Here's the part of the SpaceX IPO nobody's talking about.
Nasdaq quietly changed its rules so SpaceX can join the Nasdaq-100 after just 15 trading sessions instead of waiting a full year.
That means roughly two weeks after today's open, SpaceX gets added to the index.
And the moment it does, every fund built to track the Nasdaq-100 has to buy it. Not "wants to." Has to.
Estimates of that forced buying run into the tens of billions, all clustered around early July.
So the smart money isn't waiting for the open to chase it. They're grabbing shares at the $135 IPO price now, before that mechanical wave of buying hits.
That's what the oversubscribed institutional book is really telling you.
They can all see the same forced buyer coming. So the scramble started early.
Today, when SpaceX opens, you'll see if they were right.
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