SpaceX is targeting the largest stock market debut in history, with a valuation exceeding $1.5 trillion ahead of this week's expected NASDAQ IPO. For most investors, pre-IPO shares have been hard to access, and meaningful exposure has historically required the kind of minimums that put it out of reach for all but the largest institutional players.
A small category of ETFs has quietly changed that. Three funds, XOVR, RONB, and NASA, now hold direct SpaceX exposure through special purpose vehicles and direct share ownership, giving firms a way to get clients positioned before the IPO. None of these funds has been around for long. XOVR launched in August 2024, RONB in December 2025, and NASA in March 2026.
As of Q1 2026 13F filings, 113 firms have already reported positions in ETFs with exposure to SpaceX.
According to FINTRX, which tracks 13F holdings data, 113 unique firms reported positions in XOVR or RONB as of Q1 2026, with combined ETF position values exceeding $127 million. NASA is excluded from this analysis as its March 2026 launch placed it outside most Q1 filing cycles, with only one firm reporting a nominal position.
One important clarification: position values reflect each firm's total holdings in the ETF, not a SpaceX-specific dollar amount. Since SpaceX represents between roughly 21.5% and 22% of RONB and XOVR respectively, implied SpaceX exposure across the advisor channel is approximately $27 million.
132 total firm-ETF positions across 113 unique firms. Position values reflect total ETF holdings, not SpaceX-specific exposure. Source: FINTRX
XOVR has been available for less than two years and already shows 96 firms holding the ETF. RONB launched in December 2025 and had 36 firms established within a single filing cycle. These are not lagging indicators of slow-building interest. They are first-mover positions from advisors who identified the access point and acted quickly.
The holder list spans a notable range of firm types. Quantitative and institutional asset managers moved into XOVR early and in size: DRW Securities leads all holders with 825,032 shares, Two Sigma Investments holds 553,700 shares, and names like Balyasny Asset Management, Schonfeld Strategic Advisors, Pentwater Capital Management, and Millennium Management all appear in the XOVR holder list. These are firms making a targeted pre-IPO positioning trade.
Alongside the institutional traders, major advisory platforms have also established meaningful positions. Raymond James Financial Services Advisors holds 487,593 shares of XOVR. Morgan Stanley holds 476,605 shares. LPL Financial holds 372,181 shares. UBS Financial Services entered both XOVR and RONB within the same filing cycle.
Among independent RIAs, XOVR has attracted the broadest adoption, with 55 firms classified as independent RIAs holding positions as of Q1 2026. RONB has 20 independent RIA holders.
Farther leads the XOVR independent RIA cohort with 204,650 shares, a notable position for a tech-forward RIA that launched in 2019 and has grown to $16 billion in AUM. Cetera Investment Advisers follows at 128,874 shares, and AE Wealth Management holds 69,030.
On the RONB side, Fortis Group Advisors leads at 110,711 shares, followed by Clay Northam Wealth Management at 73,618—a concentrated position for a firm managing roughly $355 million in total AUM, suggesting a high-conviction allocation relative to firm size. Across both funds, Mariner appears as the only firm in the top 10 of both the XOVR and RONB independent RIA lists, holding 65,349 and 11,370 shares respectively, making it the most broadly committed independent RIA in the SpaceX-direct ETF universe.
The firms above are part of a broader wave of advisor-channel interest in the space economy. To understand the full picture, it helps to look at all six space-focused ETFs available to the channel.
XOVR holds SpaceX through a zero-fee SPV, with SpaceX as the fund's top holding at roughly 22% of assets. RONB, managed by Ron Baron and his sons Michael and David Baron, holds direct SpaceX shares at approximately 21.5% of the portfolio and has grown to approximately $1.5 billion in AUM since its December 2025 launch. NASA launched in March 2026, quickly attracted over $1.4 billion in AUM, and holds SpaceX at approximately 9.6% of assets via SPV, though rapid inflows have diluted that exposure as new capital outpaces the manager's ability to scale the private position.
UFO, ARKX, and ROKT provide exposure to the broader space economy through publicly traded equities, with no direct path to SpaceX before the IPO. UFO crossed $1 billion in AUM in May 2026, ARKX holds approximately $916 million, and ROKT sits at around $161 million—all three benefiting from the broader wave of SpaceX IPO enthusiasm even without direct access.
Looking across all six funds, FINTRX identifies 230 unique firms with at least one space ETF position as of Q1 2026. Of those, 62 hold two or more funds. Firms layering positions across multiple funds are not making a single tactical bet, but instead are building diversified space economy exposure that includes direct SpaceX access, a portfolio construction approach that signals longer-term thematic conviction.
Firms Holding 4 or More Space ETFs
Three firms hold five of the six ETFs tracked. Wells Fargo Advisors and Cambridge Investment Research Advisors each span all three SpaceX-direct funds plus both major sector funds. Steward Partners Investment Advisory is the only firm in the dataset with confirmed positions in all three SpaceX-direct ETFs simultaneously—XOVR, RONB, and NASA—making it the most broadly positioned firm in the channel as of Q1 2026 filings.
SpaceX will not be the last high-profile private company to find its way into a registered ETF structure. As the private-to-public transition thesis gains traction in the advisor channel, the question is not whether more ETFs will carry pre-IPO exposure, it is which firms will be first to hold them. The firms identified by FINTRX are an example of how quickly advisor adoption can move when a compelling access point exists.
Every quarter, registered firms with $100 million or more in qualifying assets are required to disclose their long equity holdings to the SEC through a filing called a 13F. These filings are public record and cover RIAs, broker-dealers, hedge funds, banks, and other registered firms. FINTRX aggregates 13F data across the full wealth management channel, allowing distribution teams and asset managers to search, filter, and track holdings at the firm level, including positions in specific ETFs, sectors, or individual securities.
Data sourced from FINTRX 13F Holdings database. ETF position values reflect total firm holdings and do not represent SpaceX-specific dollar exposure. All figures are as of Q1 2026 13F filings unless otherwise noted. ETF AUM figures are approximate as of early June 2026.