DXYZ, NASA, XOVR Rise Overnight: Investors Rush For SpaceX Exposure Ahead Of Next Week’s IPO Filing

• Advisers are reportedly exploring broader international retail participation, including potential allocation partnerships with brokerage platforms in the U.K., Japan and Canada.
• DXYZ has become a major retail proxy for SpaceX, with the company representing 16.2% of its portfolio.
• The SpaceX IPO filing could coincide with the company’s upcoming Starship test flight.

Shares of Destiny Tech100 (DXYZ), Tema Space Innovators ETF (NASA) and ERShares Private-Public Crossover ETF (XOVR) jumped overnight heading into Friday as investors rushed to gain indirect exposure to SpaceX ahead of the company’s expected IPO filing next week and a potentially record-shattering public offering.

In overnight trading, DXYZ gained 5%, NASA rose 3%, while XOVR added 1%. 

SpaceX IPO Filing Nears

The rally comes as anticipation intensifies around Elon Musk’s reusable-rocket giant, which is reportedly expected to publicly release its IPO prospectus as soon as next week, ahead of a June 8 roadshow, CNBC reported, citing sources familiar with the matter.

SpaceX confidentially filed for an IPO in April and is expected to pursue one of the largest listings ever attempted on Wall Street. The company is reportedly targeting a $70 billion to $75 billion raise and aiming for a valuation above $1.75 trillion, a scale that would more than double Saudi Aramco’s record $29 billion IPO in 2019, the largest public offering ever. 

SpaceX’s advisers are reportedly considering international retail participation given the size of the offering, including potential allocation partnerships with brokerage platforms in markets such as the U.K., Japan and Canada. The filing could also be released slightly ahead of schedule to give investors more time to evaluate the company’s financials before the June roadshow begins. 

The IPO follows SpaceX’s merger with Musk’s AI company xAI in February, valuing the combined firm at $1.25 trillion. Investor enthusiasm around SpaceX has accelerated as the company expands far beyond its core rocket launch business into satellite broadband, AI infrastructure, direct-to-cell communications and orbital data systems.

Recently, Musk said xAI would no longer operate as a separate company and would instead integrate directly into SpaceX under the “SpaceXAI” banner, further boosting the company’s position amid the broader AI investment boom. The expected filing could also coincide with SpaceX’s upcoming Starship test flight, adding another major catalyst ahead of the IPO. 

DXYZ Emerges As Leading SpaceX Proxy

DXYZ has become one of the market’s most closely watched retail vehicles for indirect exposure to SpaceX. SpaceX currently represents the largest holding within Destiny Tech100’s portfolio at 16.2% of total assets. The closed-end investment company also provides investors with exposure to several other high-profile private technology firms, including xAI, OpenAI, Anthropic, Databricks and Shield AI.

The structure has attracted retail investors looking for access to late-stage private technology companies before they enter public markets. As of Dec. 31, 2025, Destiny Tech100 reported a net asset value of $19.97 per share, up 76% from the prior quarter and more than 210% from a year earlier. Total portfolio fair value rose to $434 million.

The fund later expanded its portfolio through investments tied to Anthropic, Chaos Industries and aerospace company Hermeus Corporation.

XOVR, NASA Offer Alternative SpaceX Exposure

Investors also rotated into XOVR, which combines public equities with exposure to selected private firms. As of Dec. 31, the ETF managed $1.49 billion in assets. SpaceX accounted for 10.86% of the portfolio through special-purpose vehicle exposure, making it one of the fund’s largest positions alongside Nvidia, Meta, Instacart and Affirm Holdings. The ETF structure allows investors to maintain daily liquidity while still accessing private-market exposure typically unavailable through traditional exchange-traded funds.

NASA ETF also drew investor attention as the fund maintains a 10% exposure to SpaceX through a special-purpose vehicle structure and also holds positions in space and satellite-related companies, including AST SpaceMobile, Rocket Lab, Planet Labs and Intuitive Machines.

The portfolio is broadly focused on launch infrastructure, satellite connectivity, orbital defense systems and commercial space technologies. Tema ETF chief investment officer Yuri Khodjamirian previously called SpaceX “the defining company of the space economy.”

How Do Retail Traders Feel About DXYZ, NASA And XOVR?

On Stocktwits, retail sentiment around DXYZ and NASA was ‘extremely bullish’ amid ‘extremely high’ message volume, while sentiment on XOVR was ‘bullish’ with ‘normal’ message volume.

One user said, “SpaceX going to be releasing steady amounts of news to and after IPO. It’ll be over $2T. The new frontier with stable earth revenue.”

Another user said, “Next week it is guys, SpaceX will file prospectus and this will see a lot of retail interest immediately.”

Over the past year, DXYZ has gained 7%, NASA has climbed 43%, while XOVR is up 6%. 

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