CoreWeave, Nebius to join Nasdaq-100 in AI swing with SpaceX incoming

The Nasdaq-100 rebalance takes effect on June 22, with CoreWeave (CRWV) and Nebius Group (NBIS) among the five companies being added in the index's quarterly reshuffle.

Both are key AI infrastructure plays. CoreWeave, a leading GPU cloud provider, rose 3% in pre-market trading on Friday, while Nebius, an emerging European AI infrastructure platform, gained 5%, signaling the index's continued tilt toward artificial intelligence.

The reshuffle sets the stage for an even bigger moment. SpaceX completes its IPO later today, targeting a valuation north of $1.75 trillion. Under Nasdaq's new Fast Entry rules, the company could join the index as soon as early July, an off-cycle, ad-hoc addition that would instantly make it one of the largest components in the entire index.

Nasdaq revised its methodology in last month, cutting the seasoning period from three months to just 15 trading days for any company ranking in the top 40 by market cap.