How to invest in SpaceX before it goes public

SpaceX has dominated headlines in recent months, with fresh updates and rising speculation fuelling talk of what could become one of the biggest IPOs ever.

To recap the key details:

• Recent reports indicate SpaceX may file for an IPO in March 2026. If so, that timeline could position the company for a possible June listing, targeting a valuation above $1.75 trillion and aiming to raise up to $50 billion.

• In early February 2026, SpaceX acquired xAI in a major all-stock deal, valuing the combined entity at approximately $1.25 trillion (SpaceX at ~$1T, xAI at ~$250B) and integrating space, AI, and related capabilities.

• Discussions highlight ambitions like Mars missions, orbital data centers, and Starlink expansion as factors supporting the high valuation outlook.

These are exactly the kinds of narratives that capture the imagination of retail investors and keep markets watching closely. 

Yet for all the noise, one fact remains unchanged. SpaceX is still private. There are no shares to buy directly on an exchange, no ticker symbol to punch into a brokerage account. For many investors, that means waiting on the sidelines for an eventual listing. 

But the door is not completely closed. 

A small group of publicly listed vehicles offer retail investors a way to gain partial exposure today. In this analysis, we examine five of them, how they are structured, and the key considerations investors may wish to weigh before allocating capital.

In several cases, the SpaceX allocation sits alongside stakes in other high profile public and private companies such as Anthropic, Stripe and Anduril, adding further dimensions to the overall investment case. 

It is an alluring idea. But as always, when investing, it pays to look beyond the headlines and understand what you are really buying. 

Private company. Public fund? 

Before we begin, it is worth addressing a basic question. 

How can a private company like SpaceX sit inside an ETF or fund at all? 

For many investors, ETFs are associated with broad sharemarket exposure. You buy an ETF such as the iShares Core S&P 500 ETF (IVV) and gain access to a basket of publicly listed companies that trade daily on an exchange.  

However, listed structures have not been limited to public markets alone. For decades, publicly listed investment trusts have provided investors with indirect access to private companies. Only in recent years has that model begun to surface within certain ETF structures as well. 

How private companies sit inside funds 

Private companies do not trade on an exchange. As a result, their valuations are not updated minute by minute like listed shares. 

Instead, they are typically valued periodically, often around funding rounds, secondary transactions or other significant corporate events. Between those valuation points, the reported value may remain unchanged. 

When a publicly listed fund holds a private company, that portion of the portfolio can therefore appear relatively stable for a period of time, before adjusting when new pricing information becomes available. The valuation process relies more on appraisal methods and transaction data than on continuous market trading. 

The mechanics can differ between vehicles. In some cases, funds hold private companies directly. In others, exposure may be structured through special purpose vehicles or subsidiary entities designed to accommodate unlisted assets within a listed product. 

ETFs versus listed investment trusts 

It is also important to distinguish between ETFs and listed investment companies or trusts. 

An ETF is generally “open-ended”, meaning the number of units on issue can expand or contract depending on investor demand. Units can be created (issued) or redeemed (cancelled), which helps keep the ETF’s trading price close to its NAV (net asset value, or the total value of the underlying holdings divided by the number of units). 

While small premiums (trading above NAV) or discounts (trading below NAV) can occur, they are usually limited because this creation and redemption mechanism helps bring the price back towards the value of the assets inside the fund. ETFs are typically structured to track an index or strategy and reflect the value of their underlying holdings as closely as possible. 

For a retail investor, the key takeaway is that changes in an ETF’s share price will usually be closely aligned with changes in the value of its underlying holdings.

A listed investment company or trust is “closed-end”, which means there is a fixed number of shares on issue. You can think of it as a listed company whose sole purpose is to own a portfolio of investments. 

After those shares are issued, they simply trade between investors on the sharemarket. The trust does not automatically create new shares when demand rises, nor does it cancel shares when demand falls. 

As a result, the share price is determined by supply and demand in the market. 

If strong demand pushes the share price above the value of the investments it holds, the trust is said to be trading at a premium to its net asset value. 

If selling pressure pushes the share price below the value of the underlying portfolio, it is trading at a discount. 

In simple terms, the market price can drift away from the actual value of the assets inside the trust, sometimes meaningfully. 

At a high level: 

• An ETF behaves more like a transparent basket that is structured to closely track the value of its underlying assets. 

• An LIC or investment trust behaves more like a listed company that owns investments, and its share price can move independently of the value of its underlying assets.

Understanding the risks

Private company exposure inside listed vehicles is still relatively novel. It introduces concepts such as periodic valuations, specialised structures and premium or discount dynamics that may not apply to traditional broad market ETFs. 

Before allocating capital to any fund with private market exposure, it is worth taking the time to read the product disclosures carefully and ensure you are comfortable with how these mechanisms work. 

Funds offering partial exposure to SpaceX 

1. Baron First Principles ETF (RONB)

Baron’s strategy focuses on innovation driven businesses across both public and private markets. The portfolio combines established public growth leaders with selected private innovators, guided by its First Principles philosophy of analysing businesses from the ground up. 

Private holdings include: 

• SpaceX (14.9%) 

Major public holdings include:  

• Tesla (13.3%) 

• Spotify (4.2%) 

• Hyatt Hotels (4.1%) 

• Airbnb (1.45%) 

Combined, SpaceX and Tesla represent close to 30% of the ETF, making RONB meaningfully concentrated in two Musk-centric, high-conviction positions.

Full portfolio holdings and current weightings can be found on the Baron First Principles ETF fund website.

2. KraneShares Artificial Intelligence and Technology ETF (AGIX)

AGIX targets the broader AI and advanced technology ecosystem, investing across both publicly listed companies and selected private pre-IPO businesses. The strategy aims to provide exposure across the entire AI value chain, spanning hardware, infrastructure and applications. 

Holdings are selected using an AI Exposure Score, calculated through a proprietary methodology that assesses factors such as a company’s relevance to artificial intelligence and its readiness to deploy or benefit from AI technologies. 

Private holdings include: 

• SpaceX (3.2%) 

• Anthropic (2.5%) 

Major public holdings include: 

• Nvidia (5.1%) 

• Microsoft (4%) 

• Meta Platforms (3.9%) 

• Alphabet (3.5%) 

Compared with RONB, AGIX is less concentrated in SpaceX. The exposure forms part of a diversified AI strategy rather than a more targeted pre-IPO allocation. 

Updated holdings and weightings can be reviewed on the KraneShares AGIX fund page. 

3. Scottish Mortgage Investment Trust (SMT)

Scottish Mortgage is a global growth investment trust managed by Baillie Gifford. Despite its historical name, the trust does not invest in mortgages or real estate. It focuses on investing in exceptional public and private growth companies worldwide, aiming to deliver long term capital growth through a relatively low-cost structure.  

As of early February 2026, its market capitalisation was £13.4 billion, or roughly $18 billion US, ranking it as the 44th largest corporate entity listed on the London Stock Exchange. 

Private holdings include: 

• SpaceX (15.1%) 

• ByteDance (4.1%) 

• Stripe (2.5%) 

• Wise (1.8%) 

• Epic Games (0.9%) 

• Redwood Materials (0.6%) 

Major public holdings include: 

• TSMC (5.1%) 

• MercadoLibre (4.8%) 

• Amazon (4%) 

• Nvidia (3.4%) 

As of early 2026, private company exposure in the portfolio has risen to approximately 35% of assets, above the trust’s historical 30% guideline, following a recent revaluation of holdings including SpaceX. That said, the managers are not required to trim positions if private exposure rises due to market movements, and no intention to reduce holdings has been indicated.  

As with all actively managed vehicles, portfolio weights remain at the discretion of the managers within the trust’s stated investment guidelines. Private allocations may be retained, reduced or added to depending on valuation, liquidity and opportunity set, which is an important factor for investors to keep in mind. 

Full portfolio details are available on the Scottish Mortgage Investment Trust website. 

^{Source: Baillie Gifford & Co. Please note, this graphic does not show all companies and themes, and does not illustrate weightings.}

4. The Schiehallion Fund (MNTN)

Unlike Scottish Mortgage, which blends public and private holdings, The Schiehallion Fund invests primarily in later-stage private businesses with established products and what the managers consider to be transformational growth potential. The focus is on fast growing companies, typically valued above $500 million, with ambitions to become large standalone businesses and, over time, publicly traded. 

This makes it one of the more concentrated private market vehicles available to retail investors, with returns closely tied to the performance and valuation of a relatively small group of late-stage private companies. 

Top holdings include: 

• Bending Spoons (14.6%) 

• SpaceX (13.6%) 

• ByteDance (7.8%) 

• Databricks (4.5%)

• Wise (3.6%) 

• Stripe (2.9%) 

• Anthropic (2.6%) 

• Anduril (1.5%) 

With SpaceX representing 13.6% of assets, the fund provides meaningful exposure to the company. 

However, it is important to note that the largest position is Bending Spoons at 14.6%. Bending Spoons is an Italian technology conglomerate known as a serial acquirer of digital platforms. While the corporate name may be less familiar, it owns well known products including Vimeo, WeTransfer, Evernote and Meetup. 

That concentration means returns will be heavily influenced not only by SpaceX, but also by developments in Bending Spoons and other large private holdings. 

Current holdings can be reviewed on The Schiehallion Fund portfolio page. 

5. Edinburgh Worldwide Investment Trust (EWI)

The Edinburgh Worldwide Investment Trust focuses on identifying the next generation of disruptive growth companies, investing in both early stage public and private businesses with the potential to scale significantly over time. 

While it may sound similar to Scottish Mortgage or The Schiehallion Fund, its emphasis is different. Edinburgh Worldwide tends to lean further towards the frontiers of innovation, targeting younger and more immature companies that are solving complex technical or scientific problems.  

The strategy is to invest early in businesses the managers believe could reshape industries, and to hold them as they grow and expand. 

This approach may result in a portfolio that is more volatile, but it also places investors closer to the cutting edge of emerging technologies and earlier in the growth journey of these businesses. 

Private holdings include: 

• SpaceX (15.8%) 

• PsiQuantum (6.2%) 

Major public holdings include: 

• Alnylam Pharmaceuticals (4.8%) 

• Xometry (2.9%) 

• Oxford Nanopore Technologies (2.9%) 

• AeroVironment (2.8%) 

• Axon Enterprise (2%) 

With SpaceX representing 15.8% of assets, Edinburgh Worldwide currently offers a higher direct weighting to SpaceX than both Scottish Mortgage and The Schiehallion Fund. 

However, the surrounding portfolio consists largely of earlier stage and lesser known disruptive companies. In contrast, Scottish Mortgage and Schiehallion hold a higher proportion of globally recognised late-stage private names such as ByteDance and Stripe. 

This makes EWI a more concentrated and earlier-stage growth vehicle, with potentially higher volatility.

More information is available on The Edinburgh Worldwide Investment Trust fund page. 

Comparing SpaceX exposure across funds 

The chart below shows that while each vehicle provides exposure to SpaceX, that exposure sits within very different portfolio structures.

The number of holdings varies, overall concentration levels differ, and the surrounding mix of private and public companies is not the same. 

In other words, investors are not just buying SpaceX exposure. They are buying a broader portfolio, with its own strategy, risk profile and set of underlying constituents.

^{Source: Respective fund manager websites and latest available fund reports, as at 2 March 2026. Information above is accurate as at the publication date. Portfolio holdings, weightings and valuations may change daily due to market movements and manager decisions. Investors should refer to the respective fund manager websites for the most current data.}

It is also worth noting that the list above is not exhaustive. Other vehicles currently offer SpaceX exposure, and additional options could emerge in the coming months.

DestinyTech100 (DXYZ), for example, holds a meaningful allocation to SpaceX (16.2%) but has been excluded from this analysis. Various market commentators, including Morningstar and Barron’s, have cautioned that the vehicle has, at times, traded at a substantial premium to its net asset value. This has led to scrutiny of its valuation dynamics and structure, underscoring the importance of investors carefully assessing premium and discount risks when evaluating such vehicles.

The ERShares Private-Public Crossover ETF (XOVR) is also not included in the analysis above. Recent developments have seen its SpaceX position rise materially above the historical 15% limit typically applied by US regulators to illiquid holdings in open-ended funds, following significant redemptions. This has highlighted the structural risks associated with holding large private allocations inside a daily liquidity ETF, including concentration, liquidity and regulatory considerations. Investors interested in exploring this further can review recent commentary from ETF.com, the Financial Times and Morningstar, which examine these developments in more detail.

Finally, recent performance and management fees may be key considerations for investors. Many of these vehicles charge fees closer to 1% per annum, which is materially higher than broad market ETFs such as iShares IVV, which charges 0.04%. Accessing private market exposure typically comes at a higher cost, and investors should weigh those additional fees against the potential benefits.

^{Source: Google Finance, 2 March 2026}

What happens if SpaceX IPOs? 

If SpaceX eventually lists, what does that mean for investors holding it through an ETF or listed investment trust? 

First, you do not receive SpaceX shares directly. Your investment remains in the fund. The fund itself owns the SpaceX stake, and you continue to hold units or shares in that vehicle. If you want direct ownership after the IPO, you would need to buy SpaceX shares separately on the market. 

Second, an IPO does not automatically translate into outsized gains. While some high-profile listings rise sharply on debut, others fall below their issue price. Public market valuations can adjust quickly in either direction, and the fund’s return will depend on both the IPO pricing and subsequent share price performance. 

Third, what happens next can also depend on the fund manager. In line with their mandate, managers may choose to hold the position, trim it, increase it or rebalance the portfolio based on liquidity, valuation or risk limits. The impact on your investment will depend not only on SpaceX’s performance, but also on those decisions. 

In short, a SpaceX IPO changes the form of the holding from private to public, but it does not convert your fund units into direct shares, nor does it guarantee a specific outcome. Investors should understand the structure they are investing through and recognise that outcomes may vary depending on market conditions and manager decisions. 

Should you invest before the IPO? 

Some investors may want exposure to SpaceX ahead of a potential IPO. These funds offer a way to gain partial exposure before a listing, with the possibility of benefiting if valuations rise before or after the company begins trading publicly. They may also provide an avenue to invest at the intersection of public and private companies, which could appeal to investors with a longer term perspective rather than those simply looking to trade the IPO itself.

However, this approach can involve greater complexity and risk than a traditional broad market ETF. Returns through this public and private structure will depend on a range of factors, including the weighting of SpaceX within the fund, portfolio management decisions, and how the market ultimately prices the shares. Given this, price fluctuations may occur and capital loss is possible.

Investors interested more broadly in space and aerospace can look to thematic ETFs such as ARK Space Exploration (ARKX), VanEck Space Innovators (JEDI) or Procure Space (UFO). These ETFs do not currently hold SpaceX, but they provide exposure to the wider industry and could potentially include the company if it lists in the future. Investors can also gain exposure to individual listed space companies such as Rocket Lab (RKLB), AST SpaceMobile (ASTS) and Intuitive Machines (LUNR).

Equally, some investors may prefer to wait for a listing, allow any initial IPO volatility to settle, or decide not to participate at all. 

Ultimately, the right approach depends on your objectives, time horizon and risk tolerance. 

How to invest in SpaceX with CMC Invest 

CMC Invest provides access to all of the ETFs and listed investment trusts discussed above, giving investors exposure across global markets from a single platform. 

That includes: 

• US listed ETFs such as RONB and AGIX 

• UK listed investment trusts such as SMT, MNTN and EWI

• Thematic space ETFs such as ARKX, JEDI and UFO 

• Individual space stocks such as RKLB, ASTS and LUNR 

Through one account, investors can build diversified exposure to public growth companies and gain indirect exposure to private businesses through eligible listed vehicles such as ETFs and investment trusts. 

Holding out for the SpaceX IPO? If you would like to learn more about how IPOs work and how they are made available on CMC Invest, explore our dedicated IPO guide.

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