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How much SpaceX will the world be forced to buy, and what it will do to the price

The largest stock sale in history is a live experiment on a strange modern force: investors who must buy a stock, at almost any price, because it joins a list.

When SpaceX lists today at around $1.77 trillion, most of the coverage will be about Elon Musk. I want to ask something narrower and, I think, more revealing: how much SpaceX will fund managers be forced to buy, simply to keep pace with the indexes their performance is judged against? My answer is closer to $9 billion than the $14 billion making headlines, almost all of it from index funds rather than stock pickers. Small as that sounds, it lands on so little tradable stock that it should still move the price hard.

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