>I don’t think Nasdaq is free float based.

I recommend the NDX proposal from February which the whole discussion is based upon:

"To balance index integrity and investability, Nasdaq proposes a new approach for including and weighting low-float securities (those below 20% free float). Each low-float security’s weight will be adjusted to five times its free float percentage, capped at 100%. Securities with more than 20% free float will continue to be weighted at full, eligible listed market capitalization, while those below 20% free float will be weighted proportionally to preserve investability."

The document includes a scenario with the rules applied to SpaceX. "Company C" in the table is SpaceX (with some estimated numbers).

https://indexes.nasdaqomx.com/docs/NDX_Consultation-February...