SpaceX was last seen at a t-minus 50 hours in a countdown to its monumental and record-breaking initial public offering. The public S-1 filing for Space Exploration Technologies Corp. (NASDAQ: SPCX) was filed on May 20, 2026 and the expected IPO date is June 12, 2026. While the IPO terms have been reported as $75 billion worth of stock at $135 per share, those terms can change at any point up to the IPO.
Do investors know that there are public stocks, ETFs and mutual funds that already had exposure to SpaceX shares even before the IPO was set?
The SpaceX IPO has garnered more attention than any company in recent history. It has also been widely reported that this may make Elon Musk the world’s first trillionaire when measuring his total assets.
Investors have already been placing orders for the shares ahead of the IPO, but Oggonomics has tracked 11 entities that already have direct exposure or indirect exposure into SpaceX via private transactions and funding rounds in 2026 and prior years. Some stakes are completely visible in news releases and public filings. Other stakes have been reported but the information may or may not be as clear and finite. There may be other entities with pre-IPO exposure to SpaceX as well.
Index provider MSCI confirmed on June 8 that it will apply existing rules for early inclusion of large IPOs in its Global Standard Indexes. This is likely to clear the way for SpaceX to join its indexes. While the expected inclusion is around 10 trading days after listing, it is expected that the index inclusion will add demand from passively managed investment funds which can hold SpaceX shares at that time.
Oggonomics has compiled the list of 11 public entities with stakes in SpaceX ahead of the IPO. Some of them are public companies and some are mutual funds or exchange-traded funds. If the stakes are known, they have been included in the reporting below. If the stakes are unknown or unconfirmed, they have been referenced without any exact details.
MORE DETAILS
SpaceX’s formal S-1 filing showed in the “ownership of certain beneficial owners and management” section that Elon Musk will maintain almost complete control of SpaceX post-IPO. His stake was shown to be 849,494,440 Class A shares (12.3% stake) and 5,569,053,075 Class B shares (93.6% stake), giving Musk a combined voting power of 85.1% after the IPO. Musk is also subject to a lockup period of 366 days after the IPO.
You have probably already been warned over time that IPOs are risky and that there are no assurances at all that the share price will rise. In fact, some have already published expectations that SpaceX could fall immediately. Other reports have warned that future lockup expiration dates will also potentially release more shares than the market may be able to easily absorb at that time. The joint book-running managers were listed as Goldman Sachs, Morgan Stanley, BofA Securities and Citigroup; and 18 other firms are also in the underwriting syndicate.
THE LUCKY (OR SMART) ELEVEN
The eleven entities below have either confirmed to be pre-IPO stakeholders in SpaceX or have been reported as SpaceX holders. There are of course other funds and entities which have direct or indirect ownership in SpaceX. Many more funds and entities will also be counted among owners after IPO, but Oggonomics is focusing on those entities with pre-IPO stakes in this reporting.
Please take notice that all of the figures pertaining to dollars, percentage ownership, referenced stakes and actual shares listed are of course subject to change based on many factors (dates, prices, inflows and outflows, lockup agreements, etc.). Other key investments have been referenced if they were listed in the same reporting. And some of the information provided in this reporting may have already changed.
Alphabet Inc. (NASDAQ: GOOGL) has been a longstanding investor in SpaceX after it invested approximately $900 million directly in SpaceX back in 2015. While the direct ownership percentages may have changed due to SpaceX’s other deals, it was estimated as a 6.11% pre-merger stake. That was later shown to be a a stake of approximately 5% of the combined entity.
The ARK Venture Fund ($ARKVX) under Cathie Wood has direct and indirect exposure to private companies, which include entities led by Elon Musk. This was said to include SpaceX, X, xAI’ and one report showed that SpaceX was the largest holding in this fund (last shown as 11.38% of the fund). That fund also was shown to have a 8.48% weight in OpenAI and a 6.40% weighting in Anthropic. ARK may have additional funds with direct and/or indirect interests in SpaceX or its subsidiaries.
The Baron First Principles ETF ($RONB) is run by Ron Baron, a long-time Tesla bull and a long-time Tesla owner (with it being the largest stake in the fund by far at a 14.0% stake as of May-2026). SpaceX was previously listed as a 12.6% stake at the end of 2025.
The Destiny Tech100 ($DXYZ) is a closed-end management investment company that plans to invest in a portfolio of 100 top venture-backed private technology companies, which the fund says have been vetted by top U.S. institutional investors and also which meet key health metrics. Its intent is to provide everyday investors access to private market leaders for the first time. The current portfolio was listed as 36 companies, led by the top three stakes of Anthropic (18.1%), SpaceX (14.5%) and OpenAI (5.8%). As of Q1-2026, the fund had committed over 70% of its capital in primary and secondary investments. Its shares have been rather volatile, peaking at $72 recently, then falling to $34 the week of the IPO, and shares were up 10% at $36.85 on the morning of June 10.
EchoStar Corporation (NASDAQ: SATS) is a stakeholder in SpaceX after it entered a spectrum-for-equity deal with SpaceX in 2025 as part of a larger transaction that included AT&T. That SpaceX equity stake was reported to be worth roughly $11.1 billion at the time (estimated as 525 million shares). After peaking at $140 in May, $SATS was last seen at $115 with a $33 billion market cap.
ERShares Private-Public Crossover ETF ($XOVR) has already released that it has approximately $50 million in unrealized appreciation, with roughly a 19% weight in its fund. ERShares also said it was implementing a shareholder protection plan ahead of the SpaceX IPO to “help reduce potentially disruptive short-term trading activity.”
Fidelity has participated in various SpaceX funding rounds which gave the giant investment manager a private stake in SpaceX through its investment funds back in 2015. This was listed as a $2.7 billion stake, and the Fidelity Contrafund ($FCNTX) was listed as one of the primary holders. That fund had $177.4 billion in assets under management as of June 9, 2026. Investors with Fidelity accounts have also been given access to buy SpaceX shares at the IPO.
Jet.AI Inc. (NASDAQ: JTAI) counts itself an emerging provider of high-performance GPU infrastructure and AI cloud services. The company made a $5.0 million strategic investment in April-2026, intended to provide an economic interest in SpaceX and its related subsidiaries. Jet.AI also recently announced ahead of the SpaceX IPO that it authorized a formal review of strategic alternatives regarding its SpaceX interest, with no formal path in its list of alternatives having been chosen as of this date.
NVIDIA Corporation (NASDAQ: NVDA) is already the largest company in the world and already has dozens of venture investments in private companies and it holds stakes in multiple public company stocks. It was reported in October-2025 that NVIDIA invested $2 billion as part of a total $20 billion funding round in Musk’s xAI at the time. Since xAI has been rolled up int SpaceX it would be considered an owner as well. NVIDIA is a supplier of chips for xAI as is, but details of this stake have seen mixed reporting since that time.
Tesla Inc. (NASDAQ: TSLA) should be unsurprising to see in the list of entities with beneficial ownership due to its direct ties with Elon Musk. SpaceX’s S-1 filing showed that Tesla is the beneficial owner of 18,990,195 shares of Class A common stock as of May 1, 2026. This represents an ownership interest of less than 1.0% of the total outstanding number of shares after giving effect to the sale of shares of Class A common stock in the IPO.
Tema Space Innovators ETF ($NASA) is an actively managed exchange-traded fund which announced on March 31, 2026 that it had a 10% direct exposure to SpaceX. The fund noted at that time that its SpaceX exposure was via a special purpose vehicle provided by the Charles Schwab subsidiary Forge. This ETF recently peaked at $42 and was seen at $31 on last look. Its launch date was March 30, 2026 and it has traded in a range of $24.04 to $42.68 since inception. SpaceX was its fourth-largest stake (6.44%) as of June 9, 2026, with assets under management of $2.54 billion at that time.
SPECIAL DISCLOSURE
Jon Ogg of Oggonomics is an indirect owner of SpaceX shares via a private transaction in xAI in the secondary markets in 2024. xAI has since been merged and acquired by SpaceX ahead of the IPO. Those shares are subject to an unknown lockup period and will not be sold at the IPO. Future share ownership terms, including the lockup period, were still pending. Ogg’s holdings may increase or decrease after the IPO, depending upon market conditions at that time.
Oggonomics has no formal rating or price target on SpaceX or any other entities in this report. This reporting is for informational purposes only and is not a recommendation to buy or sell SpaceX, its competitors, or any holder of SpaceX outlined in this report. Investing involves risk of loss under any circumstances, and investing in high-profile IPOs is much riskier than traditional investing in most stocks, ETFs and mutual funds.
