Moderna to Join Nasdaq-100 Index

Nasdaq (NDAQ) announced on October 1, 2026 that Moderna, Inc. (MRNA) will become a component of the Nasdaq-100 Index (NDX), replacing Warner Bros. Discovery. The change is scheduled to take effect prior to the market open on October 9, 2026, updating one of the most closely watched U.S. equity benchmarks.

The inclusion of Moderna and removal of Warner Bros. Discovery reflect an index reshuffle that aligns the Nasdaq-100 (NDX) with recent market developments. The decision focuses on maintaining representation of large, liquid non-financial companies listed on Nasdaq (NDAQ).

Reports state that Warner Bros. Discovery is slated to be removed from other major index providers as well. Its index removals are tied in coverage to the expected closing of its merger with Paramount Skydance on October 6, 2026.

The anticipated deal is prompting benchmark providers to adjust their constituents in advance or in close proximity to the expected transaction date. For the Nasdaq-100, this means Warner Bros. Discovery will exit the index just days after the reported merger closing date.

Reporting highlights that Moderna shares have risen more than sixfold year-to-date, giving the company an approximate market value of $75 billion. This sharp appreciation has elevated Moderna into the ranks of large-cap companies that often populate major benchmarks such as the Nasdaq-100.

The company’s market capitalization and trading profile now meet index criteria that emphasize size and liquidity. Its addition to the Nasdaq-100 comes at a time when its stock performance has markedly outpaced many peers over the same period.

The replacement of Warner Bros. Discovery with Moderna alters the sector composition of the Nasdaq-100 by swapping a media and entertainment group for a biotechnology company. This shift may influence how investors gain exposure to these industries through index-linked products.

With Warner Bros. Discovery’s anticipated removal from multiple benchmarks around the time of its planned merger, the company’s presence in major equity indexes is set to diminish. At the same time, Moderna’s elevation underscores how rapid changes in market value can translate into changes in index membership.