Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web 3_golem)
After the market closed on June 26th, the Russell US Indexes completed their latest reconstitution, finalizing all component stocks and their weights. The market will officially begin trading according to the new indexes as of the market open today (June 29th).
The Russell US Indexes are among the most important US equity benchmark indices globally. They track the price performance of the top 3000 US-listed companies by market capitalization(Odaily note: The actual number fluctuates slightly due to listings/delistings, e.g., the 2025-2026 figure was around 2900+), representing approximately 98% of the investable US stock market. They are the broadest combined large-cap and small-cap US indices.
If the Russell US Index is likened to a pyramid, the Russell 1000 forms the top, containing the top 1000 large-cap stocks by market cap. The Russell 2000 forms the middle to lower parts, containing small-cap stocks ranked from 1001 to 3000 by market cap. Together, they constitute the complete Russell US Index, also known as the Russell 3000 Index.
According to official sources, over $12 trillion in global assets are currently benchmarked against the Russell US Indexes (including passive ETFs, mutual funds, pension funds, etc.). Therefore, during the annual reconstitution, a massive number of ETFs, index funds, and institutional accounts must simultaneously adjust their holdings. According to data released by Nasdaq, on June 26th, the reconstitution day, its Closing Cross system processed a trading volume of $334.027 billion, setting a single-day record for Russell 3000 reconstitution in Nasdaq's Closing Cross history, far exceeding 2025's data.
The total number of stocks listed on Nasdaq and the NYSE is approximately 5650. While the Russell 3000 Index covers 97% of the investable US market from a float-adjusted market cap perspective, in terms of the number of constituent companies, it represents only 53%. Therefore, the constituent stocks of the Russell 3000 Index post-reconstitution are highly scrutinized by the market, especially those newly added to the index, as it signifies these stocks will attract trillions of dollars in passive fund buying for the first time, potentially leading to better future performance and warranting attention.
224 New Companies Added to the Russell 3000 Index
According to official disclosures, following this reconstitution, the market cap threshold dividing the Russell 1000 and Russell 2000 soared by 24% to $5.7 billion. This means many companies with market caps around $5 billion were demoted from the Russell 1000 Index to the Russell 2000 Index. The minimum market cap threshold for the smallest constituent in the Russell 2000 Index rose to $146.4 million (an increase of nearly 23% compared to 2025).
This time, 61 companies were newly added to the Russell 1000 Index. Of these, 42 were promoted from the Russell 2000 Index. These new constituents are mainly concentrated in the Technology (18 companies) and Industrials (17 companies) sectors. Only 19 are truly new companies joining the Russell 1000 Index.
This time, 244 companies were newly added to the Russell 2000 Index. Of these, 39 were demoted from the Russell 1000, 83 came from the Russell Microcap Index, 17 joined via IPO, and the remaining new companies came from outside the previous Russell US Index universe. Among these 244 new additions, 88 belong to the Healthcare sector, 36 to Technology, 31 to Consumer Discretionary, and 28 to Industrials.
Therefore, in this reconstitution, a total of 224 new companies were added to the Russell 3000 Index: 19 to the Russell 1000 and 205 to the Russell 2000. Simultaneously, 118 companies were completely deleted from the Russell 3000 Index.
List of New Companies Added to the Russell 3000 Index (Click to view full list)
Approximately 37 AI and Semiconductor Companies Added to the Russell 3000 Index
Compared to the Russell 2000, the weighting of Technology companies in the Russell 1000 Index is much higher than other sectors. Thanks to its rapid market cap expansion, Nvidia has officially replaced Apple as the constituent with the largest weight in the Russell 1000 Index. With this year's explosion in the AI and semiconductor industry, semiconductor stocks saw the largest increase in weight within the Russell 1000 Growth Index(Odaily note: The Russell 1000 Index can also be subdivided into Growth, Value, Top 200, and Mega Cap).
By weight, the companies with the largest new additions to the Russell 1000 Growth Index are Micron Technology and SanDisk, both of which shifted from being 100% Value stocks to 100% Growth stocks.
Sector Weightings of Companies in the Russell 1000 Index vs. Russell 2000 Index
Meanwhile, according to Odaily's statistics, among the 224 new companies added to the Russell 3000 Index, approximately 37 are engaged in AI industry upstream/downstream business, accounting for about 17% of new additions.
AI-Related Companies Among New Additions to the Russell 3000 Index (Generated by AI)
Among these 37 companies, the most eye-catching is SpaceX. After its IPO on June 12, 2026, SpaceX's market capitalization soared to over $2 trillion, triggering Russell's "Fast-track" inclusion mechanism. Consequently, it landed directly in the Russell 1000 Index and also entered the Russell Top 200 Index. SpaceX stock will be classified as approximately 90.4% Growth and 9.6% Value, meaning it will become a significant component of Growth investments linked to the Russell 1000 Index.
In addition to the Russell 1000 Index, SpaceX is also set to be included in the Nasdaq-100 Index and begin trading there on July 6th.
For other AI-related stocks newly joining the Russell 3000 Index, this is not just an honorary title but a tangible benefit that can directly translate into secondary market liquidity and stock price support.
Previously, these small and mid-sized AI and semiconductor enterprises (especially those with market caps below $5.7 billion placed in the Russell 2000) could not enter the stock pools of large Wall Street mutual funds or hedge funds due to market cap constraints before being included in the index. After inclusion, Wall Street analysts may be compelled to start covering the company. With increased "visibility" to institutional investors and the advantage of being in the hot AI sector, they might attract some active funds or momentum-driven capital, potentially boosting their stock prices.
Approximately 7 Crypto-Related Companies Added to the Russell 3000 Index
Following this Russell 3000 Index reconstitution, some crypto enterprises were also included for the first time. According to Odaily's statistics, among the 224 new companies added to the Russell 3000 Index, approximately 7 are related to the crypto industry, accounting for about 3% of new additions. They are: Galaxy Digital, SharpLink, Bitmine, Forward Industries, Hyperliquid Strategies, Tron, and IREN.
Crypto-Related Companies Among New Additions to the Russell 3000 Index (Generated by AI)
The successful inclusion of these 7 companies in the Russell 3000 Index means these stocks will also become part of the passive allocations for numerous funds in the future, possessing certain upside potential. Notably, 5 of these 7 companies selected for the Russell 3000 Index are engaged in DAT business, corresponding to different ecosystems like ETH, SOL, HYPE, TRON, etc. It's important to remember that the Russell 3000 Index is essentially an impartial machine driven solely by market capitalization, indifferent to subjective preferences. The fact that these 5 companies were selected proves that, although the DAT frenzy has subsided, its business model has withstood the test of the market and time.
