The scramble to gain exposure to SpaceX ahead of its much-anticipated IPO is accelerating, and ERShares is making an aggressive bet that retail investors want in early. The firm said Thursday that its ERShares Private-Public Crossover ETF (NASDAQ:XOVR) added approximately $35 million in additional SpaceX exposure, bringing the fund's total position to roughly $281 million — about 23% of total assets under management as of Wednesday.
The timing is notable. SpaceX filed for its IPO late Wednesday, with Reuters reporting that it could begin trading on Nasdaq under the ticker SPCX on June 12.
Investor appetite for private-market access has surged as valuations in public AI and space-related stocks continue climbing, while high-profile private companies remain largely inaccessible to everyday investors. XOVR's strategy attempts to bridge that gap by combining public equities with private-company exposure inside an ETF wrapper.
ERShares said its existing SpaceX position has already appreciated by around $41 million over the past month, reflecting rising enthusiasm around the company's role in satellite broadband, launch services, and AI-related infrastructure.
SpaceX Is Becoming More Than A Space Trade
The latest allocation highlights how SpaceX is increasingly being viewed as an infrastructure platform rather than a pure aerospace company.
ERShares executives described the company as a "three-engine empire" spanning launch services, the Starlink satellite network, and future AI connectivity infrastructure. That positioning mirrors a broader shift in thematic investing, where investors are looking beyond semiconductor stocks for second-order AI beneficiaries tied to data transmission, connectivity, and defense technology.
The firm said that the SpaceX exposure is held through a special purpose vehicle, or SPV, structured with zero management and performance fees at the SPV level. This is also the same format that was adopted by the first pure-play space ETF, Tema Space Innovators ETF (NYSE:NASA) to gain exposure to SpaceX.
ETF Issuers Are Racing To Unlock Private Market Access
The announcement also underscores the push to democratize access to private markets.
Historically, exposure to companies like SpaceX was reserved for venture capital firms, institutions, and ultra-high-net-worth investors. Crossover ETFs are now attempting to package those opportunities for retail investors through regulated fund structures.
ERShares says XOVR was the first crossover ETF to incorporate private-equity exposure. The fund's broader investment framework applies venture-capital-style screening to both private and public companies, a strategy the firm says previously identified names such as Nvidia Corp, Amazon.com, Inc, Tesla Inc, and Meta Platforms Inc early in their growth cycles.
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