SpaceX $75B IPO Discloses 18,712 BTC, May Join Nasdaq 100

SpaceX is preparing a $75 billion initial public offering in June and disclosed 18,712 bitcoin in its S-1 filing, a holding worth about $1.45 billion at recent prices. The filing shows SpaceX holds more bitcoin than any other company known to be preparing to go public.

Under Nasdaq’s fast-entry policy, a sufficiently large IPO can enter the Nasdaq 100 within 15 trading days. If SpaceX’s market value after the offering reaches roughly $1.75 trillion to $2 trillion, the company would become one of the index’s largest constituents.

Phong Le, chief executive officer of Strategy, commented, “With the SpaceX IPO, the Mag 7 will become the Mag 8,” and added that “25% of the Mag 8 will have Bitcoin on their balance sheet.”

Index-tracking funds that follow the Nasdaq 100 would need to buy shares of any new constituent added under the fast-entry rule and sell other holdings to maintain index weights. JPMorgan estimates referenced by market participants indicate that Nvidia could face more than $20 billion in passive outflows and Apple roughly $16 billion; Microsoft, Amazon, Alphabet, Broadcom, Meta and Tesla are also listed as likely funding sources for the rebalance.

Analyst Nic Puckrin wrote that an addition to the Nasdaq 100 by fast entry would force passive funds to buy the new listing and sell other stocks, increasing the scale of trades if SpaceX’s index weight grows.

Bitcoin’s recent price movements have tracked large-cap technology stocks closely. The 30-day rolling correlation between bitcoin and an ETF that tracks the largest tech names stood near +0.81, indicating frequent same-direction moves between bitcoin and major tech shares over the past month.

On-chain metrics show apparent demand for bitcoin at its lowest level in four months. Price action since February has formed an upward-sloping bear flag pattern on daily charts. Short-term technical levels cited by chart analysts place an immediate downside target near $73,000 to $74,000, a potential rebound level around $85,000, and a measured move toward about $56,000 if price closes decisively below the pattern’s lower trendline.

SpaceX’s disclosed bitcoin holding and its potential fast entry to the Nasdaq 100 are factual elements that would alter index composition and require passive funds to rebalance. The filing and the Nasdaq rule together define the mechanics that would drive those portfolio adjustments.