How to Invest in SpaceX Pre-IPO Via ETFs

We are heading into what could be one of the biggest IPO cycles in recent memory. There is no shortage of high-profile, innovative companies expected to debut, but unlike past cycles where valuations were in the billions, this time we are talking about trillion-dollar candidates.

Names like OpenAI, Anthropic, and SpaceX, which recently merged with xAI, are all being closely watched. SpaceX, in particular, stands out.

Estimates for a potential IPO have ranged from $1 trillion to $2 trillion, which would set a record and force index providers to rethink how they handle inclusion and weighting for companies of that size. Some have already started adjusting their rules to allow for smoother entry when the time comes.

Still, there are ways for investors to get exposure before any IPO actually happens. This is not about being an accredited investor or gaining access through interval funds or closed-end funds. A lesser-known route is through certain ETFs that can allocate a portion of their portfolio to private companies.

Under SEC Rule 22e-4, ETFs are allowed to hold up to 15% of their assets in illiquid investments. That includes private companies like SpaceX. That said, there are trade-offs.

These ETFs often come with higher fees, and in some cases, they do not hold SpaceX shares directly. Instead, they gain exposure through special purpose vehicles, or SPVs, which can introduce additional layers of complexity. You may also encounter wider bid-ask spreads.

With that in mind, here are four of the more notable ETF options that currently offer some level of pre-IPO exposure to SpaceX.

ERShares Private-Public Crossover ETF (XOVR)

XOVR is easily the most notable example in this space. Since transitioning into its current form on August 29, 2024, the fund has grown to just under $1.5 billion in assets under management. It holds 33 positions and charges a 0.75% expense ratio.

The strategy is split into two parts. The public sleeve is unremarkable, with holdings like NVIDIA, Meta Platforms, Ubiquiti, Arista Networks, Palantir Technologies, Interactive Brokers, Alphabet, and Tesla.

The real story is the private sleeve. XOVR holds exposure to both SpaceX and Anduril, with SpaceX accessed through a special purpose vehicle. But here is where things get interesting.

As of April 2, SpaceX exposure had grown to 42.7% of the portfolio, which is far above the 15% cap typically associated with illiquid assets under SEC Rule 22e-4. So, what happened?

As Sumit Roy at ETF.com pointed out, the issue came down to outflows. When investors redeem shares, the fund manager needs to sell holdings. Public equities are easy to offload thanks to the ETF in-kind creation and redemption mechanism. Private holdings are not.

As a result, when outflows occur, the liquid public sleeve shrinks while the illiquid private sleeve stays relatively fixed. That imbalance causes the private allocation to rise as a percentage of the portfolio. In this case, it rose significantly above the intended threshold.

It is a good reminder that while the 15% limit exists as a cap, staying well below it may be more practical for ETF issuers when dealing with less liquid assets.

Baron Capital First Principles ETF (RONB)

RONB is an actively managed ETF that, according to Baron Capital, “invests in businesses with the potential for significant growth, durable competitive advantages, and strong management teams.” It is primarily focused on U.S. equities and has the ability to use leverage up to one-third of total assets.

Liquidity has been solid, with a 0.09% 30-day median bid-ask spread, but the fund itself is relatively small at about $70 million in assets under management. The public holdings include names like Shopify, FactSet, Charles Schwab, Verisk Analytics, Hyatt Hotels, and Spotify.

Moreover, RONB holds direct stakes in SpaceX, with about 4.86% in Class C shares and 4.34% in Class A shares. Combined, that keeps total exposure below the 15% threshold. Unlike XOVR, this is not done through SPVs. The ETF holds shares directly which removes an extra layer of complexity.

KraneShares Artificial Intelligence & Technology ETF (AGIX)

AGIX’s public holdings are what you would expect from an AI-focused strategy, including NVIDIA, Microsoft, Meta Platforms, Alphabet, Apple, Broadcom, Taiwan Semiconductor Manufacturing, and Amazon.

Where it stands out is its private sleeve. The ETF holds about 3.41% in Anthropic and 3.46% in SpaceX Class A shares. Like RONB, these are direct holdings rather than exposures through SPVs.

That said, AGIX is the most expensive of the group, with a 0.99% expense ratio. It is, however, reasonably capitalized with about $176 million in assets under management.

Tema Space Innovators ETF (NASA)

NASA is one of the newest entrants, having launched on March 30, 2026. It charges a 0.75% expense ratio and currently sits at about $17.8 million in assets under management.

This ETF is less about broad innovation and more of a pure-play space theme. Top holdings include AST SpaceMobile, Rocket Lab, Planet Labs, Firefly Aerospace, and Intuitive Machines.

NASA also includes roughly a 15% allocation to SpaceX, which is implemented through an SPV structure similar to XOVR.