Why TD Securities anticipates even bigger days ahead for SpaceX

According to experts at TD Securities, the significant milestones for SpaceX are still on the horizon. Peter Haynes, who leads the firm’s index and market structure division, emphasizes that the company's public offering is just a fraction of a much larger journey. Investors are being urged to stay vigilant, particularly regarding SpaceX's inclusion in major indexes such as the S&P Total Market Index, MCI Global Index, Russell Indexes, and Nasdaq 100, which is expected to take place early this summer. Haynes pointed out that July 6, the 15th day following the IPO, will be crucial as the Nasdaq rebalances its 100 Index to incorporate SpaceX’s newly issued shares. In a move that sparked debate, the S&P 500 Index Committee recently announced that SpaceX would not be fast-tracked into the index. This decision mandates that the company trades publicly for at least a year before it can qualify for inclusion. Haynes remarked that this situation enhances the importance of upcoming index events, as many shares will transition to being freely tradable and require adjustments in the benchmarks. SpaceX made its much-anticipated debut on the Nasdaq at 11:46 a.m. ET on Friday, with its stock price soaring over 19% to close at $160.95, giving the company a staggering market capitalization of over $2 trillion. In a post-market commentary to CNBC, Haynes noted, "We often take for granted that the infrastructure supporting equity trading functions seamlessly. Today was an examination of that infrastructure, and I believe the industry successfully passed the test."