IPO or not, leveraged ETFs are already knocking. U.S. ETF issuers REX Shares and Tuttle Capital Management have submitted two filings to the SEC, proposing daily 2x long leveraged ETFs tracking SpaceX and Anthropic common shares. The products are named T-Rex 2x Long SpaceX Daily Target ETF and T-Rex 2x Long Anthropic Daily Target ETF. Once the companies complete IPOs, holders would get 200% of daily share price moves—up or down.
SpaceX Valued at $1.75 Trillion, Set for Record IPO
Elon Musk's SpaceX is reportedly preparing to file for an IPO within days or weeks, targeting a valuation of $1.75 trillion and aiming to raise roughly $75 billion. If realized, it would surpass Saudi Aramco's $29.4 billion record in 2019, becoming the largest IPO in history. Meanwhile, Anthropic, the developer of Claude, is valued at around $350–380 billion, planning to raise about $10 billion, having hired IPO lawyers and held preliminary talks with investment banks.
According to Bloomberg, a fund holding shares of SpaceX and Anthropic is trading at a 1,200% premium in the secondary market, far above its net asset value (NAV). Private company shares have limited liquidity, leaving retail investors little direct access. Leveraged ETFs would offer a magnified entry point post-listing.
SEC Approval and IPO Timelines Remain Uncertain
The filings are still under SEC review, and approval is not guaranteed. Both companies have not officially announced their IPO schedules. Until listings materialize, the fate of these ETFs remains in doubt.