SpaceX Becomes Top Holding in Vanguard Extended Market ETF Despite Being a Megacap
Vanguard recently updated its equity ETF holdings, revealing that SpaceX (SPCX) is now the top holding in the $97.7 billion Vanguard Extended Market ETF despite being one of the largest U.S. companies by market cap. This unusual placement stems from how SpaceX's float—only about 5% of total shares—is classified under the S&P 500 Completion Index, which tracks small- and mid-cap stocks with some large caps included. The Vanguard Extended Market ETF holds approximately $1.16 billion worth of SpaceX stock as of June 30. Because it weights holdings based on float rather than full market cap, SpaceX's influence in the fund is disproportionately high compared to its actual size relative to other megacaps like Meta Platforms (META). This dynamic also explains why SpaceX makes up only a small portion—just 0.29%—of funds such as the Vanguard Growth ETF. As more shares of SpaceX become available for trading starting August 6, it is expected that its presence in large-cap-focused ETFs will grow while potentially being removed from smaller/mid-cap-oriented ones like the Extended Market ETF.
Topics: ETFs S&P Indices SpaceX Vanguard