Sibylle Greindl
12 Jun 2026
SpaceX IPO: what your index fund will buy, and how much
The largest stock market listing in history has just launched. If your savings are invested in global equities, you could soon own SpaceX shares.
The largest stock market listing in history has just launched. If your savings are invested in global equities, you could soon own SpaceX shares.
SpaceX: a record-breaking listing
SpaceX is set to go public at a valuation of around $1.780 trillion, the largest initial public offering in history.
The goal? To raise $75 billion to fuel the ambitions of Elon Musk, founder, chief executive and largest shareholder of SpaceX: providing internet access from space via Starlink; launching a reusable rocket, Starship; building data centres in space; and, above all, not stopping there.
Is SpaceX overvalued?
The current valuation stands at nearly one hundred times its revenue, a record in itself.
SpaceX is a growth company, so the focus is on the revenue multiple rather than profits, which do not yet exist. Only the Starlink satellite telecommunications network has generated an operating profit. The xAI division, SpaceX's artificial intelligence arm, is burning through cash at a rapid pace.
The SpaceX IPO: a global frenzy
Despite a price that has broken every ceiling, the promise has captured the imagination of investors in the United States, Europe and the United Kingdom, who view SpaceX as a play on several major technology themes.
Considerable enthusiasm has already built up, pushing the valuation higher.
Why are so few SpaceX shares being offered?
Of the roughly 13 billion SpaceX shares outstanding, only 555 million are being offered to the public.
At the current price, the amount raised through this transaction is already colossal, sufficient to meet the company's financing needs. The relative scarcity also intensifies demand pressure, helping to keep the price elevated.
Elon Musk is barely diluting his stake and retains control over all of SpaceX's operations.
What weight will SpaceX carry in your index?
Indices weight companies according to the share of their capital that is genuinely available on the market, meaning the shares that can actually be bought, rather than the company's total market capitalisation. In the case of SpaceX, the freely tradeable portion of the capital, known as the "free float", is relatively small: just $75 billion. The impact on indices will therefore be limited, and far smaller than what the inclusion of SpaceX's full valuation might have implied.
In your Easyvest global equity portfolio, SpaceX will represent around 0,1% of your investment, comparable to the weight of a large European telecoms company in a global portfolio.
How do indices absorb a mega IPO?
Index providers such as MSCI and S&P Dow Jones each follow a specific philosophy: they aim to faithfully represent a sector, a geography, or the entire global stock market. That philosophy governs how they will introduce SpaceX.
The SpaceX IPO: MSCI's approach
MSCI, which governs the global developed-market equity index, weights each security according to its float-adjusted market capitalisation, taking into account the number of shares genuinely available on the market and their price. In principle, MSCI requires that at least 15% of shares be in free circulation to make a security eligible. In SpaceX's case, only around 4% of shares are being placed in circulation. However, MSCI's methodology explicitly includes an exception for companies large enough that excluding them would distort the market's representation.
Under that exception, SpaceX will be added to the index approximately ten trading days after its listing on the Nasdaq, around late June 2026, weighted according to its actual free float rather than its full $1.750 trillion valuation.
The SpaceX IPO: the S&P Dow Jones approach
The S&P 500 has a different philosophy from MSCI: it does not simply aim to represent large American companies, it aims to represent large, profitable, established American companies.
This IPO illustrates the difference. A mega listing generates a wave of media and speculative excitement. Adding such a stock immediately would expose the millions of savers indexed to the S&P 500 to a valuation potentially inflated by hype, before the company has demonstrated any ability to generate lasting profits. Mega-cap or not, S&P Dow Jones remains true to its approach and will include SpaceX no earlier than June 2027.
When will SpaceX appear in your Easyvest portfolio?
SpaceX could enter your portfolio as early as the end of June. For large listings, MSCI can choose to add a stock after just ten trading sessions, an expedited inclusion designed to keep the index as representative as possible.
Passive index funds replicating the global developed-market equity index, representing trillions of dollars in assets, will then need to buy SpaceX shares around 24-27 June to rebalance their portfolios. They will buy from investors looking to sell: long-standing SpaceX shareholders, or speculators who bought shares at the listing hoping to sell to exactly those index funds. Those speculators are likely already buying SpaceX today, anticipating the wave of mechanical buying at the end of the month, intending to sell at a slightly higher price.
SpaceX in your portfolio: part of history, at the right scale
SpaceX has structured its listing to allow Musk to claim an extreme valuation. The rule that protects the passive investor remains in place regardless: weighting by actual free float. Your fund buys only the fraction of SpaceX genuinely available on the market, not the full headline valuation.
Global diversification does exactly what it was designed to do: give investors exposure to companies that may become dominant, while keeping each holding in proportion to its actual market weight.
You did not have to decide whether SpaceX was worth $1.750 trillion. You will not have to decide whether it is worth more in ten years. Your portfolio is part of that story, at the right scale.