SpaceX facilities in Merritt Island, Florida.
Photographer: Eva Marie Uzcategui/BloombergSpaceX’s stock has started to lose momentum after its blockbuster market debut. But investors betting against Elon Musk’s newest public company will soon face a different force: billions of dollars in mechanical buying as the stock enters major indexes.
FTSE Russell is poised to add Space Exploration Technologies Corp. to its flagship US and global benchmarks, including the Russell 1000, on Monday. About one week later, the stock will join the Nasdaq 100. The additions are set to spur buying worth at least $5.4 billion from index-tracking funds, according to an estimate from Bloomberg Intelligence strategist Rob Du Boff.