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Inclusion in the Nasdaq 100 was supposed to be a tailwind.
SpaceX's stock closed instead at $148, below its debut price, finishing a two-day slide that raises a pointed question about whether the index-inclusion trade ever materialized at all.
The company's IPO raised a record $85.7 billion after underwriters exercised the greenshoe overallotment, a figure that set a high bar for what the market was willing to pay at the door.
When the inclusion bid does not show up Index additions typically pull in passive fund rebalancing, and the case for SpaceX heading into its Nasdaq 100 entry was that mechanical buying from index trackers would put a structural bid under the stock.
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