NASA ETF Rockets 7% After-Hours In Debut: Investors Flock To First Pure-Play Space Fund Ahead Of Blockbuster SpaceX IPO

• NASA includes a 10% exposure to SpaceX via an SPV provided by Charles Schwab’s Forge unit.
• Other key holdings include AST SpaceMobile, Rocket Lab, Planet Labs, EchoStar, Filtronic, 5N Plus, OHB SE, Firefly Aerospace, and Intuitive Machines.
• Sentiment was also lifted by plans for up to 30% retail allocation in the IPO, faster Nasdaq-100 eligibility rules, and NASA’s Artemis II lunar mission scheduled for Wednesday.

The Tema Space Innovators ETF (NASA) jumped over 7% after-hours following its trading debut on Tuesday, as investors rushed into the first pure-play space economy ETF offering direct exposure to SpaceX ahead of potentially the largest IPO ever.

NASA ETF Provides 10% SpaceX Exposure

The NASA ETF, which opened at $24 on the NYSE, has a 0.75% gross expense ratio and provides exposure to companies building the space economy, including satellite connectivity, launch infrastructure, defense space systems, and early-stage commercial exploration platforms.

A key differentiator for the NASA ETF is its 10% allocation to SpaceX through a special purpose vehicle (SPV) provided by Forge, a unit of Charles Schwab.

“SpaceX stands apart as the defining company of the space economy—and for good reason. But the growth in this theme is much broader and accelerating rapidly,” said Yuri Khodjamirian, chief investment officer at Tema ETFs. He added the fund offers “a transparent, actively managed vehicle to access SpaceX alongside the full ecosystem of companies building the space economy of the future.”

Tema said it absorbs the transaction costs associated with acquiring and maintaining exposure to SpaceX through the SPV structure. Alongside SpaceX exposure, the ETF includes a basket of space firms listed below:

SpaceX IPO Momentum Builds Ahead Of Filing

The ETF’s strong debut comes as preparations intensify for SpaceX’s anticipated public listing, which is expected to raise as much as $75 billion and value the company at more than $1.75 trillion.

Investment banks leading the offering are reportedly planning a broader syndicate meeting on April 6, while prospective investors are expected to receive executive briefings later in April as the company moves closer to a confidential filing that could come as soon as this month.

SpaceX’s Starlink satellite network and launch operations generate the majority of the company's revenue, which is projected to reach $20 billion in 2026, while its AI unit, xAI, is expected to contribute less than $1 billion.

SpaceX IPO Retail Access Plans

The deal is also expected to include an unusually large retail investor component. SpaceX could allocate as much as 30% of the offering to individual investors, significantly higher than typical IPO levels. CEO Elon Musk recently denied reports that Robinhood Markets and SoFi Technologies would be excluded from the retail portion of the listing.

Meanwhile, Morgan Stanley’s E*Trade platform is reportedly emerging as a potential lead channel for smaller U.S. investors participating in the offering.

Separately, Nasdaq approved rule changes that could allow newly listed mega-cap companies such as SpaceX to become eligible for inclusion in the Nasdaq-100 Index within 15 days of trading, much faster than the previous three-month timeline.

Sentiment was also lifted by NASA’s Artemis II mission targeting a Wednesday launch from Kennedy Space Center, marking the agency’s first crewed lunar flight since 1972 and the first human mission aboard the Space Launch System and Orion spacecraft.

How Do Retail Traders Feel About NASA?

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

One user said NASA “IPO’d at 24$ with a very solid basket in a hyped up sector for 2026 and beyond priced at 27$, in”

Another user compared NASA with a separate private-market investment vehicle and said, “VCX only had 5% holdings of SpaceX, 10% over here.”

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