Trillions of dollars are blindly sloshing around in passive funds, and index inclusion dictates market structure rather than reflecting it. Under Nasdaq’s proposed 5x multiplier rule, the company’s index weight would be calculated at 25% of its total market cap (5% float x 5), even though only 5% is available for trading. Nasdaq’s proposed rules explicitly state that float figures are only updated during scheduled quarterly rebalances. The smaller the initial IPO float, the more powerful the rebalance will be. To hit the December 18, 2026 quarterly rebalance date for the Nasdaq 100, SpaceX needs to IPO around mid-June.