine exit opportunity after years of holding illiquid paper.

The offering structure breaks convention further. SpaceX has allocated up to 30% of the IPO to retail investors through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, roughly triple the 5 to 10% standard for major public offerings. Demand has reportedly reached $150 billion against $75 billion in available shares.

Nasdaq changed its rules specifically to allow SpaceX to join the Nasdaq 100 after just 15 trading days, down from the previous three-month minimum. BNP Paribas estimates Nasdaq 100 inclusion alone will generate approximately $8 billion in forced passive buying within the first month of listing, with total passive fund purchases potentially reaching $30 billion.

The February 2026 merger with xAI means investors are purchasing exposure to launch infrastructure, satellite broadband, and AI compute in a single instrument, a combination with no real precedent in public market history.

Analysts estimate the offering will create approximately 4,000 new millionaires, from senior executives to engineers and support staff who received equity over years of employment.

Below, I discuss the most important points for those looking to buy into the IPO.

Three Businesses, One Ticker: SpaceX’s Revenue Structure

The $18.7 billion in 2025 revenue that headlines the S-1 filing carries an important caveat: it is the product of common-control accounting, a GAAP convention that allows companies with a shared controlling shareholder to retroactively consolidate their financials.

Because Elon Musk controlled SpaceX, xAI, and X (the platform formerly known as Twitter) simultaneously, the S-1 presents all three as a single entity for all periods shown, including 2023 and 2024, even though the formal merger was only completed in February 2026. The revenue growth story investors are reading covers three distinct businesses that were independently run until six months ago.

Story Continues

Revenue

At the segment level, the company is three businesses with radically different financial profiles operating under the same stock price.

Starlink, the satellite broadband service, is the financial engine. It generated $11.4 billion in revenue in 2025, representing 61% of the total, and produced $4.4 billion in operating income at a margin of approximately 39%. Subscriber growth has been extraordinary: from 2.3 million users at the end of 2023 to 8.9 million by the end of 2025 and 10.3 million by the first quarter of 2026.

That growth has come at a cost to average revenue per user, which declined from $99 per month in 2023 to $66 by Q1 2026, reflecting SpaceX’s deliberate strategy of trading unit economics for global penetration. In May 2026, SpaceX raised Starlink plan prices for the first time, signaling a potential shift toward monetizing its installed base.Starlink

The Space segment, which encompasses rocket launches for commercial and government customers, generated $4.1 billion in 2025 revenue but ran a $657 million operating loss, almost entirely driven by the $3 billion invested in Starship research and development.

Operationally, the launch business is dominant globally: SpaceX completed approximately 165 Falcon 9 launches in 2025 and holds roughly 90% of the global commercial launch share by mass-to-orbit. Of those launches, fewer than half were for external customers. The majority served Starlink internally.

The AI segment, incorporating xAI’s computing infrastructure, the Grok large language model, and X’s advertising and subscription revenue, generated $3.2 billion in 2025 revenue against a $6.4 billion operating loss.

Of SpaceX’s $20.7 billion in total capex in 2025, $12.7 billion went to AI infrastructure, including the COLOSSUS data center in Memphis, currently the largest coherent AI training cluster on earth. In Q1 2026 alone, the AI segment produced an operating loss of $2.47 billion.Revenue Segment

The summary picture: Starlink is profitable and growing rapidly. The Space segment is deliberately loss-making, investing in Starship, the infrastructure that could reduce launch costs by an order of magnitude. The AI segment is consuming Starlink’s profits in full and then some. Without the xAI merger, SpaceX posted a $791 million net profit in 2024. With it, the company posted a $4.94 billion net loss in 2025 and a $4.28 billion loss in Q1 2026 alone.

The IPO prospectus also discloses $29.1 billion in total long-term debt as of March 2026, of which $20 billion is a short-term bridge loan that must be repaid within six months of a successful listing.

A fourth dimension not reflected in the current financial structure is the possibility of an eventual merger between SpaceX and Tesla. Wolfe Research notes that prediction markets are pricing in a 56% probability that a combination will complete before mid-2027. Wedbush analyst Dan Ives places the probability at 80% or higher.

The strategic logic centers on consolidated voting control for Musk, the AI synergies between Tesla’s autonomous-driving data and SpaceX’s compute infrastructure, and the combined capital base that a single entity would command. China is the primary regulatory obstacle, given that US defense and space companies face broad restrictions on operating there, and Tesla derives approximately 19% of its revenues from the country.

The thesis does not affect today’s IPO valuation directly, but it explains why a meaningful proportion of Tesla shareholders hold the stock as a proxy for SpaceX exposure, and why the two companies are already more intertwined than their separate structures suggest: Tesla converted its $2 billion xAI investment into SpaceX shares following the February 2026 merger.

Will it be included in the S&P 500?

S&P Global declined to change its index inclusion rules, which means the world’s most tracked benchmark will not hold one of the ten most valuable publicly listed companies for at least a year. S&P 500 inclusion requires a 12-month seasoning period after listing, four quarters of cumulative GAAP profitability, and a minimum 10% public float. SpaceX currently fails two of those three tests.

The decision protects the index’s reputation for standards-based methodology. With roughly $20 trillion invested in or benchmarked to the S&P 500, any deviation from established rules risks weakening the consistency that passive investors rely on. As Art Hogan of B. Riley Wealth noted, making exceptions for large but still unprofitable companies does not make much sense.

The representativeness argument cuts back, however. A top-ten company by market capitalization that sits outside the most-followed equity index creates a measurable benchmark gap. Investors in S&P 500 tracking funds will not own a company that, by market cap, belongs in the conversation with Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA). That structural underweight has no remedy for at least twelve months, and it arrives precisely as an estimated $14 billion in passive buying from S&P 500 funds sits on the sidelines waiting for profitability to be demonstrated.

The decision also hands active managers a clear alpha opportunity. Any fund benchmarked against the S&P 500 can buy SpaceX now and position ahead of the eventual forced passive buying that S&P 500 inclusion will trigger.

The broader question this raises is whether the index’s methodology is built for an era when trillion-dollar companies can spend two decades in private markets before listing. SpaceX is the first real test. OpenAI and Anthropic, both targeting IPOs in 2026, face the same threshold. If all three remain outside the S&P 500 for a year and perform well in the interim, the pressure on the index committee to revisit its rules will be considerable.

Only 4.3% of the Company Will Trade on Day One

The $75 billion raise and the 30% retail allocation are two different numbers describing two different things. SpaceX is selling 555.6 million shares at $135 each, implying a total valuation of $1.77 trillion. That $75 billion represents approximately 4.3% of the total company. The remaining 95.7% remains locked up in the hands of existing shareholders, none of whom are selling any shares as part of this offering.

The 30% retail figure describes how that 4.3% slice is divided: 30% of the IPO proceeds, worth roughly $22.5 billion, is reserved for retail investors. Retail investors are therefore receiving about 1.3% of the total company.

The result is that the IPO prices 100% of a $1.75 trillion business based on the trading of 4.3% of its shares, into a partially forced-buy environment created by index inclusion mechanics, with most sellers locked out. Price discovery under those conditions reflects supply-and-demand mechanics more than any consensus view of fundamental value.

The lock-up structure governing the other 95.7% is deliberately staggered. After SpaceX reports its first quarterly results covering the April to June period, insiders become eligible to sell up to 20% of their locked-up shares, with an additional 10% unlocking if the stock is trading at least 30% above the offering price. Five time-based tranches at 70, 90, 105, 120, and 135 days each release a further 7% of eligible shares.

A further 28% unlocks after the Q3 earnings report, with the full remainder coming off restriction at 180 days. Elon Musk, who controls approximately 42% of equity and 85% of voting power, is subject to a separate 366-day restriction. One notable exception: a 5% friends-and-family carve-out carries no lockup, meaning roughly $3.75 billion of shares could reach the market on day one.

Is a 4.3% Float Normal?

It is well below any standard applied to mature public companies or even to recent IPOs. Most established index stocks trade with free floats above 80%. The S&P 500 requires a minimum 10% public float for membership eligibility. Nasdaq’s own rules required at least 10% until the exchange removed the threshold entirely in May 2026, a change introduced specifically to accommodate SpaceX.Free Float

Among comparable mega-cap listings, the closest historical parallel is Saudi Aramco, which floated 1.5% of the company in 2019 and, six years later, still sits at just 2.4% float. That offering was widely described at the time as not reflecting genuine market pricing, in part because of how little real price discovery was possible at that float level. SpaceX’s 4.3% is meaningfully higher than Aramco’s initial float, but sits in the same structural category.

Among the major tech IPOs more commonly used as benchmarks, Alibaba (NYSE:BABA) listed at approximately 15% and eventually expanded to 86%. Google and Facebook each floated roughly 18 to 19% at their respective debuts. By the end of a standard lock-up period, it is typical for a company’s free float to reach 50-60% of total equity. SpaceX starts at 4.3% and will expand incrementally over six months before approaching anything like normal trading liquidity. The academic research on low-float IPOs offers a pointed historical note: since 1980, all but one large U.S. IPO that initially floated less than 5% of its stock underperformed the market over the subsequent three years.

A counterpoint comes from Oppenheimer’s analysis of three comparable small-float listings. Google floated 7.2% in August 2004, gained 18% on Day 1, and never retraced its first-day close, returning 92% through year-end and a further 100% in its second year as a public company.

LinkedIn issued approximately 8% of shares in May 2011, surged 109% on Day 1, pulled back 33% through year-end, then recovered 79% in Year 2. Arm Holdings (NASDAQ:ARM) listed at roughly 9.5% float in September 2023, rose 25% on Day 1, and returned 64% in its second year.

Near-term volatility following a constrained-float debut does not preclude strong long-term performance for companies with genuine operational moats. SpaceX, at 4.3%, sits below all three precedents, and the quality of its underlying business will ultimately determine the trajectory it follows.Small-Float IPO Comparables

Priced at Over 40x Sales: What History Says

The foundational research on IPO long-run performance comes from Jay Ritter at the University of Florida, whose data covering thousands of IPOs since the 1970s has been continuously updated. The headline finding is that buying at the first-day close, the realistic entry point for retail investors, puts buyers at a structural disadvantage regardless of the company. Investors who buy at the offer price see a three-year market-adjusted return of approximately negative 3.3%. Investors who buy at the first-day close, after the typical day-one pop, start from negative 20.5%.

SpaceX sits at the intersection of several risk factors that Ritter’s data identifies as compounding predictors of long-term underperformance.

The valuation multiple is the most severe. IPOs with price-to-sales ratios above 40 times have trailed the market by 58 percentage points over three years in Ritter’s dataset, despite averaging a 93.6% first-day gain.

SpaceX’s price-to-sales ratio at the IPO valuation is approximately 94 times, more than double the threshold that already carries that record. Of the 14 IPOs in Ritter’s data with revenues above $100 million and price-to-sales ratios above 40, 12 subsequently underperformed the market over their first three years if purchased at the first-day close.

Argus Research’s peer analysis of the five largest US-listed technology companies finds them trading at an average price-to-sales ratio of 12.2 times. SpaceX’s implied 92.1x represents a 7.5-fold premium to that group average, in a market where no comparable public company has ever sustained a multiple of this magnitude at this revenue scale.Price to Sales

Profitability compounds the picture. Unprofitable IPOs pop an average of 26.5% on day one but return negative 0.5% over three years, lagging the market by 30.7 percentage points. The market environment adds a further layer: Ritter’s research specifically found that companies going public in high-volume years fare worst. The 2026 IPO wave, with SpaceX, OpenAI, and Anthropic together targeting more than $240 billion in combined raises, represents exactly the kind of concentrated, high-volume cycle that has historically produced the weakest cohort-level returns. A large first-day pop, which the mechanical setup of this offering almost guarantees, is itself a negative signal. The bigger the day-one gain, the more the underlying long-term underperformance tends to follow.Risk Scorecard

Sources: Jay R. Ritter, "Initial Public Offerings: Updated Long-run Statistics," University of Florida, March 2026 (4,110 IPOs, 1980-2024); Carson Group, June 2026; Summitward IPO data analysis, June 2026.

The counterargument deserves stating clearly. Ritter’s data covers averages across thousands of companies. SpaceX generates $18.7 billion in real revenue, has demonstrated 33% year-on-year growth, and holds near-monopoly positions in commercial launch and satellite broadband. The top 10% of IPOs in Ritter’s dataset earn average market-adjusted returns of over 300%. SpaceX could be in that cohort. But the base rate, across five risk factors this offering triggers simultaneously, argues against the retail buyer entering at the first-day close.

Are There Guardrails Preventing Institutional Share-Dumping on Retail?

At the IPO itself, the protection is real and total. The S-1 filing explicitly states that the share sale is limited to SpaceX as an entity, meaning that no existing holder, venture fund, early employee, or institutional investor is selling a single share as part of the offering. Every dollar of the $75 billion goes to the company. On day one, the guardrail holds.

The staggered lock-up structure then spreads the institutional exit across approximately six months rather than concentrating it in a single 180-day expiry event. This reduces the risk of a violent supply shock at any one moment and is meaningfully better for retail investors than the traditional cliff-style lockup.

Two caveats qualify that picture. The 5% friends-and-family carve-out carries no lockup, placing approximately $3.75 billion of shares in the hands of people who can sell starting on day one. More structurally, the staggered structure begins releasing shares far sooner than a conventional lockup would allow. The first window, 20% of eligible insider shares, opens after the Q2 earnings release in late July, six to eight weeks from today. A conventional 180-day lockup would have held that supply until December.

The staggered structure was not primarily designed to protect retail investors. It was engineered to expand the public float rapidly enough to maximize SpaceX’s weighting in the Nasdaq 100 after fast-track inclusion, which in turn increases the forced passive buying from index funds. Historical precedents are cautionary: Facebook’s 2012 IPO used a staggered lockup and shares had still fallen more than 40% from the offering price by the time it concluded. Palantir saw retail enthusiasm drive the stock from $10 to near $40 before insiders, including Peter Thiel, sold tens of millions of shares into that premium at lockup expiry. The stock fell 13% in a single session.

What About the Funds That Hold Positions?

The funds on SpaceX’s cap table represent a different category of seller from individual insiders and operate under structural pressures that the lock-up governs in timing but cannot dissolve. The major institutional holders include Andreessen Horowitz, DFJ Growth, Founders Fund, Sequoia Capital, Valor Equity Partners, Thrive Capital, Alphabet, Baillie Gifford, D1 Capital Partners, and Fidelity, among others. Founders Fund and Valor Equity Partners are each sitting on positions worth more than $60 billion in paper gains. Sequoia invested approximately $2 billion in total and holds roughly 1.5% of the combined entity, implying returns exceeding $20 billion.

Traditional venture capital funds are legally obligated to return capital to their limited partners. That obligation does not expire with the lockup. DFJ and Founders Fund invested in SpaceX before its valuation reached $1 billion, more than 15 years ago. Many of the fund vehicles holding those original positions are approaching or past their designed lifespan. Once the lockup releases, distribution is a legal requirement.

Different fund structures will behave differently: evergreen crossover funds like ARK Invest are designed to hold companies through their full lifecycle and can trim positions gradually without a mandate to distribute, while mark-to-market hedge funds like D1 Capital and Coatue will act tactically.

The SPV layer introduces a complication that has received almost no mainstream coverage. A substantial portion of SpaceX shares are held through layered special-purpose vehicles, sometimes two or three tiers deep.

When the lockup releases for a first-layer SPV, that vehicle has 30 days to distribute shares to its own investors, who then have 30 days to distribute further down the chain. The result is a cascading distribution process extending well beyond the nominal lockup dates in the S-1, with investors at lower tiers potentially waiting months longer than the public calendar suggests. Some investors in these vehicles have reportedly not yet confirmed how many shares they will actually receive.

Who Is Selling at the IPO, and Who Is Not?

The cleanest summary of today’s actual mechanics: the institutional ecosystem is entirely locked out at the IPO. All selling pressure on day one comes from two sources: the new shares being issued by SpaceX itself and the $3.75 billion friends-and-family tranche that carries no restriction.

Retail investors receiving IPO allocations also face their own informal holding incentive. Fidelity enforces a 15-calendar-day tracking period, after which selling is penalty-free. Robinhood applies a 30-day window with a 60-day ban from future IPO access for first violations. SoFi may charge a $50 fee for any retail seller within the first 120 days. The brokers are managing short-term supply from the retail tranche, creating an informal lockup running in parallel with the institutional structure.

One detail worth noting for context: the "smart money" in this story was not entirely waiting for today. The pre-IPO secondary market for SpaceX shares has been one of the most actively traded in private market history for several years. Sophisticated holders who wanted partial liquidity before the IPO could access it through secondary transactions at prices climbing steadily since 2022. Some of the selling pressure that might otherwise concentrate after lockup expiry has already been absorbed, quietly, long before retail investors were ever involved.

The picture that emerges across the full structure is a liquidity event more carefully choreographed than any previous IPO of this scale: no institutional dumping at listing, a first day controlled by mechanical index-buying and retail demand, and a rolling six-month window of institutional distribution to follow. Whether that choreography is sufficient to hold the price at levels where retail buyers who enter today will still feel comfortable in 2029 is, as five decades of IPO research suggest, a genuinely open question.

Bottom Line

SpaceX’s IPO is a landmark event by every structural measure — the largest offering in market history, the first genuine public access to a company that defined a generation of private-market investing, and a liquidity mechanism assembled with more engineering than any comparable deal. The day-one protections for retail are real: no insider dumping, a staggered lockup, and a Musk stake that stays locked for a year. But the protections govern the opening act, not the full run.

Once the lockup windows open from late July onward, a wave of institutional distribution begins that has only one direction. Combined with a price-to-sales multiple that has no precedent among profitable mega-cap companies, an unprofitable income statement, a 4.3% float that compresses price discovery, and an IPO cycle that academic research has consistently identified as a risk period for retail buyers, the long-run risk profile for anyone entering at or above the first-day close is substantial.

SpaceX may well be the rare exception that rewrites the historical record. The honest read of the evidence, however, is that the smart money got in years ago, the index-inclusion mechanics will drive the first weeks of trading, and the retail investor who buys the excitement on Day 1 is the last link in a very long liquidity chain.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Nasdaq's latest reshuffle of the Nasdaq-100 (NDX [https://seekingalpha.com/symbol/NDX]) appears to favor some of the market's strongest performers, with the five incoming companies significantly outperforming the five names set to leave the index.

Among the additions, Nebius Group (NBIS [https://seekingalpha.com/symbol/NBIS]) leads with a 165.5% gain year-to-date, followed by Astera Labs (ALAB [https://seekingalpha.com/symbol/ALAB]) at 120.9%, Teradyne (TER [https://seekingalpha.com/symbol/TER]) at 97.0%, Rocket Lab (RKLB [https://seekingalpha.com/symbol/RKLB]) at 64.5%, and CoreWeave (CRWV [https://seekingalpha.com/symbol/CRWV]) at 33.7%.

By contrast, Insmed (INSM [https://seekingalpha.com/symbol/INSM]) is down 44.4%, Zscaler (ZS [https://seekingalpha.com/symbol/ZS]) has fallen 43.9%, Cognizant (CTSH [https://seekingalpha.com/symbol/CTSH]) is lower by 38.3%, Charter Communications (CHTR [https://seekingalpha.com/symbol/CHTR]) has declined 33.4%, and Verisk Analytics (VRSK [https://seekingalpha.com/symbol/VRSK]) is down 18.6%.

The rebalance also highlights a notable split between Seeking Alpha's Quant Ratings and analyst sentiment. As per the Quant model, Nebius (NBIS [https://seekingalpha.com/symbol/NBIS]) is the only Strong Buy-rated stock among the 10 additions and deletions, while Insmed (INSM [https://seekingalpha.com/symbol/INSM]) is the lone Sell-rated name. However, Wall Street analysts remain overwhelmingly positive on Insmed, with both Seeking Alpha analysts and Wall Street assigning Strong Buy ratings. More broadly, Wall Street maintains Buy ratings on eight of the 10 companies, compared with just one Strong Buy and eight Holds from the Quant system.

NASDAQ-100 ADDITIONS:

* Nebius (NBIS [https://seekingalpha.com/symbol/NBIS]): Quant - Strong Buy | Wall Street - Buy | YTD +165.5%
* Astera Labs (ALAB [https://seekingalpha.com/symbol/ALAB]): Quant - Hold | Wall Street - Buy | YTD +120.9%
* Teradyne (TER [https://seekingalpha.com/symbol/TER]): Quant - Hold | Wall Street - Buy | YTD +97.0%
* Rocket Lab (RKLB [https://seekingalpha.com/symbol/RKLB]): Quant - Hold | Wall Street - Buy | YTD +64.5%
* CoreWeave (CRWV [https://seekingalpha.com/symbol/CRWV]): Quant - Hold | Wall Street - Buy | YTD +33.7%

NASDAQ-100 DELETIONS:

* Zscaler (ZS [https://seekingalpha.com/symbol/ZS]): Quant - Hold | Wall Street - Buy | YTD -43.9%
* Cognizant (CTSH [https://seekingalpha.com/symbol/CTSH]): Quant - Hold | Wall Street - Buy | YTD -38.3%
* Charter Communications (CHTR [https://seekingalpha.com/symbol/CHTR]): Quant - Hold | Wall Street - Hold | YTD -33.4%
* Verisk Analytics (VRSK [https://seekingalpha.com/symbol/VRSK]): Quant - Hold | Wall Street - Buy | YTD -18.6%
* Insmed (INSM [https://seekingalpha.com/symbol/INSM]): Quant - Sell | Wall Street - Strong Buy | YTD -44.4%

The latest rebalance highlights Nasdaq's increasing exposure to AI, semiconductor, cloud infrastructure, and space-related themes, while removing several stocks that have lagged both the broader market and the index's newest entrants in 2026.

MORE ON NASDAQ 100-INDEX, TERADYNE, ETC.

* May CPI Report: War Impact Remains Contained, Allowing The Fed To Stay On Hold [https://seekingalpha.com/article/4914425-may-cpi-report-war-impact-remains-contained-allowing-fed-to-stay-on-hold]
* Zscaler, Inc. (ZS) Presents at Zenith-live-2026 - Slideshow [https://seekingalpha.com/article/4914383-zscaler-inc-zs-presents-at-zenith-liveminus-2026-slideshow]
* AAII Sentiment Survey: Pessimism Surges [https://seekingalpha.com/article/4914354-aaii-sentiment-survey-pessimism-surges]
* Nasdaq quarterly reshuffle: adds CRWV, RKLB, TER, removes CTSH, CHTR, ZS [https://seekingalpha.com/news/4602831-nasdaq-quarterly-reshuffle-adds-crwv-rklb-ter-removes-ctsh-chtr-zs]
* Space stocks lift off ahead of SpaceX's blockbuster IPO [https://seekingalpha.com/news/4602477-space-stocks-lift-off-ahead-of-spacexs-blockbuster-ipo]

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

[NASDAQ MarketSite - Times Square] hapabapa

The Nasdaq-100 Index has completed its June 2026 quarterly reconstitution [https://seekingalpha.com/pr/20549567-nasdaqminus-100-index-june-2026-quarterly-changes], with changes taking effect before market open on June 22, 2026.

Five companies will be added to the index: Astera Labs (ALAB [https://seekingalpha.com/symbol/ALAB]), CoreWeave (CRWV [https://seekingalpha.com/symbol/CRWV]), Nebius Group (NBIS [https://seekingalpha.com/symbol/NBIS]), Rocket Lab (RKLB [https://seekingalpha.com/symbol/RKLB]), and Teradyne (TER [https://seekingalpha.com/symbol/TER]).

Astera Labs (ALAB [https://seekingalpha.com/symbol/ALAB]), which provides semiconductor connectivity solutions for AI data centers, rose about 5% after the bell, while space technology company Rocket Lab (RKLB [https://seekingalpha.com/symbol/RKLB]) jumped nearly 11% on inclusion to the index. AI infrastructure company Nebius (NBIS [https://seekingalpha.com/symbol/NBIS]) also traded 3% higher.

The newly added stocks will replace more mature names; the index will drop Charter Communications (CHTR [https://seekingalpha.com/symbol/CHTR]), Cognizant Technology Solutions (CTSH [https://seekingalpha.com/symbol/CTSH]), Insmed (INSM [https://seekingalpha.com/symbol/INSM]), Verisk Analytics (VRSK [https://seekingalpha.com/symbol/VRSK]), and Zscaler (ZS [https://seekingalpha.com/symbol/ZS]).

MORE ON NASDAQ

* Nasdaq, Inc. (NDAQ) Presents at Morgan Stanley US Financials Conference 2026 Transcript [https://seekingalpha.com/article/4913280-nasdaq-inc-ndaq-presents-at-morgan-stanley-us-financials-conference-2026-transcript]
* Nasdaq, Inc. (NDAQ) Presents at Piper Sandler Global Exchange and Fintech Conference Transcript [https://seekingalpha.com/article/4911994-nasdaq-inc-ndaq-presents-at-piper-sandler-global-exchange-and-fintech-conference-transcript]
* Nasdaq, Inc. (NDAQ) Presents at 46th Annual William Blair Growth Stock Conference Prepared Remarks Transcript [https://seekingalpha.com/article/4911554-nasdaq-inc-ndaq-presents-at-46th-annual-william-blair-growth-stock-conference-prepared]
* SEC set to vote on plan to end 'trade-through' ban next week [https://seekingalpha.com/news/4601131-sec-set-to-vote-on-plan-to-end-trade-through-ban-next-week]
* Nasdaq U.S. equity trading volume rose 6.6% in May and 17% Y/Y [https://seekingalpha.com/news/4600440-nasdaq-us-equity-trading-volume-rose-66-in-may-and-17-yy]

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Investing.com -- Elon Musks SpaceX sagte am Donnerstag, dass es seine Initialpublikumsangebote bei 135 US-Dollar pro Aktie auf Donnerstag bewertet hat und dabei 75 Milliarden US-Dollar in den größten IPO der US-Geschichte aufgebracht hat.

Das Unternehmen verkaufte 555,56 Millionen Aktien und wertete den Raketen- und Raumfahrzeughersteller bei einer beeindruckenden 1,77 Billionen US-Dollar ein. Die Bewertung basiert auf 13,08 Milliarden ausgegebenen Aktien.

Die Bewertung stellt einen Rekord für eine Initialpublikumsangebote dar. SpaceX wird an der Nasdaq (NASDAQ:NDAQ) am Freitag den siebten Platz unter den in den USA gelisteten Unternehmen einnehmen.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(Bloomberg) -- New York City Comptroller Mark Levine says the unprecedented control that Elon Musk will have over SpaceX represents a new level of disregard for regular shareholders’ rights.

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“I understand that we are in an era of founders wanting more control,” Levine said in an interview. But what Musk is planning with SpaceX “is way beyond what we’ve seen.”

“There’s no precedent for this,” he said.

SpaceX, which is due to go public this week, is drawing a frenzy of interest from investors desperate to participate in what is set to be the biggest initial public offering ever undertaken. But buying into the company requires accepting a governance structure that gives Musk roughly 80% of the voting rights, while also making him chief executive and chief technical officer, as well as chair of the board.

SpaceX’s Mission:

“Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.”

Not investing in SpaceX, which is already forcing markets to adjust around it, isn’t easy for a large, index-tracking investor.

Levine, whose job entails overseeing about $300 billion in both actively and passively managed portfolios in New York city’s public pension funds, says it would be “very complicated” to exclude SpaceX.

“We’ve never divested from a single company,” he said. “We’ve done sector-based exclusion only,” so blacklisting SpaceX “would be unprecedented for us and it is not simple.”

Instead, Levine says he plans to push for a more democratic corporate governance process from within.

Musk can’t be allowed to “disempower” shareholders, he said, adding that investment professionals in New York have told him they want him to “keep fighting on this.”

A Bloomberg request for comment from SpaceX, sent by email, went unanswered.

Story Continues

Levine, along with Marcie Frost, chief executive of California Public Employees’ Retirement System, and Thomas DiNapoli, the State of New York Comptroller, last month raised “serious concerns” about the “extreme governance structure” at SpaceX. Their letter, sent to Musk a week before the May 20 IPO filing, received no answer, Levine said.

On Tuesday, the Council of Institutional Investors sent a letter to SpaceX outlining its concerns about shareholder rights and corporate governance. The nonprofit, whose members include some of the biggest US public pension funds, said it’s urging SpaceX to “reconsider” several governance provisions before completing its offering.

SpaceX Voting Profile vs. Mag 7

The SpaceX IPO is already oversubscribed, with the offering expected to price on June 11 and begin trading the following day. The $75 billion being sold this week values the company at roughly $1.8 trillion.

For some ESG-focused investors, governance concerns have proved a dealbreaker. AkademikerPension, a Danish pension fund with $25 billion in assets, said at the end of May it won’t be participating in the IPO. Not only is SpaceX “grossly overvalued” but it also has a “catastrophic governance structure,” AkademikerPension Chief Investment Officer Anders Schelde said on May 29. The fund will also exclude SpaceX via passive, index-tracking investments, he said.

In the UK, EdenTree Investment Management told Bloomberg it’s expecting to stay away from the IPO. SpaceX’s intended governance structure would “reduce the protections available to minority investors,” said Hayley Grafton, senior sustainable investment analyst at EdenTree, which manages around $4.3 billion in assets.

“The main question for us is whether we are comfortable allocating clients’ assets to a structure where weak investor protections appear to be the price of admission,” Grafton said. “On the information available today, the answer is, ‘No’.”

Bård Bringedal, CIO for equities at Norway-based Storebrand Asset Management, says the investor “notes that SpaceX’s governance structure raises a number of clear concerns.”

For that reason, the $145 billion asset manager has “no plans to invest in SpaceX in our actively managed strategies,” he said. However, the company “does not meet our exclusion criteria,” meaning Storebrand’s “index-tracking strategies may still gain exposure if the company is included in relevant benchmarks,” Bringedal said.

SpaceX is set to be fast-tracked into the Nasdaq 100 Index, after Nasdaq Inc. changed its rules to accommodate the company. S&P Dow Jones Indices’ index committee, meanwhile, won’t drop its requirement that companies generate positive net income for at least a year before they can join the S&P 500 Index.

Fast-tracking SpaceX into indexes is not “prudent,” Levine said. “The whole idea of having a waiting period is that stocks tend to be volatile in the early days because they’re unproven. I think it would be prudent to take a little bit of time and see where it stabilizes at.”

Nell Minow, co-founder and chair of ValueEdge Advisors LLC, says she’s advising clients asking about this week’s SpaceX IPO “not to buy the stock or the indexes,” because, in her view, the company’s offering “extinguishes shareholder rights entirely.”

Instead, Minnow says she’s “recommending that large institutional investors tell their financial institutions to create new indexes” that exclude SpaceX.

For the most part, however, governance concerns aren’t preventing investors from lining up for a piece of SpaceX. And any ESG advisers telling CIOs to stay away from SpaceX might find they just sent a “career-ending memo,” according to one former UK-based sustainability manager who asked not to be identified by name discussing such a sensitive matter.

The ESG considerations around SpaceX are “highly complex,” says Nick Gaskell, senior sustainability investment manager at Aberdeen Investments. “Taking a balanced view, there is clear value from SpaceX operations,” he said.

SpaceX announced in February that it had acquired Musk’s xAI, which includes the chatbot, Grok, and the social media platform, X. The deal gave SpaceX a valuation of $1 trillion at the time, and xAI a value of $250 billion, Bloomberg News reported at the time.

Grok was recently the target of widespread criticism after it was used to generate sexualized images of people without their consent. In January, California Attorney General Rob Bonta launched an investigation into “the proliferation of non-consensual sexually explicit material produced using Grok.” xAI has since applied some restrictions and blocking mechanisms to prevent users “undressing” real people.

At the same time, the energy and water consumption of the data centers powering artificial intelligence has drawn criticism from climate activists. Musk’s efforts to build data centers in Tennessee and Mississippi, for example, are currently being fought by local communities worried about the ramifications for regional water supply, prices and pollution.

AI is expected to be a major driver behind the rise in global electricity demand toward 2030, the International Energy Agency said last year. However, much of that demand will be filled with low-carbon energy sources, the IEA also noted, adding that the computational capability of AI may actually help expedite efforts to cut planet-warming emissions.

SpaceX recently amended its IPO prospectus to include water scarcity and drought as potential risk factors to its data center projects. And Musk has famously said he plans to put data centers in space, in order to rely on solar power and not place any burden on Earth-based grids. The technology behind that plan, however, remains unproven.

Gaskell of Aberdeen says SpaceX is helping to improve the supply-chain efficiency of the International Space Station, while Starlink plays a role in providing easier internet access in remote areas.

Miranda Beacham, head of responsible investment at Aegon AM, says she would expect SpaceX to provide shareholders with “the usual information” on metrics such as climate and greenhouse gas emissions.

And “we would expect further details on the strategy for sourcing renewable electricity and carbon offsetting strategy,” she said.

However, given the “lack of accountability built into the governance structures of SpaceX,” she said, “the normal avenue of stewardship activities to improve these matters may be of limited use.”

(Adds comment from Council of Institutional Investors, in 13th paragraph.)

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Key Points

The Invesco QQQ ETF (QQQ) is one of the best-performing funds over the past couple of decades thanks to its heavy tech allocation. The Schwab U.S. Large-Cap Growth ETF (SCHG) takes more of a fundamentally guided approach to target growth stocks. SCHG's more modest tech exposure and lower expense ratio gives it a short-term advantage.10 stocks we like better than Invesco QQQ Trust ›

The Invesco QQQ ETF(NASDAQ: QQQ) has become one of the largest ETFs in the entire marketplace thanks to its heavy allocation to some of the biggest tech companies in the world. The "Magnificent 7" stocks and the artificial intelligence (AI) boom have helped make it one of the most popular and best-performing growth ETFs available.

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Over the past 10 years, the fund has returned 625%. Since its launch in 1999, it's gained around 1,600%. And that includes bear markets during the tech bubble, the financial crisis, and the COVID-19 pandemic!

By investing in the 100 largest non-financial stocks traded on the Nasdaq, it's become a growth fund almost by default. It doesn't target growth stocks specifically. A lot of growth companies just happen to list on that exchange.

So let's measure it up against an actual targeted growth strategy. The Schwab U.S. Large-Cap Growth ETF(NYSEMKT: SCHG) is one of the best in this category. It uses a number of fundamental factors to define growth, ensuring a pure play on this theme. And it charges a rock-bottom expense ratio of just 0.04%.

Does that make the targeted growth strategy or the indirect growth strategy the better opportunity today?

Image source: Getty Images.

How QQQ and SCHG are constructed

The Invesco QQQ ETF simply includes the 100 largest non-financial stocks traded on the Nasdaq exchange. Why exclude financials? The Nasdaq-100 index, to which the fund is linked, was created in 1985, and many major indexes were heavily invested in financials. The Nasdaq wanted to create an index distinct from what was already out there and thus decided to exclude this sector to enhance differentiation.

The Nasdaq-100 has typically favored listing more tech and innovative companies, so the growth tilt is likely to be long-lasting. Qualifying components are market cap-weighted.

The Schwab U.S. Large-Cap Growth ETF uses a fundamentally targeted approach. It starts with the 750 largest companies in the Dow Jones U.S. Total Stock Market Index and uses six screening measures to assign each stock:

Projected price/earnings (P/E) ratioProjected earnings growthPrice/book (P/B) ratioDividend yieldTrailing revenue growthTrailing earnings growth.

Stocks with a growth characteristic are included in SCHG's index. Stocks demonstrating the best combination of growth characteristics make the final index.

QQQ vs. SCHG: Performance and key metrics MetricQQQSCHGExpense ratio0.18%0.04%Assets under management$492.3 billion$61.1 billionDividend yield0.4%0.3%Year-to-date return+21.1%+8.4%Five-year annualized return+18.1%+16.1%10-year annualized return+21.9%+19%Number of holdings102197Top sectorsTech (67%), consumer discretionary (18%), telecom (4%)Tech (45%), communication services (15%), consumer discretionary (13%)Top holdingsNvidia (8.6%), Apple (7.1%), Alphabet (6.7%)Nvidia (11.6%), Apple (9.6%), Alphabet (8.4%)

Sources: Invesco, Schwab.

Overall, there's about 62% overlap between the two funds, suggesting they'll perform very similarly.

The sector compositions and top holdings don't look much different. There's a more top-heavy concentration in the Schwab U.S. Large-Cap Growth ETF right now, but the significantly higher allocation to tech in the Invesco QQQ ETF has clearly driven year-to-date performance. Another big differentiator is QQQ's outsize exposure to several of the memory, storage, and semiconductor stocks that have rallied hard in 2026.

SCHG is the better buy

It would be natural to say that the Invesco QQQ ETF is the better buy, given its performance and reputation. But I'm actually choosing the Schwab U.S. Large-Cap Growth ETF as the winner for a couple of reasons.

First, the outperformance gained from companies more heavily represented in QQQ, such as Intel, Advanced Micro Devices, Sandisk, and Lam Research, is probably unsustainable. There was clearly some catch-up performance to be had from this group, but they are all fully valued at the moment and maybe even vulnerable to a pullback should momentum cool.

The Schwab U.S. Large-Cap Growth ETF has many of those same exposures but is also more diversified across nontech sectors. That diversification could prove advantageous given how far and how fast tech stocks have rallied this year. Plus, the 0.04% expense provides an additional cost advantage.

Both are great ETFs, but the Schwab U.S. Large-Cap Growth ETF offers a better opportunity right now.

Should you buy stock in Invesco QQQ Trust right now?

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David Dierking has positions in Apple and Schwab Strategic Trust-Schwab U.s. Large-Cap Growth ETF. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Apple, Intel, Lam Research, and Nvidia. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Der US-Aktienmarkt zeigt sich leicht gestiegen, da Investoren die starken Arbeitsmarktdaten gegen höhere Zinsen abwägen. Die Non-Farm-Payrolls zeigten 172.000 neue Jobs im Mai und die Arbeitslosenquote blieb bei 4,3 %. Gleichzeitig liegt der 10-Jahres-Treasury-Rendite bei etwa 4,57 %, was Hypotheken, Kreditkarten und Geschäftskredite relativ teuer macht.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Die Wall Street steht vor einem neuen AI-Problem. Nicht der Bedarf, sondern die Versorgung. Eine Welle frischer Aktien von Unternehmen, die Geld für künstliche Intelligenz sammeln, könnte bald testen, ob Investoren genügend Kapital und Geduld haben, um sie alle aufzunehmen. Der Warnschuss kam Freitag nach einem Bericht, dass Meta Platforms (NASDAQ:META) über eine Aktienemission in Höhe von Milliarden Dollar nachdenkt, was seine Aktien um 5,5% fallen ließ. Der Nasdaq-100-Index fiel um 4,8%, sein schlechtestes Tagesergebnis seit mehr als einem Jahr, während der S&P 500-Index um 2,6% fiel, sein schwächstes Tagesergebnis seit Oktober. Meta könnte nur der Anfang sein. Potenzielle IPOs von SpaceX, Anthropic und OpenAI könnten knapp 4 Billionen Dollar an Marktkapitalisierung zu den US-Börsen hinzufügen, während Alphabet (NASDAQ:GOOGL) plant, im nächsten Quartal 85 Milliarden Dollar durch die Verkauf von Aktien aufzubringen, um künstliche Intelligenz-Datenzentren zu finanzieren. ... (rest of the content)

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Vergessen Sie die Inflationszahlen im Mai! Das am meisten erwartete Ereignis der Woche, wenn nicht des Jahres, ist für Freitag, den 12. Juni, geplant. Dies wird das Debüt von Elon Musks künstlicher Intelligenz (KI) und Raumwirtschaftskonglomerat SpaceX markieren, das mit seiner Initial Public Offering (IPO) 75 Milliarden US-Dollar aufbringen will.

Der Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), Nasdaq Composite (NASDAQINDEX: ^IXIC) und Nasdaq-100 haben sich vor diesem historischen Ereignis abgerüstet. Neben der Erhöhung des Barriers für die größte jemals durchgeführte Cash-Raise, haben wir eine Flut von Regeländerungen durch Broker und Komitees erlebt, die den Indexeintritt überwachen.

Wird KI den ersten Trillionär schaffen? Unser Team hat kürzlich einen Bericht über das einzigartige Unternehmen veröffentlicht, das als 'Unverzichtbares Monopol' bezeichnet wird und die kritische Technologie liefert, die Nvidia und Intel benötigen. Weitere Informationen »

Aber Änderungen werden nicht immer zum Wohle der Retail-Investoren vorgenommen. Eine Reihe von strukturellen Verschiebungen an der Wall Street, gekoppelt mit einem SpaceX-Prospekt, der bereits niedrige Erwartungen enttäuscht hat, droht, Retail-Investoren den Hals zu brechen.

Die SpaceX-IPO ist ein Transfer von Vermögen von Retail-Investoren zu internen Personen des Unternehmens.