DXYZ, NASA Rally Premarket: Google’s Space AI Push Sends SpaceX IPO Bets Into Overdrive

• Google is reportedly in talks to partner with SpaceX on a launch tied to orbital AI data centers under its “Project Suncatcher” initiative.
• DXYZ gained traction since SpaceX represents its largest holding at 16.2% of assets.
• NASA emerged as another SpaceX proxy after launching with a 10% direct exposure to SpaceX.

Shares of Destiny Tech100 (DXYZ) and the Tema Space Innovators ETF (NASA) rallied in premarket trading on Wednesday as Google’s potential partnership with SpaceX sent investors scrambling for public-market exposure to the highly anticipated mega IPO. 

DXYZ ETF jumped 12% in premarket trading, while NASA ETF rose 7%. Other space stocks also rallied, with Intuitive Machines (LUNR) up 9%, Rocket Lab (RKLB) gaining 6%, Firefly Aerospace (FLY) rising 3% and AST SpaceMobile (ASTS) advancing 2%. 

Google-SpaceX Buzz Fuels Space Trade

The rally came after the WSJ reported that Google is in talks with SpaceX about a rocket-launch partnership to support orbital AI data centers as part of its broader “Project Suncatcher” initiative, which aims to begin deploying prototype satellites by 2027. Google CEO Sundar Pichai previously said that the tech giant plans to place “tiny racks of machines” into orbit before scaling larger space-based data-center infrastructure over time.

SpaceX is expected to pursue one of the largest public listings in history, potentially raising as much as $75 billion at a projected valuation of about $2 trillion. The deal is also expected to include an unusually large retail allocation, with reports suggesting SpaceX could reserve up to 30% of the IPO for individual investors.

Markets have also focused on SpaceX’s evolution beyond rocket launches into a sprawling AI, satellite broadband and infrastructure platform spanning Starlink, direct-to-cell connectivity, hyperscale processing ambitions and orbital data centers.

SpaceX has also aggressively expanded its AI infrastructure ambitions. The company recently announced agreements involving Anthropic and separately filed applications to launch up to one million satellites for orbital infrastructure. The latest Google discussions have boosted investor confidence that major hyperscalers may eventually rely on SpaceX’s launch infrastructure and orbital network as AI-powered demand accelerates globally.

Investors have also focused on the possibility that a SpaceX IPO could trigger massive passive ETF inflows due to recently approved accelerated index inclusion rule changes across the Nasdaq, S&P, and FTSE Russell frameworks.

DXYZ Gains As Investors Chase SpaceX Exposure

The renewed excitement around SpaceX quickly spilled into publicly traded investment vehicles offering indirect exposure to the company ahead of its IPO. DXYZ, structured as a closed-end investment company focused on late-stage private technology firms, currently holds SpaceX as its single largest portfolio position at 16.2% of assets.

The fund also provides exposure to several high-profile private AI and technology companies, including xAI, Anthropic, OpenAI, Databricks and Shield AI, making it one of the few publicly traded vehicles offering retail investors access to a basket of pre-IPO AI and space firms.

As of Dec. 31, 2025, Destiny Tech100 reported a net asset value of $19.97 per share, up 76% sequentially and more than 210% from a year earlier, while total portfolio fair value rose to $434 million. The fund later expanded exposure through additional investments tied to Anthropic, Chaos Industries and Hermeus Corporation.

NASA ETF Becomes Another SpaceX Proxy

NASA also attracted investor attention after its March launch, with direct exposure to SpaceX accounting for 10% of assets through a special-purpose vehicle structure. Beyond SpaceX, the portfolio includes space and satellite-related names such as AST SpaceMobile, Rocket Lab, Planet Labs and Intuitive Machines. NASA also absorbs the transaction costs associated with maintaining SpaceX exposure through the special-purpose vehicle structure

The fund focuses broadly on satellite connectivity, launch infrastructure, orbital defense systems and commercial space tech. Tema ETF’s chief investment officer Yuri Khodjamirian, previously called SpaceX “the defining company of the space economy.”

How Do Retail Traders Feel About DXYZ And NASA?

On Stocktwits, retail sentiment for DXYZ and NASA was ‘extremely bullish’ amid ‘extremely high’ message volume.

One user said, “NASA will have its day. When SpaceX’s IPO gets closer—and especially afterward—the whole sector will fly.”

Another user commented on DXYZ, saying: “This fund portfolio is loaded with big hitters. It is like owning the music rights of the Beatles, Zeplin, BlackSabbath, Aerosmith, Nirvana, The Grateful Dead, Drake. This fund can go 20 times from present levels.” 

DXYZ ETF has risen 34% over the past year, while NASA ETF has climbed 33% over the same period. 

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