SpaceX joins the Russell 1000 on a fast-track IPO rule as Friday's reconstitution drives an estimated $150bn in Wall Street trading

SpaceX is being added to the Russell 1000 large-cap index under a 'fast-track' entry rule for recent IPOs (initial public offerings), as FTSE Russell executes what it describes as one of its biggest index reconstitutions on record. The changes take effect after the US market close on Friday 26 June, with trading reflecting the new composition from Monday. The total estimated reconstitution-day trade is approximately $150bn, driven by fund managers adjusting portfolios to reflect revised weightings across the Russell family of indexes. SpaceX's stock is classified as approximately 90.4% growth and 9.6% value, meaning it will carry significant weight in growth-oriented funds tracking the Russell 1000 Growth index. The fast-track rule — announced by FTSE Russell in late May — is being applied for the first time, with investors watching closely as a precedent for the anticipated IPOs of OpenAI and Anthropic later this year. Elsewhere in the reshuffle, Microsoft and Apple move into both value and growth sub-indexes rather than growth only. Alphabet and Advanced Micro Devices transition to 100% growth classifications, representing among the largest removals from the Russell 1000 Value index. Sixty-two companies are joining the large-cap Russell 1000 in total, including 43 promoted from the small-cap Russell 2000. Bloom Energy, which supplies power to AI data centres, moves from the Russell 2000 all the way to the Russell 200 megacap index after its stock rose more than 1,000% over the prior year. For the first time in over 30 years, the Russell indexes will be reconstituted twice annually — in June and December — rather than once.