SpaceX IPO Splits Space ETFs Into Pure Plays and Hybrids

SpaceX’s planned June NASDAQ listing, seeking about a $1.75 trillion valuation and $75 billion in proceeds, has divided the market for space-focused exchange-traded funds into two groups: pure-play ETFs that concentrate on space companies and hybrid funds that use special purpose vehicles to gain indirect SpaceX exposure.

Regulatory filings in May 2026 cleared the way for the offering. SpaceX handles nearly 90% of payload mass sent to orbit, and that market position has increased demand for funds offering pre-IPO exposure or concentrated bets on commercial space activity.

Pure-play ETFs require holdings to derive most of their revenue from space activities. The Procure Space ETF (UFO), launched in 2019, tracks the VettaFi Space Index and holds firms such as Rocket Lab, Planet Labs, AST SpaceMobile, Viasat and Iridium. UFO has a 0.75% expense ratio and passed $1 billion in assets under management.

The Global X Space Tech ETF (ORBX) targets launch systems, reusable rockets, orbital transport and satellite-enabled data services. ORBX maintains a 30-stock portfolio that includes Rocket Lab and Planet Labs, carries a 0.50% expense ratio and had about $27 million in assets as of May 25.

Some ETFs use a special purpose vehicle, or SPV, to acquire private, pre-IPO SpaceX shares through secondary market trades or venture rounds. The Tema Space Innovators ETF (NASA) employs an SPV and invests in public space companies such as Rocket Lab and Firefly Aerospace. NASA has a 0.75% expense ratio and raised more than $1.3 billion within weeks of its launch.

A separate group of ETFs blends space themes with broader defense and frontier-technology exposure. The SPDR S&P Kensho Final Frontiers ETF (ROKT) combines space and deep-sea technologies using an AI-driven index, holds names including Intuitive Machines, Iridium and Redwire, has a 0.45% expense ratio and about $214 million in assets. ARK Invest’s ARK Space Exploration & Defense Innovation ETF (ARKX) includes robotics, artificial intelligence and additive manufacturing alongside aerospace and satellite firms, carries a 0.75% expense ratio and has about $954 million in assets.

Industry trends cited by market participants include reusable rockets, lower launch costs, satellite miniaturization and rising demand for orbital infrastructure. Some forecasts project the global space economy could reach roughly $1 trillion by 2034.

Financial advisors and individual investors report that these ETFs are thematic investments. Performance depends on technological milestones, regulatory decisions, capital markets and long-term growth outcomes, factors that can produce significant short-term volatility.