Invest in SpaceX Before IPO Through ETFs, Interval Funds, or Secondary Markets — But Read This First

It’s likely that a fund manager is being asked the same question three times this week in a conference room with glass walls in San Francisco’s financial district: is there a way to get into SpaceX before it goes public? Yes, is the response. The fuller answer is much more complicated, and once the fees are explained, they have a tendency to make the theoretical opportunity seem less exciting.

In April 2026, SpaceX discreetly submitted its IPO documentation to the Securities and Exchange Commission. It is anticipated that the roadshow will take place in June, and shares will probably go public by July. The company wants to raise between $50 billion and $75 billion, which would easily surpass the current record of $25.6 billion raised by Saudi Aramco in 2019. It is aiming for a valuation of roughly $1.75 trillion to $2 trillion. Elon Musk would become the first CEO to manage two publicly traded companies worth more than $1 trillion at the same time. There is no denying its spectacle. The question is whether patience is the better course of action or if getting in before that point is worth the expenses and trade-offs involved.

Unlike what casual observers might anticipate, SpaceX’s business case is multi-layered. With more than 10 million customers worldwide and more than 10,000 satellites in orbit, Starlink, the satellite internet subsidiary, generates recurring subscription revenue that offers the kind of cash flow predictability that comforts financial analysts. An additional layer of revenue visibility is provided by the government contract portfolio, which is estimated to be worth $22 billion and includes NASA, the Department of Defense, and other federal agencies. Elon Musk’s AI business, which includes the Grok large language model and Colossus, which is touted as the most potent AI supercomputer in the world, joined SpaceX through a recent $1.25 trillion merger with xAI. Depending on your level of risk tolerance, the company’s current development of space-based data centers powered by solar-equipped satellites is either visionary or speculative. Most likely both.

There are about four options, each with unique trade-offs, for investors seeking exposure prior to July. SpaceX has the largest stake in the ARK Venture Fund, which is managed by Cathie Wood’s Ark Invest, with 17% of its assets. Since its launch in 2022, the fund has returned 147%, significantly outperforming the S&P 500. However, the fee structure warrants close examination: the net expense ratio is 2.90% per year, which is approximately 364% more than the typical actively managed ETF. That amounts to $290 in fees annually on a $10,000 investment, before any changes in the market. Liquidity is the deeper issue. Since the ARK Venture Fund is an interval fund, investors are unable to sell at any time. Ark’s own disclosures make it clear that there is no assurance that shareholders will be able to sell all of their tendered shares during the quarterly redemption windows. That is a real limitation for anyone who might need the money in an emergency.

An estimated $28 billion worth of SpaceX stock, obtained through a spectrum license transaction, is held by EchoStar, a satellite communications company that trades on the NASDAQ under the ticker SATS. Investing in EchoStar provides indirect exposure to SpaceX, but it also entails owning a business that has been experiencing operating losses and substantial debt for a number of years. The relationship between EchoStar’s stock price and SpaceX’s underlying value is far from perfect, and purchasing EchoStar for SpaceX exposure entails accepting EchoStar’s own risk profile as collateral damage.

The most direct way to obtain actual SpaceX equity is through the secondary market route, which involves purchasing shares directly from current SpaceX employees, early investors, or former contractors via platforms like EquityZen, Hiive, or Rainmaker Securities. On the Forge platform, private market prices have been approximately $604 per share. The catch is that access to these transactions is typically limited to accredited investors, who are defined as those with an annual income of more than $200,000 or a net worth of more than $1 million, excluding their primary residence. This door is closed to the majority of retail investors. According to Greg Martin of Rainmaker Securities, SpaceX is “consistently one of the most actively traded names” on his platform, indicating sincere demand from qualified investors who have determined that the pre-IPO opportunity is worth the premium. The IPO price and initial trading dynamics will play a major role in determining whether or not that premium makes sense at current private market prices as opposed to waiting for a public listing in a few months.

The most often mentioned example of patient, indirect SpaceX exposure is Alphabet’s indirect stake, which is roughly 7% and was purchased for $900 million back in 2015. As the SpaceX IPO draws near, it seems like the opportunity that most people are currently vying for was discreetly accessible ten years ago through a diversified technology company that they most likely already owned. That serves as a helpful reminder that not all intriguing businesses need access to a specially structured fund, and that sometimes the most alluring investments don’t come to light until years after the best opportunities have passed.