SpaceX recently saw a multi-billion dollar passive buy-in. The reason is that SPCX's weight in the Nasdaq-100 has significantly increased from about 1.28% to 2.82%, more than doubling. This is due to the gradual unlocking of restricted shares after the IPO, which increased the number of freely tradable shares. Nasdaq recalculated SPCX's index weight during its quarterly rebalancing. Based on the scale of funds tracking the Nasdaq-100, this weight increase corresponds to passive allocation demand of approximately $15.5-22 billion. However, this money didn’t just start buying today—the major portfolio adjustments were likely completed by last Friday’s market close. As more restricted shares are unlocked and the proportion of freely tradable shares continues to rise, SPCX's weight in the Nasdaq-100 still has room for further growth.