SHARKWATERTRADING.COM
IPO Guide • SpaceX • Pre-IPO Access
HOW TO GET IN ON
THE SPACEX IPO
The biggest public offering in history could be weeks away. Here's every retail door into the rocket before liftoff.
May 20, 2026·SharkWater Trading·7 min read
SpaceX is reportedly days away from filing its IPO prospectus — a potential $1.75 trillion debut that would be the largest public offering in history, dwarfing Saudi Aramco. Elon Musk has reportedly indicated up to 30% of shares could go to retail investors, but there's no guarantee you'll get allocated on Day 1. The smarter move? Get pre-positioned now through vehicles that already own SpaceX before the bell rings.
Here's every listed option on the table — what each one is, how much SpaceX exposure you actually get, and the real trade-offs.
"Waiting for IPO day is like showing up to a rocket launch after it's already off the pad. The best seats were sold months ago — but a few doors are still open."
XOVRERShares Private-Public
Crossover ETF
XOVR is the cleanest ETF route — it blends 30 large-cap public tech stocks (Nvidia, Meta, Palantir, Tesla, Alphabet) with a private sleeve holding ~$230M in SpaceX via a Special Purpose Vehicle. As a true ETF, it trades at NAV with no closed-end premium risk. It was also the first ETF to hold a private company through IPO (Klarna), giving it a track record others don't have. Also holds Anduril. Watch out: the SpaceX % has crept higher than managers likely intended because redemption pressure forces selling public positions while the SPV stays locked — a quirk that inflates SpaceX concentration over time.
✓ No closed-end premium✓ Daily liquidity✓ Largest $ SpaceX position⚡ SPV valuation opacity⚡ SpaceX % drifts on redemptions
RONBBaron First Principles ETF
RONB is the most straightforward and cheapest option. Launched December 2025, it holds actual SpaceX Class A and Class C shares — not an SPV wrapper — at a combined ~8.72% allocation. Biggest position is Tesla at 14%, followed by MSCI, Shopify, Charles Schwab, and Hyatt. Lowest fees of any vehicle here at 1%. The catch: SpaceX exposure is the smallest on this list. The SEC filing also explicitly calls out "Musk risk" — Tesla and SpaceX share the same CEO, so you're effectively doubling down on one individual's orbit.
✓ Cheapest fees (1%)✓ Actual SpaceX shares — no SPV✓ Daily liquidity⚡ Lowest SpaceX allocation⚠ Tesla + Musk concentration risk
DXYZDestiny Tech100 Inc.
The most diversified pre-IPO play on this list. DXYZ doesn't just give you SpaceX — it delivers a basket of 32 private companies including OpenAI, Anthropic, xAI, Databricks, and Shield AI. That's the bull case: multiple IPO catalysts stacking up over the next 12–18 months, not just one. The bear case is the $1 billion ATM share offering through Jefferies creating persistent dilution — it's what just pushed the stock from a $71 high back down to $54. As a closed-end fund, it can also trade at a steep premium to NAV. Check our dedicated DXYZ post for the full breakdown.
✓ 32 private cos — most diversified✓ Multi-IPO pipeline (OpenAI, Anthropic)⚠ $1B ATM dilution actively happening⚡ Trades at premium to NAV (~3x)⚡ 4.98% expense ratio
ARKVXARK Venture Fund
Cathie Wood
ARKVX carries the highest SpaceX allocation of the bunch at nearly 18% — and Cathie Wood swings hard on conviction. Also holds Replit, Anthropic, Figure AI, Databricks, and Zipline. Up 63% over the past year. There's one dealbreaker for active traders though: this is an interval fund with no daily liquidity. You can only redeem quarterly, and even then it may be capped. Think of it like a hotel with a checkout policy you can't change. If the SpaceX IPO pops and you want to lock in gains the next morning, you're stuck. Sized for patient, long-term capital only.
✓ Highest SpaceX % allocation✓ Deep AI bench (Anthropic, Replit, Figure)⚠ NO daily liquidity — quarterly exit only⚡ 2.9–3.49% expense ratio
XOVLDefiance 2X Long XOVR ETF
Launched May 5, 2026
Just launched May 5 — Defiance's XOVL is the first leveraged ETF with SpaceX exposure. It targets 2X the daily return of XOVR: XOVR up 5% means XOVL aims for 10%. This is not a hold-forever instrument — leveraged ETFs decay over time due to daily rebalancing and volatility drag, making them strictly a short-term momentum play. But if you believe SpaceX's IPO filing triggers a sharp multi-day XOVR run, XOVL is how you maximize that pop. Treat it like a leveraged options position: size it, set your exit, and don't overstay the welcome.
✓ Maximum SpaceX IPO leverage✓ Daily liquidity⚠ Decay kills long-term holders⚠ 2X losses on red days
| Ticker | SpaceX % | Structure | Fees | Liquidity |
|---|
| XOVR | ~28% | ETF (SPV) | ~0.75% | Daily ✓ |
| RONB | ~8.7% | ETF (direct) | 1% | Daily ✓ |
| DXYZ | 16.2% | Closed-end fund | 4.98% | Daily ✓ |
| ARKVX | 17.96% | Interval fund | 2.9–3.49% | Quarterly ✗ |
| XOVL | ~56% eff. | 2X Leveraged ETF | TBD | Daily ✓ |
🦈 SharkWater Verdict
Long-term investor:DXYZ for the multi-IPO basket, or ARKVX if you're comfortable locking capital quarterly and want the highest pure SpaceX %. Just price the illiquidity honestly.
Active trader:XOVR for a clean ETF with real SpaceX dollar exposure, no dilution overhang, and no closed-end premium risk.
Cost-conscious:RONB wins on fees and holds actual shares — not an SPV wrapper. Just know Tesla and Musk come with it.
IPO pop trader:XOVL for maximum leverage on the filing catalyst — but treat it like an options trade with a hard exit plan, not a position.
The SpaceX IPO filing could drop any day — possibly timed alongside the next Starship test flight for maximum cultural impact. When that headline hits, every one of these vehicles will spike. The question is whether you're already positioned before it or scrambling after.
We already broke down DXYZ in detail in our last post, including the ATM offering headwind sitting on the stock right now at $54. That pullback may actually be one of the better pre-IPO entry points across this entire list.
"Five doors into the most anticipated IPO in history. Pick the one that fits how you trade — not just which one sounds the most exciting."
#SpaceX#IPO#XOVR#RONB#DXYZ#ARKVX#XOVL#PreIPO
Not financial advice. All investment vehicles carry risk including total loss of capital. Pre-IPO, interval, and leveraged products carry significant additional risk. Leveraged ETFs experience daily decay and are unsuitable for long-term holding. Always do your own due diligence. SharkWater Trading content is for educational and entertainment purposes only.
No comments:
Post a Comment