The SpaceX (SPCX) IPO: Here's Which ETFs Already Own it

SPV-Based ETFs

A special purpose vehicle (SPV) is a separate legal entity created to hold a specific asset or investment. In the context of SpaceX, an SPV is often established by a sponsor that purchases private shares and then allows outside investors to gain economic exposure to those shares through ownership of the SPV itself.

The main advantage is access. Most investors cannot simply call up SpaceX and ask to be added to the cap table. SPVs provide a mechanism for pooling capital and gaining indirect exposure to otherwise inaccessible private companies.

The downside is complexity. You're introducing another layer between yourself and the underlying investment. Depending on how the SPV is structured, investors may face additional fees, valuation uncertainty, reporting limitations, and reduced transparency.

Some SPVs are excellent. Others are far less investor friendly. The point is that once you start packaging SPVs into ETFs, it becomes another layer of due diligence investors need to navigate.

The older player in this space is the ERShares Private-Public Crossover ETF

. At a 0.75% management fee, XOVR is not cheap, but that is fairly typical for an actively managed strategy incorporating private market exposure.

As of June 2026, the ETF allocates 13.76% of its portfolio to a SpaceX SPV and also maintains exposure to other private companies such as Anduril. The fund has accumulated roughly $459 million in AUM and has a track record dating back to 2017, although it did not originally employ its current strategy.

One interesting wrinkle is that XOVR's SpaceX allocation spent a period above the SEC's 15% illiquid asset threshold. This was largely a function of investor outflows. The publicly traded holdings within the portfolio could be redeemed, but the SpaceX SPV could not. As assets left the fund, the private allocation naturally grew as a percentage of the remaining portfolio. Today however, the allocation sits comfortably below the 15% regulatory limit.

Competing against XOVR is the Tema Space Innovators ETF

. Launched in March 2026, NASA has quickly become one of the most successful thematic ETF launches of the year, growing to approximately $2.4 billion in assets under management despite carrying a relatively high 0.87% expense ratio.

Like XOVR, NASA obtains its SpaceX exposure through an SPV structure. However, the allocation is much smaller, currently sitting at approximately 6.8% of the portfolio. The key difference is focus.

XOVR is essentially a growth-oriented crossover fund that combines public and private investments across multiple industries. NASA is unapologetically a space ETF. Alongside its SpaceX exposure, investors get holdings such as Rocket Lab, MDA Space, Planet Labs, AST SpaceMobile, and Intuitive Machines.

Put simply, XOVR is a large-cap growth ETF with a meaningful private markets sleeve. NASA is a thematic space fund that happens to use an SPV to access SpaceX.

Direct SpaceX Access

Not every ETF provider has chosen the SPV route. Some managers have secured direct ownership of SpaceX shares themselves, eliminating one layer of complexity between investors and the underlying company. The advantage here is straightforward. Direct ownership generally provides cleaner exposure, fewer structural complications, and greater transparency.

The catch is that not every manager has the relationships, access, or scale necessary to acquire private shares directly. One example that did is the Baron First Principles ETF

.

Launched in December 2025, the ETF has grown to roughly $238 million in assets under management. The strategy follows a high-conviction active approach with meaningful active share and a flexible mandate. Top holdings include Tesla, MSCI, Hyatt, Gartner, Shopify, FactSet, and Charles Schwab.

Looking at the portfolio as of June 1, 2026, the ETF maintains a direct allocation of 1.8% to SpaceX Class A shares. What's interesting is that the position was previously much larger. According to portfolio disclosures as of March 31, 2026, SpaceX represented 11.8% of the fund's portfolio. Since then, the position has been trimmed substantially.

Liquidity is also surprisingly good. The ETF currently sports a 30-day median bid-ask spread of just 0.04%. Investors should note that it trades at a modest 0.26% premium to net asset value, but that's nowhere near the kinds of premiums frequently seen in closed-end funds offering private market exposure.

Another option is the KraneShares Public-Private AI & Technology ETF

. This ETF carries a relatively steep 0.99% expense ratio and follows a strategy centered around the Solactive Artificial General Intelligence Index for at least 80% of portfolio assets.

As expected, the public holdings consist largely of familiar AI beneficiaries, including Nvidia, Microsoft, Alphabet, Meta Platforms, Apple, Amazon, and Broadcom.

What makes AGIX different is its hybrid approach to private investments. Rather than relying solely on SPVs or solely on direct ownership, the ETF employs both. As of June 2026, the portfolio includes a 1.31% allocation through a SpaceX SPV alongside a separate 0.7% allocation to direct SpaceX Class A shares. Investors also gain exposure to private AI companies such as Anthropic and Neuralink.

For investors specifically seeking SpaceX exposure, neither RONB nor AGIX is likely to provide the same concentration as NASA or XOVR. However, both demonstrate that direct ownership remains possible within the ETF wrapper when managers have sufficient access to private markets.

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.