SpaceX, the Elon Musk-led rocket maker that remains private, is reportedly moving toward an initial public offering. The Information said regulators could see the prospectus filed as early as this week, with advisers suggesting the offering could exceed $75 billion and potentially rank among the largest IPOs on record. SpaceX has been eyeing a Nasdaq listing and is said to be aiming for early entry into the Nasdaq 100 index. In the meantime, investors are already pricing exposure to SpaceX through several publicly traded vehicles that hold stakes in the private company, according to the report.
Among the funds with notable SpaceX exposure, Baron Partners Fund (BPTRX) is the largest holder, with SpaceX accounting for nearly a third of the portfolio. The fund also holds Tesla, another Musk-led company, and together these two names account for more than half of BPTRX’s holdings. Morningstar data show the fund’s retail shares were down about 5% in 2026, while it posted a gain of more than 24% in 2025, placing it in the seventh percentile among comparable funds.
SpaceX also accounts for nearly a quarter of the Baron Focused Growth Fund (BFGIX). Tesla follows, representing just over 6% of holdings. The fund’s institutional shares are down more than 4% in 2026, according to Morningstar. The fund has delivered double-digit gains in each of the prior three years, Morningstar notes.
SpaceX makes up about 18% of Cathie Wood’s ARK Venture Fund (ARKVX). The ARK report also shows exposure to several private companies such as Anthropic, Databricks and Groq. ARKVX is up more than 6% in 2026, extending last year’s gain of more than 55% according to Morningstar data.
Another notable vehicle is the Private-Public Crossover ETF (XOVR), which has roughly 45% of its exposure tied to SpaceX. By comparison, Nvidia is the next largest holding at around 4%. The ETF has fallen about 15% year to date, and Morningstar notes it added nearly 12% in 2025 but ranked among the bottom quartile of comparable offerings. Separately, EchoStar, which owns roughly a 3% stake in SpaceX, jumped about 8% on Wednesday following the IPO report, and is up about 10% for the year after a 2025 rally that topped 375%.
Key takeaways
- What moved: EchoStar shares rose about 8% after The Information reported SpaceX’s potential IPO and a possible >$75 billion raise, underscoring immediate stock-market sensitivity to private-company listings.
- Catalyst and exposure: SpaceX’s apparent plan to list on Nasdaq and target the Nasdaq 100 has elevated interest in funds with large SpaceX stakes (BPTRX, BFGIX, ARKVX, XOVR), highlighting how large private holdings translate into public-market moves.
- Implications for funds and markets: With SpaceX accounting for substantial portions of several funds, a confirmed IPO could trigger reweightings across growth and tech-oriented portfolios and influence sector and index dynamics.
What drove the move
According to The Information, SpaceX is preparing to file its IPO prospectus with regulators as early as this week, with advisers estimating a potential raise well above $75 billion. The report also notes SpaceX’s interest in a Nasdaq listing and a competitive push for early inclusion in the Nasdaq 100 index. While a formal filing and pricing details remain unseen, the prospect of such a sizable offering has already reverberated through funds that hold SpaceX exposure. The concentration of SpaceX in flagship vehicles like BPTRX and ARKVX underscores how a single private company can shape the performance and risk profile of diversified investment products.
Investors are weighing the potential implications for liquidity, valuation discipline, and index composition. The size of the proposed offering would position SpaceX among the largest IPOs in history, heightening attention on how the market prices a venture with a broad array of spaceflight, satellite, and software interests under a single umbrella. The report’s framing of Nasdaq as the target primary listing venue adds another layer of scrutiny for index watchers who track eligibility criteria for inclusion in the Nasdaq 100.
Market reaction
The IPO chatter has produced notable moves in related assets. EchoStar’s stock rose 8% after the report, reflecting a bid for exposure to SpaceX via public equities and related services. EchoStar’s year-to-date gains, seen in the context of a volatile 2025 rally, add to the stock’s sensitivity to SpaceX-related headlines. In broader terms, the Private-Public Crossover ETF, which carries about 45% SpaceX exposure, has experienced meaningful volatility as investors recalibrate risk across growth and tech franchises tied to private-market names. The ETF’s roughly 15% year-to-date decline contrasts with the more buoyant action in some of the private-space-linked holdings within ARKVX, which has posted solid gains in 2026 so far.
Investors should also note the dispersion across funds. BPTRX remains SpaceX’s largest exposure, but its performance in 2026 has lagged behind the stellar 2025 rebound, illustrating how fund-level trajectories can diverge even when a single private name dominates a portfolio. Meanwhile, ARKVX has shown resilience in 2026, aided by gains in the broader private-technology and private-space ecosystem that the fund tracks, even as private company valuations and liquidity remain in focus for analysts and investors alike.
Bigger picture
Beyond the immediate funds, SpaceX’s potential IPO feeds into a longer-running discussion about private-market access and the evolution of big-name tech and space-adjacent companies toward public-market status. The reported size of the offering would likely prompt questions about pricing, lockups, and the pace at which new shares might enter public markets. The Nasdaq angle adds a further layer of technical considerations for index allocators, given the potential inclusion of a non-traditional tech and aerospace conglomerate in a benchmark-heavy index.
From a macro perspective, the development sits at the crossroads of liquidity, monetary policy expectations, and technology sector risk appetite. While no final terms are known yet, investors are already parsing how a SpaceX IPO could affect private funding curves, the broader tech-growth cycle, and the flow dynamics into and out of specialized funds with outsized exposure to private companies. The ongoing evolution of such exposures is part of a broader trend where investors seek diversified access to high-growth names before and after they transition to the public markets.
Morningstar data underpin the fund-level context, showing how these exposures translate into performance and risk characteristics. BPTRX’s recent performance, BFGIX’s mixed 2026 trajectory, ARKVX’s 2026 gain, and XOVR’s exposure profile all illustrate the varied sensitivities across fund families to SpaceX-related headlines and to private-market dynamics more generally.
As SpaceX’s status remains private for now, investors will be watching for official regulatory filings and disclosures to confirm the terms, timing, and potential market impact. A cleared path to an IPO would likely trigger a wave of reweighting across growth-oriented and technology-focused portfolios, particularly among funds with the highest SpaceX concentration. In the meantime, the market will continue to react to every new twist in the story, from regulatory filings to potential index deliberations and the evolving appetite for private-market exposure in a rapidly shifting macro landscape.
What to watch next: regulators’ confirmation of a filing timeline, any details on the offering size and structure, and updates on SpaceX’s potential Nasdaq 100 entry. Investors should monitor fund disclosures for any changes to SpaceX weightings and for nascent shifts in exposure among ARK, Baron, and ETF products tied to private-market names. Earnings calendars, policy signals, and broader equity-market direction will also shape how these exposures flow and translate into price and performance in the weeks ahead.
