SpaceX IPO Fever Sends NASA ETF To Record AUM – One Holding Could 'Dominate' The Space Race, Says Analyst

• NASA ETF has grown to a record $2.6 billion in assets and is up 50% since launching in March.
• SpaceX exposure accounts for 6.9% of the NASA ETF, while Rocket Lab remains the fund's largest holding at 10.1%.
• Oppenheimer believes IRDM and other space stocks could benefit as SpaceX expands launch capacity, Starlink, and AI communications infrastructure.

Retail investors are pouring money into space-based exchange-traded funds as SpaceX IPO fever intensifies, pushing the Tema Space Innovators ETF (NASA) to record assets and turning several of its holdings into beneficiaries of the space boom.

However, the NASA ETF is heading for its worst week since launch amid concerns about Space’s sky-high valuation. 

Retail Rush Into Space ETFs

According to The Kobeissi Letter, assets under management across space-focused ETFs have surpassed $5 billion for the first time, more than doubling since the start of 2026 and rising over 900% during the past year. One of the biggest beneficiaries has been NASA, which has grown to a record $2.6 billion in assets since launching on March 30. The fund has climbed 50% since inception, including a 37% gain in May alone.

The surge comes amid massive investor demand for exposure to SpaceX ahead of what could be the largest IPO in Wall Street history on June 12. The company is targeting a $75 billion raise at a valuation of $1.8 trillion and has pitched investors on a $28.5 trillion opportunity spanning launch services, Starlink broadband, direct-to-cell communications and AI infrastructure. 

Unlike most major IPOs, SpaceX is also opening the offering to retail investors through platforms including Robinhood, SoFi, Fidelity, Charles Schwab and E*Trade, with individuals reportedly being able to receive up to 30% of the allocation. 

NASA ETF's Space Bets

NASA has emerged as one of the few publicly traded vehicles offering indirect exposure to SpaceX. As of June 3, SpaceX accounted for 6.9% of the portfolio through a special-purpose vehicle structure, making it the ETF's second-largest holding. The allocation stood at 10% when the fund launched in March.

Rocket Lab (RKLB) is its biggest holding, accounting for 10.1% of assets, followed by SpaceX at 6.9%, MDA Space (MDA) at 6.8%, AST SpaceMobile (ASTS) at 6.5%, Planet Labs (PL) at 6.4%, EchoStar (SATS) at 6%, Intuitive Machines (LUNR) at 5.8% and Firefly Aerospace (FLY) at 4.8%. Other notable holdings include Viasat (VSAT), BlackSky Technology (BKSY) and Iridium Communications (IRDM).

The portfolio spans launch providers, satellite operators, communications networks, Earth-observation companies and aerospace infrastructure firms. 

The Bull Case For IRDM

While investors have largely focused on Rocket Lab, AST SpaceMobile and SpaceX, Oppenheimer believes Iridium Communications could be one of the more compelling beneficiaries of the space boom. The brokerage recently raised its price target on IRDM to $60 from $48, implying a 23% upside, while maintaining an 'Outperform' rating, according to a CNBC report.

Iridium operates a global low-Earth-orbit satellite network providing voice, data and machine-to-machine connectivity services across aviation, maritime, government and industrial markets. The company also relies on SpaceX launches to deploy satellites.

Last month, Iridium acquired Aireon, operator of the world's only space-based air traffic surveillance network for $366.7 million, and is expected to contribute at least $100 million in annual service revenue and $30 million in annual operating earnings before interest, taxes, depreciation and amortization (OEBITDA). 

For Oppenheimer, however, the bigger opportunity lies in the ecosystem being built around SpaceX. "The space food chain will expand from scale economics with ... IRDM ... benefiting," the brokerage said. The firm also said that SpaceX's rapidly expanding launch capacity, Starlink growth and investments in communications and AI infrastructure could create opportunities for adjacent businesses throughout the space economy.

"With a target of 10K Starship launches per year and aggressive capacity increases on communications/AI infrastructure, the company will dominate the fastest-growing industry over the next century," Oppenheimer said. "There will be opportunities for dozens of other businesses to thrive beside it."

How Do Retail Traders Feel About SpaceX And NASA?

On Stocktwits, SpaceX drew 'bullish' retail sentiment with 'extremely high' message volume, while IRDM sentiment was 'bearish' despite 'high' chatter. 

IRDM stock has jumped 93% over the past year. 

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