>So presumably an S&P 500 index fund is not disadvantaged, since it is tracking a float-adjusted index, i.e. the weight of SpaceX will be tiny if its float is tiny.

Nasdaq already caved. FTSE and S&P are supposedly considering it.

https://www.economist.com/leaders/2026/03/31/index-providers...

Low float, large cap companies will get a 5x multiplier.