Shares have advanced over 280% during the past 12 months.
The inclusion may require mutual fund investors that mirror the benchmark to buy the stock which can often drive further gains.
The biotech company, which has already delivered over 100 million COVID-19 vaccines, will replace Alexion Pharmaceuticals Inc., which is being acquired by AstraZeneca on July 21 according to S&P Dow Jones Indices.
Moderna is on track to deliver 1 billion COVID-19 vaccine doses this year and is aiming to increase that number by 2022 to up to 3 billion doses.
The U.S. has had more than 34.1 million confirmed COVID-19 cases and more than 609,000 deaths.
To date over 161.4 million Americans, 48.6% of the population, have been fully vaccinated and the Biden Administration is pushing more communities to get the dose.
This story, originally published on July 16, has been updated.