How to Invest in SpaceX Before the IPO: The 6 ETFs and Funds That Own It Today

Last updated: May 2026

If you’ve been watching SpaceX reuse rockets, launch Starlink satellites, and basically turn science fiction into Tuesday, you’ve probably had the same thought I did: I wish I could own a piece of that.

The problem? SpaceX doesn’t have a stock ticker. Elon Musk has been famously reluctant to take it public, and for years, the only people who could invest were venture capitalists and accredited investors with serious connections. The rest of us just watched from the sidelines.

Here’s the thing though — that’s changed. And with the SpaceX IPO now confirmed and looking like it could happen as early as late June or early July 2026, the window for getting in before the public frenzy is closing fast.

I actually put some of my own money into VCX (the Fundrise Innovation Fund) a while back specifically for this reason — to get some SpaceX exposure before the IPO. And after going deep on this topic, I found six different funds and ETFs that actually hold SpaceX today. Some are simple ETFs you can buy on any brokerage app in 30 seconds. Others have weird structures and access requirements you need to understand before jumping in. I’m going to walk you through all of them.

Fair warning: one of these vehicles has a wrinkle that I think most people are completely missing, and it could cost you a lot of money if you don’t understand it. We’ll get to that.

Why Can’t You Just Buy SpaceX Stock?

SpaceX is a private company, which means it doesn’t sell shares on public stock exchanges. When a company is private, it can choose exactly who it allows to invest — and for most of SpaceX’s history, that list has been limited to a handful of venture firms, institutional investors, and high-net-worth individuals.

That’s starting to change in a big way.

On April 1, 2026, SpaceX filed confidentially with the SEC — the first formal step toward an IPO. The prospectus is expected to drop between May 15–22, the roadshow (where they pitch big institutional investors) kicks off June 8, and shares are expected to begin trading publicly in late June or early July 2026. The target valuation? Somewhere between $1.75 and $2 trillion, which would make it the largest IPO in U.S. history.

Interestingly, SpaceX’s CFO Bret Johnsen specifically said that “retail is going to be a critical part of this and a bigger part than any IPO in history.” So yes, regular investors like you and me will be able to buy SpaceX shares directly when it lists — but by then, a lot of the pre-IPO appreciation will already have happened.

That’s why finding a way to own SpaceX now matters.

The Three Ways to Own SpaceX Before the IPO

Before I break down each fund, you need to understand that not everything on this list is a traditional ETF — even though most articles lump them all together. There are actually three very different structures here, and the differences matter a lot for liquidity, access, and how much you might actually pay.

Now let’s get into each one.

The True ETFs: Buy on Any Brokerage, Any Day

These four funds trade on public exchanges just like regular stocks — you can buy them on Fidelity, Schwab, Robinhood, whatever you use. They have ticker symbols. They have daily liquidity. If you decide you want out tomorrow, you can sell tomorrow. This is the simplest, most straightforward way to get SpaceX exposure.

Baron First Principles ETF (RONB) — Direct SpaceX Equity in an ETF

RONB holds SpaceX directly — actual Class A and Class C shares on the cap table, not through a wrapper. Baron Capital launched it in December 2025, and it’s one of only two ETFs on this list with genuine direct equity ownership of SpaceX.

One important thing to know: the SpaceX allocation has been shifting as the fund has grown. The quarterly data as of March 31, 2026 showed SpaceX at roughly 12.5% combined (6.6% Class C + 5.9% Class A). By mid-May 2026, the daily holdings showed the combined position had settled to approximately 6.8% (3.59% Class C + 3.21% Class A). This drift is largely because the fund has grown in AUM — new investor money flowed into other holdings — which diluted the SpaceX percentage even as the underlying position size stayed similar. Always check the current daily holdings on Baron’s site before investing, as these numbers move.

Ron Baron has been an outspoken SpaceX bull for years and famously held Tesla through every gut-wrenching drawdown. His conviction here isn’t performative. The fund also holds about 16% Tesla, which means companies associated with Elon Musk collectively account for roughly a quarter of the portfolio. Whether that’s a feature or a bug depends entirely on your worldview.

• Ticker: RONB (NYSE)
• SpaceX exposure: ~6.8% direct as of May 2026 (Class A + Class C); ~12.5% as of March 31
• Expense ratio: 1.00%
• Structure: Direct equity — the fund literally owns SpaceX shares
• Where to buy: Any brokerage

Best for: Someone who wants direct SpaceX equity ownership inside a liquid ETF, with active management from a team with a long track record in growth investing.

ERShares Private-Public Crossover ETF (XOVR) — The OG Pre-IPO ETF

XOVR has been around longer than most of these funds and was one of the first ETFs to crack the code on giving regular investors access to private companies. It gets its SpaceX exposure through a Special Purpose Vehicle (SPV) — think of it as a legal wrapper specifically designed to hold SpaceX shares inside the ETF structure.

The fund currently has approximately $230 million in SpaceX exposure through that SPV, and SpaceX ranks as its top holding. The lower expense ratio (0.75%) makes it more cost-efficient than some of the alternatives, and importantly, ERShares has said explicitly that the fund doesn’t charge performance fees or carried interest on exits from the SPV — which matters because some private-market vehicles nickel-and-dime you on the upside.

• Ticker: XOVR (NASDAQ)
• SpaceX exposure: Top holding via SPV (~$230M)
• Expense ratio: 0.75%
• Structure: SPV (indirect, but fully disclosed)
• Where to buy: Any brokerage

Best for: Someone who wants established private-market ETF exposure with a longer track record and reasonable fees.

Tema Space Innovators ETF (NASA) — The Space-Focused Play

You’ve got to love the ticker. NASA is a thematic ETF built specifically around the space economy, and SpaceX is the crown jewel of the portfolio. As of mid-May 2026, the fund holds 82,385 SpaceX common share equivalents through an SPV structure, representing about 10% of NAV at SpaceX’s implied valuation of roughly $1.54 trillion.

What’s different about NASA versus a broader fund like XOVR or RONB is that everything in the portfolio relates to space. So if you believe space is a multi-decade investment theme (and honestly, the case is pretty compelling), NASA gives you SpaceX alongside the rest of the space economy rather than diluting it with AI companies or other tech.

Tema has also been transparent about fee structure — they absorb all transaction costs associated with acquiring and holding the SpaceX SPV, so the 0.87% net expense ratio is what you pay. One post-IPO wrinkle worth knowing: Tema has disclosed that NASA’s SpaceX SPV position will be subject to a lockup when SpaceX goes public — likely at least six months. During that lockup, NASA can’t sell its SpaceX position, and it will continue to be valued at transaction cost rather than the public market price. That means the mark-to-market revaluation won’t hit NASA’s NAV immediately at the IPO — it’ll be delayed until the lockup expires.

• Ticker: NASA (NYSE Arca)
• SpaceX exposure: 10.29% of NAV via SPV (as of May 12, 2026)
• Expense ratio: 0.87% net / 0.94% gross
• Structure: SPV (valued at transaction cost; lockup applies post-IPO)
• Where to buy: Any brokerage (also available on Robinhood)

Best for: Investors who want SpaceX exposure alongside a broader space-economy thesis — not just SpaceX, but the whole sector.

KraneShares AI & Technology ETF (AGIX) — The One With the Plot Twist

This one has an interesting backstory. AGIX is primarily an AI and tech fund, and it originally held xAI (Elon Musk’s AI company) as a direct position. Then, in early 2026, SpaceX acquired xAI — and AGIX’s xAI shares converted into SpaceX shares. So AGIX didn’t go out and buy SpaceX; SpaceX came to AGIX through a merger.

The result is that AGIX now holds SpaceX Class A Common at approximately 1.04% of the portfolio — the smallest SpaceX allocation of any fund on this list. It also holds Anthropic (1.76%) and Nuro (0.68%), making total private holdings about 3.48% of the fund. The rest is publicly traded AI companies: NVIDIA, Alphabet, Microsoft, Meta, and similar names make up the bulk.

SpaceX is genuinely a secondary consideration here. AGIX is primarily an AI ETF that happens to own SpaceX as a small private position. If SpaceX is what you’re after, this isn’t the most efficient vehicle. But if you want broad AI exposure with a small slice of private-company access built in, AGIX delivers that well.

• Ticker: AGIX (NASDAQ)
• SpaceX exposure: 1.04% direct (Class A, via xAI merger conversion)
• Expense ratio: 0.99%
• Structure: Direct equity
• Where to buy: Any brokerage

Best for: Investors who want diversified AI exposure across public and private companies, with SpaceX as a minor position rather than a primary thesis.

The Interval Fund: ARK Venture Fund (ARKVX) — Big SpaceX Exposure, But Read This First

ARKVX is not an ETF — it just gets lumped in with them constantly. It’s an interval fund, which is a specific type of closed-end fund, and the mechanics are meaningfully different from a regular ETF. Let’s break this down before you do anything.

The case for ARKVX is easy to make: it holds SpaceX as its single largest position at 17.02% of net assets (as of March 31, 2026), has delivered crushing performance over the past year largely due to SpaceX and OpenAI, and gives retail investors access to a venture-style portfolio that previously only existed for big institutions.

But here’s what you need to know about the interval fund structure:

You cannot just sell whenever you feel like it. Unlike a regular ETF, ARKVX only offers liquidity quarterly — meaning four times a year, ARK offers to buy back shares. And even then, total redemptions are capped at 5% of outstanding shares per quarter. If a lot of people want out at the same time, you might not be able to sell your full position. You could be stuck for multiple quarters. This is a real risk, especially if something spooks markets right before the SpaceX IPO.

The expense ratio is also substantially higher than the ETFs above — 3.49% total. That’s not a typo. Venture-style exposure in a regulated fund structure costs more than a plain-vanilla index ETF, and ARKVX charges accordingly.

How to Buy ARKVX: You Need a SoFi (or Titan) Account

Here’s where it gets a little different from the ETFs above. Regular retail investors can only buy ARKVX through SoFi Invest or Titan Global Capital Management. Registered investment advisors (RIAs) can access it through Schwab and Fidelity, but if you’re doing this yourself, SoFi is your path.

Here’s how to do it:

1. Open a SoFi Invest account at sofi.com/invest if you don’t have one. It’s free and takes about 10 minutes.
2. Fund your account — you’ll need at least $500 since that’s the minimum investment for ARKVX.
3. Search for “ARKVX” in the SoFi Invest search bar. It appears under Alternatives or you can search the ticker directly.
4. Review the fund documents — SoFi will walk you through the prospectus. Read the liquidity section. Seriously.
5. Submit your investment — unlike a regular stock trade, this isn’t instant. It processes like a mutual fund subscription.

One more thing on ARKVX: the $500 minimum is per investment, but there’s no ongoing requirement to add more. If you want to put $500 in and leave it, you can.

• Ticker: ARKVX
• SpaceX exposure: 17.02% of net assets (direct)
• Expense ratio: 3.49%
• Minimum investment: $500
• Liquidity: Quarterly only (up to 5% of shares redeemed per quarter)
• Where to buy: SoFi Invest or Titan (retail); Schwab/Fidelity via RIA

Best for: Patient, long-term investors who understand the liquidity constraints and want heavy SpaceX + private innovation exposure with Cathie Wood’s active management.

The Private-Market Fund: VCX (Fundrise Innovation Fund) — The One I Own, and the One You Need to Understand

Full disclosure: I have a small position in VCX. I picked up shares in late April 2026 at around $85 a share through my IRA at Fidelity. I’ll explain why that entry point matters — and why the same trade at today’s prices tells a very different story.

VCX is the Fundrise Innovation Fund — a private-market fund that holds a basket of late-stage private tech companies. Its portfolio as of mid-2026 includes Anthropic (20.7%), Databricks (17.7%), OpenAI (9.9%), Anduril (6.9%), Ramp (5.1%), and SpaceX (5.0%). It’s essentially a curated venture portfolio of the hottest private companies in America, made accessible to regular investors.

The SpaceX allocation at 5% is actually the smallest of any fund on this list by percentage. So if pure SpaceX exposure is the goal, VCX is not the most efficient vehicle. What VCX really gives you is broad exposure to the private AI and tech ecosystem — with SpaceX as one name in a lineup of heavyweights.

🚨 The VCX Premium Warning — Please Read This Carefully

Here’s the thing I promised to tell you about, and it requires a bit more than just throwing out a percentage.

VCX listed on the NYSE on March 19, 2026 with a net asset value (NAV) of approximately $18.97 per share. On day one, retail investors piled in and the price absolutely went parabolic. Within days, shares hit a high of $575 — which means at the peak, the fund was trading at roughly 30x its NAV, or about a 2,900% premium. That’s not a misprint. People were paying $575 for something with an underlying value of ~$19.

Then Citron Research published a short thesis on March 26. The stock crashed 51% in a single day — from $533 to $262. It continued falling from there, eventually bottoming near $31 before recovering. When you see articles citing a “390% premium,” that figure came from late April when the stock had stabilized around $93 — which sounds dramatic, but it was actually after the fund had already fallen more than 80% from its high.

I bought my shares at $85, which was right near that post-crash floor. At $85, I was still paying a premium to NAV — roughly 348% above the $18.97 underlying value — but I was buying after the speculative frenzy had been largely wrung out, not during it. The fund has since recovered to the mid-$200s range as of this writing, which means my position is up significantly from where I got in. Whether it holds there is a different question entirely.

Here’s the uncomfortable math at any price: as long as VCX trades at a large premium to NAV, you’re betting on two things simultaneously — that the underlying companies perform well and that the premium doesn’t compress. If VCX converges toward its NAV, you lose money even if SpaceX, Anthropic, and OpenAI all have great years. That’s a risk that doesn’t exist with the ETFs earlier in this article.

There’s also the September lockup expiration to keep in mind. Original Fundrise platform investors have restricted shares that unlock in September 2026. With roughly 100,000 early investors who got in at NAV potentially looking to take profits, that supply could push the price lower. Or the SpaceX IPO hype could keep demand strong enough to absorb it. Nobody knows — that’s the point.

Bottom line on VCX: The underlying portfolio is genuinely compelling. But entry price matters enormously with a fund that trades at a significant premium to NAV. Always check the current share price against the current NAV before buying — Fundrise publishes NAV updates periodically, and the relationship between price and NAV is the single most important number for anyone considering this investment.

• Ticker: VCX (NYSE)
• SpaceX exposure: ~5% of portfolio (direct holding)
• Structure: Private-market fund (also NYSE-listed)
• 52-week range: $31.21 – $575.00
• Key risk: Trades at a significant premium to NAV — always verify the current price-to-NAV ratio before buying
• Where to buy: Any brokerage (NYSE-listed), including Fidelity

Do the Other Funds on This List Have the Same Premium Problem?

No — and this is actually one of the most important distinctions between VCX and everything else on this list.

The four true ETFs (RONB, XOVR, NASA, AGIX) are all structured with what’s called an authorized participant arbitrage mechanism. In plain English: large institutional traders can create new ETF shares when the price trades above NAV, or redeem shares for the underlying assets when it trades below. This keeps the ETF price tightly anchored to its actual asset value at all times. When you buy RONB or NASA, you’re paying essentially exactly what those underlying assets are worth. No premium, no discount — just NAV.

ARKVX, as an interval fund, isn’t publicly traded at all — you transact directly with ARK at NAV. There’s no open market where it can decouple from its underlying value the way VCX can.

VCX is the outlier precisely because of its structure. It’s listed on the NYSE like a stock, but it doesn’t have that same arbitrage mechanism keeping price and NAV in line. That’s what allowed it to go from a ~$19 NAV to a $575 market price — and what could allow it to fall back regardless of how SpaceX, Anthropic, or OpenAI perform. It’s a structural feature, not a portfolio quality issue. The underlying companies can be excellent and you can still lose money if you buy at a steep premium.

SpaceX ETF & Fund Comparison Table

Here’s the full side-by-side. Use this as your quick reference before making any decisions.

All allocations are point-in-time and change as managers rebalance. Verify current holdings at each fund’s website before investing. Not financial advice.

SPV vs. Direct Holdings: What It Actually Means

You’ve seen me use these terms throughout the article, so let me explain what they actually mean in plain English — because it matters.

Direct holdings mean the fund literally owns SpaceX shares. If you look at RONB’s holdings page, you’ll see “Space Exploration Technologies Class A Common Stock” and “Space Exploration Technologies Class C Common Stock” listed as line items in the portfolio, just like any other stock. The fund is on SpaceX’s cap table. It owns the actual equity.

SPV (Special Purpose Vehicle) means the fund owns a separate legal entity — essentially a shell company — that in turn holds SpaceX shares. It’s like owning a box that contains SpaceX stock, rather than holding the SpaceX stock directly. The economic exposure is similar (if SpaceX goes up, your SPV shares go up), but there are some subtle differences:

• SPVs sometimes carry additional fees layered on top of the ETF’s expense ratio (though XOVR and NASA have both said they don’t do this)
• In a worst case, if the SPV has structural issues, you’re one step further removed from the underlying asset
• For most retail investors in normal conditions, the difference is minimal — but it’s good to know

If you want the purest, most direct SpaceX exposure in a liquid ETF, that means RONB or AGIX (direct holdings). If you’re fine with SPV exposure and want lower fees, XOVR or NASA work well.

The Hidden Upside: What the IPO Revaluation Could Do to Each Fund’s NAV

Here’s something most articles on this topic skip entirely, and it’s arguably the most interesting angle for anyone thinking about buying one of these funds right now.

Every fund on this list has to carry SpaceX at some estimated value in its NAV — but they don’t all use the same number. And the gap between what each fund thinks SpaceX is worth today versus what the IPO bankers are targeting could mean very different things for each fund’s NAV the moment SpaceX starts trading publicly.

Once SpaceX has a live market price, all of these funds are required to mark their SpaceX positions to that public price daily. It goes from a hard-to-value private asset to a straightforward stock price. That transition creates a one-time revaluation event — and depending on what a fund is currently carrying SpaceX at, that revaluation could be a big deal or a modest one.

Here’s where things stand right now:

RONB (Baron Capital) is actively managing a fair value estimate and currently carrying SpaceX at roughly a $1.25 trillion implied valuation. Baron has been transparent about this — they’ve acknowledged their $15 billion SpaceX position could reach approximately $24 billion at IPO if the bankers’ $1.75 trillion target holds. That’s close to a 60% mark-up on the SpaceX position alone.

NASA (Tema) carries its SpaceX SPV at transaction cost — meaning exactly what Tema paid for it, frozen until they transact again. Based on the 82,385 share equivalents currently valued at $53.55 million, the implied SpaceX valuation embedded in NASA’s NAV is approximately $1.54 trillion. Tema appears to have acquired its SpaceX exposure more recently, at a higher secondary market price, which actually means it’s already closer to the expected IPO range.

That’s the counterintuitive part. You might assume “transaction cost = stale = more upside,” but it depends entirely on when the fund got in. NASA got in later, at a richer price. RONB’s active mark-to-fair-value methodology is actually producing a more conservative number right now.

To put it simply: the fund carrying SpaceX at the biggest discount to IPO price stands to get the biggest bump when it goes public. Based on current data, that’s RONB — which is why some analysts are describing it as the highest-conviction pre-IPO ETF trade right now, even though NASA’s “transaction cost” accounting sounds more conservative on the surface.

A few important caveats before you run with this:

First, these carrying values can and do change before the IPO. Baron could revise their fair value estimate upward any time, compressing RONB’s gap. Tema could transact in the SpaceX SPV, resetting NASA’s cost basis at a new price.

Second, the IPO price itself is not guaranteed. The $1.75–$2T range is what bankers are targeting — not what it will necessarily trade at on day one, or what it will be worth six months after listing. If the IPO prices below the current carrying values, these funds would actually need to mark SpaceX down.

Third, the fund’s overall NAV impact depends on how much of each fund is SpaceX. A 40% mark-up on SpaceX sounds great, but if SpaceX is 6.8% of the fund (RONB’s current May 2026 weighting), that revaluation moves the overall fund NAV by about 2.7%. If NASA’s 10.3% SpaceX position gets marked up by 14–30%, that’s a 1.4–3.1% overall NAV impact. ARKVX at 17% hits hardest on the mark-up math — a 40% revaluation on a 17% position moves the fund NAV by 6.8%. The allocation size matters as much as the carrying-value gap.

Should You Just Wait for the IPO?

It’s a fair question. The IPO is coming fast — we’re talking weeks, not months. So why not just wait and buy shares directly?

A few reasons these funds might still make sense even after SpaceX lists:

First, IPO allocations for retail investors are notoriously hard to get at the opening price. Institutional investors get priority, shares get allocated before trading opens, and by the time you and I can actually buy, the price often pops significantly on day one. The funds on this list already own shares at pre-IPO valuations.

Second, some of these funds (RONB in particular) hold SpaceX at large enough allocations that they’ll provide meaningful leveraged exposure to a SpaceX IPO pop — you get that appreciation inside the fund without having to win an IPO allocation lottery.

Third, if you want diversification rather than pure SpaceX concentration, these funds give you SpaceX plus a broader portfolio of companies. AGIX pairs it with Anthropic and other private AI names. NASA pairs it with the space economy. ARKVX pairs it with OpenAI.

That said — if your only goal is SpaceX stock specifically, and you’re comfortable waiting, you’ll be able to just buy it directly in a few weeks. Nothing wrong with that either.

Frequently Asked Questions

Will the SpaceX IPO cause ETF prices to jump?

Potentially, yes — but not equally across all funds, and not by the same mechanism. When SpaceX begins trading publicly, funds carrying SpaceX below the IPO price will see a one-time NAV increase. RONB (carrying SpaceX at ~$1.25T) has the largest gap versus the $1.75–$2T IPO target, though at ~6.8% of the portfolio as of May 2026, the overall fund impact is moderate — roughly 2–4% NAV bump assuming a 40–60% mark-up on just that one position. ARKVX would likely see the biggest overall fund impact because SpaceX is 17% of NAV and it’s also carried at a discount. NASA is interesting in the opposite direction — it carries SpaceX at transaction cost (~$1.54T implied), which is already closer to the IPO target, but its post-IPO lockup means the mark-to-market revaluation won’t happen immediately. If the IPO prices below current carrying values, the reverse is also true — funds would need to mark down.

Can I invest in SpaceX without being an accredited investor?

Yes. RONB, XOVR, NASA, and AGIX are all standard ETFs available to any retail investor with a brokerage account — no accreditation required, no minimum beyond the share price. ARKVX requires only $500 and is also available to non-accredited investors via SoFi. VCX is NYSE-listed and also available to anyone, but come with the premium-to-NAV risk discussed above.

Which ETF has the highest SpaceX allocation?

As of May 2026, ARKVX (ARK Venture Fund) has the highest SpaceX exposure at 17.02% of net assets — though it’s an interval fund, not a traditional ETF. Among true ETFs with daily liquidity, NASA (Tema Space Innovators) comes in at 10.29%, followed by RONB (Baron First Principles) at approximately 6.8% combined. Note that RONB was around 12.5% combined at March 31, 2026 and has drifted lower as the fund’s AUM grew — always check the current daily holdings on Baron’s site for the most recent figure.

What is SpaceX worth right now?

SpaceX has been most recently valued at approximately $1.5–$2 trillion, based on secondary market trades, the implied valuation in fund holdings disclosures, and the company’s stated IPO target of $1.75–$2 trillion.

What’s the difference between XOVR and RONB?

Both are true ETFs with daily liquidity that you can buy on any brokerage. The key difference is structure: RONB holds SpaceX shares directly (actual equity on the cap table), while XOVR holds SpaceX through an SPV. As of May 2026, RONB’s combined SpaceX allocation sits at approximately 6.8% (3.59% Class C + 3.21% Class A), though it was about 12.5% as recently as March 31 — check current daily holdings on Baron’s site for the latest. XOVR discloses its exposure in dollar terms ($230M SPV) rather than a percentage. XOVR has a lower expense ratio (0.75% vs 1.00%).

Can I buy SpaceX stock on Robinhood?

Not directly — SpaceX isn’t publicly traded yet. But you can buy the NASA ETF (Tema Space Innovators) and the other ETFs on this list through Robinhood today to get indirect exposure. Once the SpaceX IPO happens (expected late June/early July 2026), shares should be available on Robinhood directly.

How do I buy ARKVX?

Retail investors buy ARKVX through SoFi Invest (sofi.com/invest) or Titan. Open an account, fund it with at least $500, search for ARKVX, and complete the investment form. Note that this is an interval fund — you can only redeem shares quarterly, and even then only up to 5% of outstanding shares per quarter.

What is an SPV in relation to SpaceX ETFs?

An SPV (Special Purpose Vehicle) is a separate legal entity created specifically to hold SpaceX shares. When an ETF uses an SPV for SpaceX exposure, you own shares of the ETF, which owns the SPV, which owns SpaceX shares. The economic effect is similar to direct ownership in most scenarios, but you’re one layer removed from the actual equity.

Is VCX a good way to invest in SpaceX?

VCX (Fundrise Innovation Fund) holds SpaceX as approximately 5% of its portfolio, alongside Anthropic, OpenAI, and other private AI companies. The underlying portfolio is genuinely impressive. The risk isn’t the companies — it’s the price you pay to access them. VCX is NYSE-listed and has traded at massive premiums to its ~$18.97 NAV: the stock hit $575 at its peak (roughly 30x NAV), crashed to ~$31, recovered into the $80s by late April, and has since moved back up significantly. The premium fluctuates wildly. Before buying, find the current share price and compare it to the current NAV published by Fundrise. Unlike the ETFs on this list — which trade at NAV by design due to their arbitrage structure — VCX has no mechanism to keep its market price anchored to what the underlying assets are actually worth.

Final Thoughts

The SpaceX IPO is shaping up to be one of the most significant market events in years. There’s going to be an enormous wave of retail interest, media coverage, and likely a frenzy on day one. Getting positioned before that wave hits — even through an ETF that holds SpaceX as one of many positions — puts you on the right side of that moment.

My own approach has been to hold VCX in my IRA at Fidelity — I got in at around $85 a share in late April, after the post-listing crash had already played out, which helped me avoid the worst of the speculative premium. I also keep a close eye on RONB as the highest-purity direct-equity ETF option for someone who wants SpaceX with daily liquidity and no premium-to-NAV risk. Its SpaceX allocation has drifted from about 12.5% in March to roughly 6.8% in mid-May as the fund grew — but the carrying value discount to IPO pricing means the revaluation, when it comes, flows directly into NAV. And ARKVX, for anyone willing to deal with the quarterly liquidity constraint, packs in 17% SpaceX alongside OpenAI and a handful of other names that matter. If the IPO roadshow goes well and SpaceX prices at the top of the $1.75–$2 trillion range, those are the two funds I’d be watching most closely.

Just remember the golden rule of any investment with this much hype around it: understand what you’re buying, understand the structure, and understand what could go wrong. The funds on this list are real, well-documented vehicles with actual SpaceX holdings — but they’re not all the same, and the right one for you depends on your timeline, your risk tolerance, and how you want to access it.

Now you know how all of them work. Go do something with that.

Disclaimer: This article is for informational purposes only and does not constitute personalized investment advice. All fund allocations, expense ratios, and valuations are subject to change. Always verify current holdings directly with each fund before investing. Past performance does not guarantee future results. I hold a position in VCX through the Fundrise platform. Consult a licensed financial advisor before making investment decisions.