The SpaceX initial public offering (IPO) is almost here.

SpaceX filed its S-1 prospectus and is targeting a Nasdaq listing around June 12, 2026.¹

Reports from Bloomberg suggest SpaceX is looking to raise approximately $75 billion at a valuation of roughly $1.75 trillion.² If this figure becomes reality, it will surpass Saudi Aramco's 2019 offering and make this the largest IPO of all time.²

We believe there is clear demand for SpaceX, but limited options for public market investors to gain exposure.

That constraint is creating a clear and measurable market dynamic. Investors seem to be pouring into public space-adjacent stocks, placeholder positions meant to capture some of SpaceX's gravitational pull until shares are actually available.

For investors who prefer the basket approach, our AI ETF, AGIX, provides exposure to private innovators like SpaceX and to artificial intelligence companies focused on hardware, infrastructure, and applications.

Why SpaceX Is In Its Own Category, But Closer To AI Than Space

SpaceX is not just a space stock.

SpaceX operates across orbital launch, global internet infrastructure, defense and intelligence, and artificial intelligence. Right now, no publicly traded company is targeting the same set of market opportunities.

SpaceX’s Starlink satellite internet service, now the backbone of global connectivity for military forces, airlines, maritime operators, and tens of millions of consumers, generated approximately $11.4 of the $18.7 billion in revenue in 2025, up 48% year-over-year.³

SpaceX has also landed new government contracts.

On May 29, 2026, SpaceX was awarded a $4.16 billion contract by the U.S. Space Force for threat-detection satellites.⁴ Days earlier, Space Force had selected SpaceX for a separate $2.29 billion contract to build the Space Data Network backbone.⁵  

SpaceX has identified a “quantifiable” total addressable market (TAM) of $28.5 trillion dollars, which it calls the largest actionable TAM in human history.³

Of this $28.5 trillion TAM, SpaceX sees the largest opportunity in its AI business.

SpaceX now operates the Colossus supercomputer campus in Memphis, Tennessee. It has over 220,000 GPUs and 300 megawatts of compute capacity, making it one of the largest AI training facilities in the world.⁶ The demand for that infrastructure is already proven: in May 2026, Anthropic signed a deal to lease the entire capacity of the Colossus 1 data center to power its Claude AI models.⁶

SpaceX's AI ambitions extend well beyond Earth, too.

The company has filed with the Federal Communications Commission (FCC) to launch up to 1 million solar-powered orbital AI data center satellites, with a stated goal of deploying "100 gigawatts of compute to space each year."³ SpaceX believes this would allow them to solve the power and grid constraints that are slowing the AI buildout on Earth.³

The Public Space Sector Trade & Its Risks

With SpaceX not yet publicly available, investors seem to be buying what they can.

Companies like Redwire Corporation (RDW), AST SpaceMobile (ASTS), and Virgin Galactic (SPCE), despite their more complicated fundamental stories, have seen 10-day daily average volumes rise as much as 400% compared to 90-day averages.¹ Analysts have specifically pointed to SpaceX's IPO filing as the trigger for sector-wide moves.⁷

We believe this dynamic is fragile.

When investors use public space stocks as a placeholder for SpaceX exposure, those stocks are pricing in a premium that has little to do with their own fundamentals. The moment SpaceX actually becomes available on Nasdaq, the rationale for holding the public space sector dissolves. History suggests that when the real thing becomes accessible, the proxy trades unwind. The euphoric run in broad space stocks could, quite literally, come back down to earth.

Rather than risking a potential sell-off in public space names, investors can get exposure to SpaceX today, before the IPO, through an AI basket approach with our AI ETF AGIX.

AGIX: SpaceX Exposure Today

For investors who want SpaceX exposure but want to stick to the basket approach, the KraneShares Public-Private AI & Technology ETF (Ticker: AGIX) offers a practical, regulated path.

Following the merger between SpaceX and xAI, AGIX's xAI shares, which represented approximately 3.38% of the portfolio as of February 2, 2026, were converted into shares of the combined SpaceX entity. AGIX then made a third investment in SpaceX in May 2026, and as of May 29, 2026, SpaceX represents approximately 2.09% of the AGIX portfolio.¹

This matters for several reasons:

• SpaceX exposure today: AGIX provides exposure to SpaceX before shares are available on the public market, in a liquid, regulated ETF structure accessible to any investor.
• No accredited investor requirement: Gaining exposure to private companies like SpaceX typically requires venture capital access or accredited investor status. AGIX eliminates that barrier.
• Layered exposure: AGIX holds SpaceX alongside a portfolio of public AI and technology companies that have invested in or partnered with SpaceX, including NVIDIA, Alphabet, Microsoft, Meta, Amazon, and Palantir, giving investors a multi-layered exposure strategy in a single ETF.

The Takeaway

The investor demand for SpaceX is not in question. The question is how to access it.

Chasing public space stocks as SpaceX alternatives means accepting the valuation risk of companies that are fundamentally different from SpaceX itself, and that may reprice sharply the moment the real thing begins trading.

AGIX offers exposure to SpaceX today, as well as a basket approach to the AI value chain rather than the space sector.

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Holdings are subject to change.

AGIX's exposure to SpaceX is through privately-held securities, which involve liquidity, transfer restriction, and valuation risks. Additional information and summary prospectus may be obtained by visiting kraneshares.com/etf/agix.

Details about the SpaceX IPO are based solely on the current publicly available draft S-1 registration statement filed by SpaceX, which remains preliminary and subject to revision, supplementation, or withdrawal. The final registration statement, underwriting arrangements, lock-up provisions, transfer restrictions, early release provisions, timing, and other terms of the IPO may differ materially from those currently described.

Public market pricing may increase or decrease significantly following an IPO, and there can be no assurance regarding future market performance, liquidity, or valuation levels.

For AGIX standard performance, top 10 holdings, risks, and other fund information, please click here.

Citations:

1. Data from Bloomberg as of 5/29/2026.
2. Data from "What to Know About the SpaceX IPO," Bloomberg, May 29, 2026.
3. SpaceX S-1 Filing as of 5/20/2026.
4. "SpaceX wins $4.16 billion Space Force contract for threat-detection satellites," CNBC, May 29, 2026.
5. "US Space Force awards SpaceX $2.29 billion contract for military space data network," Reuters, May 26, 2026.
6. Data from "Anthropic Inks Deal to Use All of SpaceX’s Colossus 1 Compute Capacity," Wall Street Journal, as of May 6, 2026.
7. TechEchelon, "SpaceX IPO Filing Ignites Rally Across Space Stocks and ETFs," May 25, 2026; Reuters, "US Space Stocks Rise on SpaceX IPO Hype," May 27, 2026.