How to Own SpaceX Without Buying the IPO
Written by Micah Zimmerman for The Motley Fool -> SpaceX's IPO could be one of the biggest market events in history, but the valuation leaves little room for error. Retail investors can gain indirect exposure through funds like XOVR and DXYZ, but both come with meaningful risks
SpaceX's IPO could be one of the biggest market events in history, but the valuation leaves little room for error.
Retail investors can gain indirect exposure through funds like XOVR and DXYZ, but both come with meaningful risks.
Rocket Lab offers a lower-valuation alternative with significant upside tied to real business execution.
SpaceX filed its S-1 with the SEC on May 20, 2026, targeting a Nasdaq listing. The company's IPO documents revealed $18 billion in 2025 revenue, with Starlink -- its satellite internet business -- accounting for $11.4 billion, about 61% of total revenue. Starlink had 10.3 million paid subscriptions in Q1 2026, doubling from a year earlier. The connectivity segment was also the only profitable division, generating $4.42 billion in income.
The IPO is expected to float roughly 5% of the company at a valuation between $1.75 trillion and $2 trillion. That means limited public float, enormous demand, and an opening price that could leave retail investors holding a very expensive piece of paper if sentiment shifts.
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The most direct way to own SpaceX today is through the ERShares Private-Public Crossover ETF (NASDAQ: XOVR) . As of May 21, 2026, XOVR holds approximately $292 million of SpaceX exposure through a special purpose vehicle -- structured with no additional management fee or carried interest beyond the fund's 0.75% expense ratio. The ETF requires no accredited-investor status and has grown to nearly $1.5 billion in assets. Top holdings alongside SpaceX include Nvidia , Alphabet , and Astera Labs .
There are caveats worth understanding. The SpaceX stake is held through an SPV, not direct equity. Valuations of private holdings can lag public market realities, and there has been scrutiny over how frequently the SpaceX position mark is updated. XOVR also carries wider bid-ask spreads than conventional ETFs. This is not a clean, transparent holding. Know what you're buying.
