SpaceX is being valued in the $1.75 trillion to $2 trillion range as IPO expectations heat up. Citing Reuters, the source says that if such pricing holds, the company would rank among the most valuable listed firms in the US. For retail investors, the issue is no longer just whether SpaceX is investable before listing, but which route offers the cleanest exposure and what trade-offs come with it.
The article notes that an internal share transaction at the end of 2024 valued SpaceX at about $350 billion. Against current IPO expectations, that implies a near fivefold jump in roughly a year. The valuation case is tied not only to launch operations, but also to Starlink, the long-term Starship story, and the growth premium often attached to Elon Musk-related businesses.
Exposure routes vary widely in purity and structure
The first route is Tesla stock. The source says Tesla bought some SpaceX shares from Musk and holds less than 1% of the company. That makes Tesla the easiest entry point for public market investors, but it also means SpaceX exposure is minimal relative to Tesla's core business.
The second route is EchoStar. According to the source, Reuters reported last September that SpaceX acquired AWS-4 and H-block spectrum licenses from EchoStar for roughly $17 billion, split between about $8.5 billion in cash and $8.5 billion in SpaceX stock. Using SpaceX's then-valuation of around $400 billion, EchoStar's stake would equal about 2.125%. Repriced at $1.5 trillion, those shares would be worth roughly $32 billion, compared with EchoStar's own market value of about $37 billion.
The third path is the Tema Space Innovators ETF, ticker NASA. The source describes it as an actively managed ETF with about 10.03% SpaceX exposure through an SPV, charging a 0.75% fee. As of March 31, its top holdings also included AST SpaceMobile, Rocket Lab, Planet Labs, EchoStar, Filtronic, 5N Plus, OHB, Firefly Aerospace and Intuitive Machines. Because EchoStar itself has a stock-based connection to SpaceX, the ETF carries an extra layer of indirect exposure.
Traditional funds can be more concentrated, but pricing matters
The fourth route is Baron Focused Growth Fund, ticker BFGIX. Based on the fund disclosure cited in the source, SpaceX made up 21.2% of the portfolio as of March 31, 2026, while Tesla accounted for another roughly 6%. Among conventional fund products, that places BFGIX near the high end for concentrated SpaceX exposure.
The fifth route is Destiny Tech100, ticker DXYZ. The article says SpaceX represents about 16.2% of its economic exposure, with xAI at around 3.5%, and an annual management fee of 2.5%. Its defining feature is also its main risk: DXYZ is a closed-end fund, not a standard ETF, so the market price can trade well above or below net asset value for extended periods. At the time of writing, the source puts the premium at about 40%.
Tokenized access has the lowest cash threshold, but no legal tie to SpaceX
The sixth route is preSPAX through Bitget IPO Prime. The source says the digital token is issued by regulated entity Republic and is structured to track SpaceX's post-IPO economic performance on a 1:1 basis, using an implied valuation benchmark of $1.5 trillion. That makes it different from the other options, which all rely on owning a vehicle that itself holds SpaceX exposure.
The offering uses a pro-rata subscription model. Total supply is set at 94,000 tokens, with a total subscription value cap of $61.1 million and an overall capital cap of $1 billion. The subscription window runs from April 18 to April 21 (UTC+8), priced at $650 per token. Minimum participation is $100, while individual caps range from $1,000 for VIP 0 to $300,000 for VIP 7. After allocation, the tokens can trade OTC, and after a roughly six-month lock-up following a SpaceX IPO, the issuer plans to have Bitget convert them into tokens or USDT based on the company's market price.
The source is explicit on one point: preSPAX has no legal relationship with SpaceX, and SpaceX has not endorsed or authorized the product. Some regions are restricted, and sub-accounts, institutional accounts and market-making accounts are not eligible to participate.