On July 7, Space Exploration Technologies (NASDAQ: SPCX) joined the Nasdaq-100 — which is the 100 largest non-financial companies by market cap listed on the Nasdaq stock exchange. It also received a $300 price target from Morgan Stanley, one of the Wall Street banks that underwrote SpaceX’s initial public offering (IPO).

Being a part of a major index is more than just name recognition. Exchange-traded funds (ETFs) benchmarked to the Nasdaq-100, such as the Invesco QQQ Trust (NASDAQ: QQQ), will begin buying shares of SpaceX. The more indexes a company can be a part of, the more demand is unlocked from ETF inflows — the crown jewel being the S&P 500 (SNPINDEX: ^GSPC), because the largest ETFs in the world are…