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SpaceX Is Joining the Russell 1000. Will It Help the Stock Reverse Course?
By Callum Keown
and Al Root
Updated June 29, 2026, 9:43 am EDT / Original June 29, 2026, 5:31 am EDT
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In this article
Key Points
About This Summary
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SpaceX stock has tumbled 24% from its June 16 high of $201.80, despite recent positive developments.
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SpaceX joined the Russell 1000 index and is set to join the Nasdaq-100 on July 7, marking major index inclusions.
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CEO Elon Musk expressed confidence in SpaceX exceeding $100 billion revenue by 2028, yet the stock rose only 1.4%.
SpaceX stock had failed to maintain altitude, despite several catalysts, including its looming addition to the Russell 1000. Now that the inclusion is a reality, shares will try to reverse course.
SpaceX stock was added to the Russell 1000 after Friday’s close, and today will be its first full trading day as part of the index. That qualifies as a minor catalyst. The amount of money directly indexed to the Russell is measured in billions, not the trillions indexed to the S&P 500.
S&P Global decided against fast-tracking SpaceX into its indexes, partly due to a supply-and-demand issue. There would be too many passive players chasing too few shares if SpaceX were to, say, enter the S&P 500. There are only about 86 million shares of SpaceX currently available to trade, only a fraction of the more than 13 billion shares outstanding. More stock will become available in the coming six months.
Still, the stock will enter the Nasdaq 100 on July 7. That could give shares another boost, with passive indexes, including the popular Invesco QQQ ETF, all buying at once.
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CEO Elon Musk was also typically bullish in response to a post on X noting that SpaceX is expected to reach $100 billion in revenue by 2028. “I would be disappointed if SpaceX did not significantly exceed these milestones,” he wrote late SundayExternal link.
Wall Street sees about $103 billion in 2028 sales, so Musk’s statement aligns with current estimates.
He also tweeted that Grok 4.5, SpaceX’s AI model, might be better than comparable products from Anthropic. Grok comes from xAI, which SpaceX merged with in February. xAI no longer exists, with SpaceX dissolving the entity recently.
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Those four things might be considered catalysts to lift the stock. Shares of the rocket and AI company maker were up 3% in early trading at $157.86, while the S&P 500 and Dow Jones Industrial Average were up 0.8% and 0.3%, respectively.
Shares are still down from an all-time high of $225.64, reached a couple of days after its June 12 IPO. The post-IPO low is $147.11, which is still higher than the $135 IPO price.
Current prices value SpaceX at about $2 trillion. That’s, obviously, a lot and reflects a lot of optimism. The direction of that optimism, more than indexation, will likely determine the value of shares in the coming months.
Write to Callum Keown at callum.keown@dowjones.comExternal link
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