Before a generational IPO, there’s a certain silence on Wall Street. Due of the embargo, the bankers are silent. Since they are already positioning, the fund managers are silent. The real investors, both institutional and retail, are anything from silent as they browse through ticker comparisons and inquire as to which exchange-traded fund (ETF) offers them the most direct path to a stock that is not yet a publicly traded share.
The battle among ETF providers to hold the stock as soon as it publishes has created one of the more intriguing micro-stories on the Street, as SpaceX seems to be moving closer to an eventual listing after years of conjecture.
| SpaceX IPO Wave — ETF Snapshot | Details |
|---|---|
| Anticipated IPO | SpaceX |
| Sole Pure-Play Space ETF with Pre-IPO Access | Tema Space Innovators ETF (ticker NASA) |
| NASA ETF Launch Date | End of March 2026 |
| NASA’s SpaceX Allocation | 11.1% of assets via SPV |
| NASA ETF Return Since Launch | Over 25% |
| Procure Space ETF Ticker | UFO |
| UFO Year-to-Date Return | Over 40% |
| Cathie Wood’s Fund | ARK Space & Defense Innovation ETF |
| ARK Fund YTD Return | Roughly 16–20% |
| Other Pre-IPO Funds | ERShares Private-Public Crossover, Baron First Principles, KraneShares AI & Tech |
| New Entrants (2026) | Roundhill MARS, Global X ORBX, VanEck WARP |
| Top Indirect Holdings | EchoStar, AST SpaceMobile, Rocket Lab, Planet Labs |
| Reference Data Source | Morningstar |
The Tema Space Innovators ETF, which trades admirably under the ticker NASA, is the most eye-catching bet. It began operations in late March and has amassed a pre-IPO stake in SpaceX through a special purpose vehicle, which currently represents 11.1% of its assets. You can see the appeal right away because the fund has increased by more than 25% since its first day of trading.
Tema ETFs’ chief investment officer, Yuri Khodjamirian, told Barron’s that a space ETF wouldn’t be possible without SpaceX, likening it to managing a semiconductor fund without Nvidia. It’s a neat line. It’s also fairly accurate. SpaceX is essentially the index, as anyone who has observed the development of the space market over the past five years will attest. Despite its seriousness, the rest of the field works in its own weather.
The other pre-IPO paths are less straightforward. Though none are pure-play space funds, SpaceX is included in the ERShares Private-Public Crossover ETF, Ron Baron’s Baron First Principles ETF, and the KraneShares Artificial Intelligence and Technology ETF. They provide the exposure as a component of a larger topic basket. NASA is the closest thing to a clean shot for an investor who explicitly wants the rocket-and-satellite tale prior to the actual listing. One of the issues hanging over any space-themed product at the moment is whether that pre-IPO premium holds after the public market sets a daily price.
The money that isn’t exposed to SpaceX isn’t exactly motionless either. Despite not yet owning the company, the Procure Space ETF, trading as UFO, has increased by more than 40% so far this year. The underlying index’s operator, VettaFi, has already announced rule adjustments to permit day-one IPO inclusion, indicating how aggressively index providers are attempting to capture listings as soon as they occur.
Additionally, according to Andrew Chanin, CEO of Procure, UFO owns EchoStar, a satellite company that has its own investment in SpaceX, giving the fund a minor indirect position. This type of disclosure demonstrates the increasing interconnectedness of the space supply chain.
The more recent arrivals participate in the same discussion. Since its inception in March, Roundhill’s actively managed MARS has increased by almost 35%. Since its mid-April launch, Global X’s passive ORBX has increased by more than 10%. WARP, an index-based fund intended to reflect the broader space economy, was just introduced by VanEck. Although none of these currently possess SpaceX, the majority have indicated in their prospectuses or index rules that they plan to add it as soon as it is practically feasible following the IPO. Observing these funds queue up gives me the impression that the actual launch day on Nasdaq will result in one of the messiest share scrambles in years.
The ARK Space & Defense Innovation ETF by Cathie Wood belongs to a different category. Through its venture-style interval fund, ARK has indirect exposure to SpaceX, which is significant but distinct from owning the eventual public stock. Although ARK’s offering is about on par with the rest of the space pack this year, Tesla and artificial intelligence have always been that house’s main focus rather than just space. The State Street SPDR S&P Kensho Final Frontiers ETF, ticker ROKT, has been the other more subdued winner, rising about 35% without holding any direct SpaceX shares. It serves as a reminder that regardless of who controls the marquee name, the larger theme has been generating revenue.
It’s difficult to ignore how similar this moment is to the lengthy period leading up to Facebook’s debut or the run-up to other significant listings, like Saudi Aramco’s IPO years ago. repositioning of funds. The purpose of tickers is marketing. Index techniques are constantly revised. When SpaceX actually lists, it will most likely be one of the most eagerly awaited public debuts of the decade. The fact that NASA is now the only pure-play space ETF that includes the stock as a pre-IPO holding has already influenced how billions of dollars are coming into the industry. The question that no one, not even Yuri Khodjamirian, can currently answer is whether the final share price justifies the dance surrounding it.
