Wall Street launches nine space ETFs ahead of expected SpaceX IPO

Nine space-themed exchange-traded funds were launched or filed over a three-month span as issuers prepared products ahead of an expected SpaceX public offering. ETF analysts tracked the surge of new filings and launches.

Roundhill’s Space & Technology ETF (MARS) debuted March 5. Tuttle Capital’s Space Industry Income Blast (SPCI) followed on March 12, and Tema’s Space Innovators ETF (NASA) arrived later that month. Defiance launched Pure Space Daily 2X (SPCL) on April 8 and Global X introduced its Space Tech ETF (ORBX) in mid-April. First Trust, WisdomTree and VistaShares filed paperwork for additional space-related products in the same period. Existing ETFs that target the sector include ARK Space & Defense ETF (ARKX), Procure’s UFO and State Street’s ROKT.

SpaceX confidentially filed an S-1 with the SEC in early April and has targeted a June listing at a valuation that market participants say could exceed $1.5 trillion. Elon Musk has discussed a retail allocation near 30% of the offering, a level above typical IPO carve-outs.

Some of the new ETFs hold indirect exposure to SpaceX today through private investment vehicles. Other products are structured to receive shares once the company lists. Procure’s UFO drew $175 million in the first quarter, its largest quarterly inflow since 2019. Several established ETFs adjusted index methods and marketing to note possible SpaceX exposure.

Crypto platforms have introduced synthetic SpaceX tokens. Several newly filed funds carry similar names and overlapping holdings, which may concentrate investor flows. A delayed, smaller or lower-valuation IPO would leave funds that expect to hold the newly listed stock without access to it.

ETF analyst Eric Balchunas wrote on X: “All this for SpaceX IPO. Never seen anything like it… Facebook, Alibaba were big but this is another level.”