Key HighlightsSpaceX shares advanced approximately 1% during Monday’s premarket session following a significant Nasdaq-100 index rebalancing.The company’s index representation jumped to 2.82% from approximately 1.28%.According to TipRanks, this adjustment may generate between $15.5 billion and $22 billion in passive investment flows.NASA recently awarded SpaceX a $946 million contract extension for three additional astronaut transport missions.Market participants continue monitoring the company’s progress toward its upcoming Starship test flight.SpaceX (SPCX) shares gained approximately 1% during Monday’s premarket session following the implementation of a significant Nasdaq-100 index rebalancing. The stock was changing hands near $153 following Friday’s closing price of $152.71.Space Exploration Technologies Corp., SPCXThe primary driver behind this movement is SpaceX’s enhanced representation within the Nasdaq-100 index. According to Bloomberg’s reporting, the company’s index allocation has expanded to 2.82% from its previous level of approximately 1.28%.This substantial increase means that index-tracking funds must significantly boost their SpaceX holdings to maintain proper alignment. TipRanks projects that this rebalancing could generate passive investment flows ranging from $15.5 billion to $22 billion.SpaceX joined the index back in July, following its initial public offering. The company’s initial weighting was limited because Nasdaq calculates exposure partially based on free float, which represents the portion of shares accessible to public market participants.Index Rebalancing Significantly Boosts SpaceX RepresentationAdditional SpaceX shares have entered public circulation after post-IPO lockup periods expired. This development has enabled the company’s index representation to align more accurately with its overall market capitalization.The expansion from 1.28% to 2.82% represents more than a doubling of SpaceX’s Nasdaq-100 footprint. Monday marks the official implementation date for this revised weighting.Index-tracking funds don’t make purchases based on fundamental analysis, earnings projections, or valuation metrics. Instead, they modify their positions to mirror adjustments made by their benchmark index.This creates automatic buying pressure whenever a company’s index representation increases. The precise volume of shares purchased can fluctuate based on fund inflows, tracking methodologies, and the timing of portfolio manager rebalancing activities.SpaceX shares have recently recovered above the $150 level where they opened during the IPO. However, they remain more than 10% below their early July trading levels, as reported by Barron’s.Recent NASA Contract Extension Provides Additional Positive CatalystThe index adjustment comes on the heels of a new $946 million NASA contract announced on September 18. The space agency added three additional SpaceX crewed transport missions to its Commercial Crew Transportation Capability agreement.These missions—designated Crew-15, Crew-16, and Crew-17—have projected readiness dates spanning 2027 and 2028. This extension brings SpaceX’s total contract value under this program to $5.92 billion.According to NASA, the agreement encompasses ground operations, launch services, orbital operations, spacecraft return and recovery, cargo delivery, and emergency evacuation capabilities. The contract extends through 2030.Additionally, SpaceX secured another NASA contract last week for launching the StarBurst scientific satellite. This mission has a target launch date no earlier than 2028 utilizing a Falcon 9 rocket.Market observers are also monitoring SpaceX’s forthcoming Starship test activities. The company’s operational milestones represent another near-term factor drawing investor attention beyond the Nasdaq-100 rebalancing.For Monday’s trading session, the confirmed market driver is the index modification. SpaceX’s Nasdaq-100 representation now stands at 2.82%, representing more than double its earlier weighting of roughly 1.28%.The post SpaceX (SPCX) Stock Gains Momentum Following Major Nasdaq-100 Index Rebalancing appeared first on Blockonomi.