This Friday (June 12, 2026) SpaceX (which, as it turns out, doesn’t just make rockets — it also encompasses Starlink and Twitter — er, X) will launch its mega-IPO. It’s expected to immediately become a top 10 company in terms of market capitalization, putting it in the same stratosphere as Nvidia, Apple, and Microsoft.

There’s a lot of chatter over how (and even if) this will impact the boring old index investor. It might help to review what the major US Indices are. The major US indices¹ that show up again and again in ETFs are

• S&P 500 — this is the index used by ETFs like VFV, XSP, ZSP and HXS
• S&P Total — this is used by XEQT/XGRO² and AOA³
• Nasdaq 100… includes ETFs like XQQ, ZQQ, HXQ⁴
• The Solactive US Large Cap Index⁵: TPU aka TEQT
• CRSP US Total Market Index — VUN, VUS and VEQT for example

The ETFs that track indices don’t have discretion over when or if to include a stock in their ETF. When the index changes, so does the ETF. It’s totally mechanical. The indices also have published rules on how and when to include stocks, but because SpaceX is anticipated to be so exceptionally large, there was pressure on the index providers to tweak their rules to make sure SpaceX was included. If you’re keeping score, only Nasdaq made changes to accommodate SpaceX. S&P did not.

After much anticipation, here’s the state of play as of June 9, 2026:

Index	SpaceX included when?	How much?
S&P 500 (VFV, XSP, ZSP, HXS)	>1 year from now6	Float-adjusted, as usual
S&P Total (XEQT/XGRO, AOA)	Once 10% float achieved…a quarter or two?	Float-adjusted, as usual7
Nasdaq 100 (XQQ, ZQQ, HXQ, QQQ)	Shortly after IPO…15 trading days	Based on full market cap, as usual
Solactive US Large Cap (TPU, TEQT)	Next quarterly review	Float-adjusted
CRSP (VUN, VUS, VEQT)	Shortly after IPO…5 trading days	Float-adjusted

Many of the indices use the float-adjusted amounts; this means a lower weighting for SpaceX than its full market-cap, which means a lower weight in any index that uses float. In the coming months, I’ll take a peek at how much SpaceX I hold, and how it’s changing, just for my own education.

So, for me, it looks like I’ll be owning some SpaceX in the not-too-distant future since the vast majority of my US holdings are in XEQT/XGRO/AOA. And, the odds are, it will lose value post IPO. That kinda sucks.

Of course, as BMO correctly points out, nobody will be immune from this kind of market movement — why, you may ask? Given SpaceX is going to be included in the popular Nasdaq 100, funds that mirror this index are going to have to make room for the new arrival, selling off shares of things they already hold, like Nvidia, and Microsoft. This will create downward pressure on the prices of these tech stocks, and hence it will also create downward pressure on any ETF that also holds Nvidia, and Microsoft. The S&P 500 holds many of the Nasdaq 100 companies, so you can expect some price erosion of ETFs mirroring the S&P indices as the Nasdaq ETFs do their rebalancing act.

In the grand scheme of things, I don’t think I really care. I don’t love SpaceX, or any other stock for that matter. The S&P indices have historically rewarded the patient investor, and I see no reason to change my strategy based on one IPO, no matter how splashy. It won’t be the last — both Anthropic and OpenAI are probably close behind with their IPOs.

1. The small cap Russell 2000 is also popular, but I don’t mention it in the main list since SpaceX is too big to be a small cap ↩︎
2. This is a CAD ETF and holds things beyond “just” the S&P index. See more here. ↩︎
3. This is a USD ETF, and holds things beyond just the S&P index. See more here. ↩︎
4. The most famous Nasdaq 100 ETF trades in USD and is QQQ. This would explain the not-very-original names chosen by the Canadian management companies. ↩︎
5. I think only TD uses this one, but since I’ve written about TEQT in the past, I figured I’d include it. ↩︎
6. and likely longer, since there is a profitability screen imposed as well for inclusion in the S&P 500 ↩︎
7. Over time, the size of the SpaceX float is expected to increase as insiders unload their shares; the timing of this is not known. I’d expect the SpaceX % to increase over the first year of inclusion on the S&P Total index. ↩︎