A $10 Billion Passive Bid Is Coming: Goldman Tracks SpaceX's Lockup Cliff Into The Index Funds

Back in June, the biggest worry about the biggest IPO in history was what it would do to the indices.

A $2 trillion-plus company landing in the Nasdaq 100 was supposed to warp everything: concentration, valuation, passive flows. Five months later, Goldman's US equity strategist Ben Snider has run the numbers in his latest "US Weekly Kickstart" (available to pro subs), and the answer is underwhelming: strip SpaceX out of the Nasdaq 100 and the index's P/E drops from 19.5x to 19.2x. That's it.