- SpaceX could raise over $75 billion at a valuation of up to $1.75 trillion, with Elon Musk reportedly planning to allocate up to 30% of shares to retail investors.
- Several listed funds already offer pre-IPO exposure to SpaceX, led by ARKVX, followed by DXYZ, XOVR, RONB, and VCX.
- Retail sentiment on Stocktwits turned ‘extremely bullish’ across several SpaceX-linked vehicles ahead of the IPO.
With Elon Musk-led SpaceX preparing for a record-breaking stock market debut reportedly worth as much as $1.75 trillion, investors are increasingly turning to a handful of listed funds that already hold stakes in the private company as one of the few ways to gain exposure before the shares begin trading publicly.
Retail Investors Could Get Rare 30% SpaceX IPO Access
The anticipated listing has drawn unusual attention not only because of its scale but also because Musk has reportedly discussed allocating as much as 30% of the offering to individual investors, far above the typical 5% to 10% retail slice seen in most IPOs. Advisers expect the deal could raise more than $75 billion, placing it alongside the largest IPOs ever and potentially rivaling the scale of Saudi Aramco’s 2019 debut, which raised over $29 billion.
The company’s private valuation has previously hovered near $1.25 trillion. Growth at Starlink, its satellite broadband business, alongside record Falcon launch cadence and progress in testing at Starship, has boosted investor confidence ahead of the IPO.
If priced near the upper end of expectations, SpaceX would stand among the most valuable IPOs ever and far exceed the listing valuations of tech debuts such as Alphabet in 2004, Meta Platforms in 2012, Alibaba in 2014 and Uber in 2019.
Even before the prospectus is filed, positioning for the listing is already underway through a small set of exchange-traded and venture-style vehicles that hold SpaceX privately.
Here’s how SpaceX stacks up within the top holdings of funds offering early exposure ahead of the listing:
| Fund | SpaceX Exposure | Top Holdings |
| ARK Venture Fund (ARKVX) | 17.96% | Replit (4.88%), Anthropic (3.77%), Figure AI (3.74%), Databricks (3.13%), Zipline (3.01%), Boom Supersonic (2.9%), Ayar Labs (2.8%), Canton Strategic Holdings (2.7%), Groq (2.62%) |
| Destiny Tech100 (DXYZ) | 16.2% | Shield AI (4.1%), Databricks (4%), Beast Industries (3.5%), OpenEvidence (3.5%), xAI (3.5%), Revolut (2.9%), Skild.ai (2.3%), OpenAI (2.1%), Kraken (1.5%) |
| ERShares Private-Public Crossover ETF (XOVR) | 10.86% | Nvidia (10.31%), Meta Platforms (5.24%), Instacart (4.11%), Affirm Holdings (3.66%), UiPath (3.51%), Toast (3.37%), Exelixis (3.23%), Medpace (3.17%), Pegasystems (3.07%) |
| Baron First Principles ETF (RONB) | 8.72% | Tesla (14.04%), MSCI (6.51%), Shopify (5.01%), Charles Schwab (4.72%), Hyatt Hotels (4.65%), Verisk Analytics (4.47%), Spotify (4.09%), Red Rock Resorts (3.94%) |
| Fundrise Innovation Fund (VCX) | 5% | Anthropic (20.7%), Databricks (17.7%), OpenAI (9.9%), Anduril (6.9%), Ramp (5.1%), Epic Games (3.5%), Flock Safety (3%), Fivetran (2.8%), Vanta (1.9%) |
ARKVX Leads With Largest SpaceX Exposure
Among the listed vehicles offering early access to SpaceX ahead of its expected public debut, the ARK Venture Fund (ARKVX) carries one of the heaviest allocations to the company.
As of Feb. 28, SpaceX accounted for 17.96% of the portfolio, making it the fund’s largest holding by a wide margin. Other major positions included Replit at 4.88%, followed by Anthropic, Figure AI, Databricks and Zipline.
The interval fund manages about $653.6 million in assets and carries a net expense ratio of 2.9% and a gross expense ratio of 3.49%. Its strategy focuses on companies operating across areas such as AI, robotics, digital infrastructure and space innovation.
The fund returned about 63% over the past year, ahead of gains in the S&P 500 Index (SPX), the Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, and the SPDR Dow Jones Industrial Average ETF Trust (DIA).
DXYZ Emerges As Major SpaceX Exposure Vehicle
Another vehicle attracting attention ahead of the listing is Destiny Tech100 (DXYZ), which reported about 16.2% exposure to SpaceX as of Dec.31. The fund holds a portfolio of 32 private tech companies that also include OpenAI, Databricks and Stripe. It reported a net asset value of $19.97 per share and an aggregate portfolio fair value of roughly $434 million.
Shares declined about 26% over the past year and traded at a premium of roughly 53.38% to net asset value, according to Bloomberg data, underscoring the volatility associated with listed vehicles that offer access to private firms.
XOVR Adds Hybrid Access To SpaceX
Investors seeking exposure through a hybrid structure have also turned to the ERShares Private-Public Crossover ETF (XOVR). As of Dec. 31, the fund managed about $1.49 billion in assets and carried a gross expense ratio of 0.75%. SpaceX represented 10.86% of the portfolio through special-purpose vehicle exposure, making it one of the ETF’s largest holdings alongside Nvidia, Meta, Instacart and Affirm Holdings.
The structure allows investors to access selected late-stage private companies within a daily-liquidity ETF wrapper, avoiding the lockups typically associated with traditional private-market vehicles. Over the past year, the fund returned about 1%, trailing gains in SPX, QQQ and DIA over the same period.
RONB Offers Rare Direct ETF Exposure to SpaceX
Among exchange-traded funds that hold SpaceX shares, the Baron First Principles ETF (RONB) remains one of the clearest routes into the company ahead of the IPO.
As of March 25, the fund held SpaceX Class C shares at 4.61% and Class A shares at 4.11%, giving the private rocket maker a combined allocation of about 8.72% of the portfolio. Its largest position remained Musk’s other company, Tesla, at 14.04%, followed by MSCI, Shopify, Charles Schwab and Hyatt Hotels Corporation.
The ETF launched in December and reported net assets of about $70.86 million. It carries a total expense ratio of 1% and focuses on high-growth companies with durable competitive advantages and strong management teams across market capitalizations.
The fund’s performance has trailed major benchmarks over the past year. The fund declined roughly 10%, compared with gains of about 14% for SPX, 20% for QQQ, and about 10% for DIA.
New VCX Fund Rallies On SpaceX Interest
Meanwhile, the Fundrise Innovation Fund (VCX) held roughly 5% exposure to SpaceX alongside positions in Anthropic, Databricks, OpenAI and Anduril Industries.
Shares of the fund have surged nearly 2,000% since listing last week, underscoring how quickly investor demand has concentrated in vehicles offering early exposure to late-stage private technology companies ahead of the expected SpaceX IPO.
Retail Investor Sentiment Ahead Of SpaceX IPO
Retail activity across SpaceX-linked exposure vehicles has picked up in recent months. On Stocktwits, sentiment toward SpaceX, DXYZ, and VCX was tagged as ‘extremely bullish’ amid ‘extremely high’ message volume, while ARKVX also registered ‘bullish’ sentiment with ‘extremely high’ engagement. XOVR showed ‘bullish’ sentiment alongside ‘high’ message volume.
RONB stood out as the only exception, where sentiment was ‘bearish’ despite ‘high’ message activity.
Watchlist activity across these vehicles provides another signal that retail investors are positioning early ahead of the expected SpaceX IPO. The number of users adding RONB to their watchlist rose nearly 5,000% over the past three months, while DXYZ increased 32%, XOVR gained about 20%, and ARKVX climbed 22% over the same period.
Meanwhile, VCX watchers surged more than 2,000% in the past week since its listing.
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