SpaceX, the most highly anticipated and closely watched IPO in US market history, was officially added to the CRSP Market Indexes, soon to be rebranded the Morningstar Market Indexes, on Thursday, June 18, after market close, effective Monday, June 22, at the opening of US markets. The addition of SpaceX to the CRSP Market Indexes, including the flagship US Total Market Index, five days after its record setting IPO is consistent with CRSP’s long-standing fast-track framework for IPOs, introduced when the indexes launched in 2011 and last updated in 2017.
While SpaceX has firmly landed in the Morningstar indexes, it hasn’t landed near the top. SpaceX entered the US Total Market Index, currently followed by more than $2 trillion in investor assets, at a 0.15% weight, making it the 106th largest security in the index by weight. The low initial ranking for SpaceX in the index reflects that, while SpaceX is currently one of the largest US companies in terms of total market capitalization, the amount of SpaceX shares available to the investing public is still relatively small.
Notably, SpaceX enters the index with a float-adjusted market capitalization of $109.2 billion, representing just 4.5% of its total market capitalization of $2.4 trillion at June 18. In April, Morningstar adjusted the float eligibility requirements for all new additions to the CRSP Market Indexes to pick up companies with high float-adjusted market capitalization, even if they have low float percentages. This was done to account for the evolution of the equity market, where companies stay private longer, come to market at larger sizes and offer fewer publicly available shares than historical standards.
Alex Bryan – Director of Product Management, Morningstar Indexes:
“We’ve designed our indexes to most accurately reflect the available opportunity set for investors. Our long-standing fast-track IPO methodology is aligned with that commitment, enabling timely and passive representation of new market entrants. But the IPO landscape has changed. As more companies come to market with lower float and higher valuations, uniform percentage-based float thresholds can unnecessarily exclude large, highly liquid companies. The revised float eligibility requirements reflect this structural shift.”
For a deeper dive into the details behind mega IPO inclusion rules and the CRSP Market Indexes, you can read a recent analysis by Alex Bryan and Morningstar Director of Index Analytics Alex Poukchanski. And for a broader outlook, Morningstar Indexes’ Head of Product and Research Rolf Agather outlines the company’s view on mega IPO inclusion rules in a recent Morningstar Indexes perspective.
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