DXYZ, VCX, NASA Stocks Rocket As FTSE Clears Fast Lane For SpaceX IPO — Retail Shrugs Off Destiny Tech100’s $1B Share Sale

• FTSE Russell introduced new fast-track IPO rules that allow large, newly listed companies to qualify for index inclusion after just five trading days.
• SpaceX already appears eligible for major indexes, including the Russell Top 50, Russell 1000 and FTSE All-World, based on its estimated $70 billion investable market cap.
• SpaceX is reportedly targeting a $1.75 trillion valuation under the ticker “SPCX,” potentially making it the largest IPO in history.

Shares of Destiny Tech100 (DXYZ), VCX and other SpaceX-linked retail favorites surged toward breakout monthly rallies after FTSE Russell fast-tracked index entry rules just weeks ahead of SpaceX’s expected record-setting IPO.

So far this month, DXYZ is on track for its best month since November 2024, while Fundrise Innovation Fund (VCX) is headed for its strongest monthly performance since March. Meanwhile, the Tema Space Innovators ETF (NASA) is on pace for its second straight monthly gain since launching at the end of March.

The rally came even after Destiny Tech100 unveiled plans for a massive new $1 billion at-the-market share offering on Tuesday, suggesting that retail investors remain focused on gaining indirect exposure to SpaceX and private AI companies ahead of some of the biggest IPO events in Wall Street history.

FTSE Russell Speeds Up Mega IPO Inclusion

Late Tuesday, FTSE Russell announced a major overhaul to its IPO inclusion framework that will allow newly listed large-cap companies to qualify for fast-track entry into key indexes after just five trading days. Previously, companies typically had to wait until quarterly reviews before becoming eligible for inclusion.

Under the revised framework, IPOs whose investable market capitalization exceeds the Russell Top 500 threshold can now enter flagship indexes on an accelerated basis. The rule changes also follow similar adjustments by Nasdaq earlier this year to shorten waiting periods for major IPOs as competition intensifies among index providers ahead of potential megadebuts from SpaceX, OpenAI and Anthropic.

SpaceX already appears eligible for inclusion across several major U.S. and global benchmark indexes based on its current estimated market capitalization. According to the index provider, SpaceX’s estimated $70 billion market cap comfortably clears the thresholds required for fast-track entry into indexes, including the Russell Top 50, Russell Top 200 and Russell 1000. The company could also qualify for major global indexes, including the FTSE All-World and FTSE Global Total Cap indexes.

SpaceX is targeting a public debut that could value the company at roughly $1.75 trillion, potentially making it the largest IPO in history. The company is expected to list under the ticker “SPCX,” with a roadshow launch reportedly targeted for early June and a potential share sale expected shortly afterward.

The accelerated inclusion could carry major implications for passive-fund flows, given that more than $30 trillion globally tracks indexes whose IPO inclusion rules are already active or currently under review, Bloomberg noted.

Retail Shrugs Off Destiny Tech100’s $1B Offering

Despite broader bullishness, Destiny Tech100 filed plans this week to sell up to $1 billion in stock over time through Jefferies under an at-the-market offering structure. The company said proceeds from the offering would primarily be used to invest in additional “unicorn” private tech companies.

The filing additionally warned investors about significant volatility in DXYZ shares since its March 2024 listing and cautioned that investors could lose a large portion of their investment if shares decline following the offering. As of March 31, Destiny Tech100 reported a net asset value of $24.56 per share, well below Tuesday’s closing market price of $60.21. The company also highlighted that closed-end funds frequently trade at discounts to net asset value, increasing risks for investors purchasing shares at elevated premiums.

Retail Rushes Into SpaceX Proxy Plays

The growing SpaceX IPO frenzy has already spilled over into publicly traded companies offering indirect exposure to SpaceX, as well as into private AI firms. Among the most closely watched names has been Destiny Tech100, which currently counts SpaceX as its largest holding at 16.2% of portfolio assets. 

The portfolio also includes exposure to xAI, OpenAI, Anthropic, Databricks and Shield AI, turning DXYZ into one of retail traders’ preferred vehicles for gaining access to high-profile private-market companies.

VCX has similarly emerged as a retail-favored gateway into venture-backed AI and technology firms. Anthropic currently represents roughly 21% of the portfolio, while other holdings include OpenAI, Databricks, Anduril, Ramp and SpaceX.

Meanwhile, the NASA ETF has gained traction among traders due to its direct exposure to SpaceX through a special-purpose vehicle structure. The fund also includes holdings tied to satellite connectivity, commercial launch infrastructure and space technology companies, including AST SpaceMobile, Rocket Lab, Planet Labs and Intuitive Machines.

How Do Retail Traders Feel About DXYZ, VCX, NASA?

On Stocktwits, retail sentiment for DXYZ was ‘bullish’ with ‘extremely high’ message volume, while VCX sentiment remained ‘bearish’ amid ‘low’ message volume. Meanwhile, sentiment around the NASA ETF stayed ‘extremely bullish’ with ‘extremely high’ message volume.

One user said, “$NASA I’m not missing this once in a decade opportunity, let’s pump this to the moon 60 by SpaceX IPO.”

Another bullish user said, “$DXYZ What do you think they’re going to do with $1 billion? Of course they’re going to buy $1 billion of pre-IPO shares in companies we retails cannot invest.”

Over the past year, DXYZ shares have gained 29%, while VCX has surged 1,927%. Meanwhile, the NASA ETF has climbed 65% during the same period. 

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