Just like that, xAI's initial public offering (IPO) chances for 2026 potentially increased – but in an unexpected way.

A few weeks ago, we published an article covering the potential IPO of private artificial intelligence (AI) companies Anthropic and xAI (read here). While we covered the rising chance that we could see Anthropic go public this year, we noted that an xAI IPO was unlikely.

However, that changed quickly.

Sources like Bloomberg broke the news on February 2^nd, 2026, that Elon Musk officially combined SpaceX and xAI.¹ With the merger complete, we believe that it could translate to a quicker-than-expected IPO for xAI (now SpaceX) – a core holding in the KraneShares Artificial Intelligence & Technology ETF (Ticker: AGIX).

SpaceX 2026 IPO Rumors

Even with the merger between xAI and SpaceX, it seems that SpaceX is still planning a 2026 listing.

According to a February 4^th, 2026, Bloomberg report, “the combined company [is] still expecting to hold the IPO later this year after acquiring xAI.”²

Additionally, the betting platform Kalshi still shows SpaceX post-merger with a 76% chance of an IPO before September 1^st, 2026.³ While the odds can change as more developments surface, and Kalshi’s listed percentage depends on traded volume, they also list SpaceX at an 83% chance of going public prior to 2027.³

How To Buy SpaceX Today?

AGIX now has direct ownership exposure to SpaceX after the conversion of its xAI shares.

AGIX invested in xAI in mid-2025. By year-end, the initial position’s estimated fair value had more than doubled over a relatively short period, excluding a subsequent purchase completed later in the year.

• As of February 3, 2026, SpaceX represented 3.45% of the AGIX portfolio.⁴
• SpaceX is AGIX’s 5^th largest holding.⁴

AGIX maintains direct ownership and capitalization-table positions in both Anthropic (2.68% weight in AGIX as of 2/3/26⁴) and SpaceX, offering investors differentiated exposure to private AI companies through a single, publicly traded ETF structure.

AGIX seeks to offer access to a fast‑evolving global AI ecosystem. This creates upside potential but also higher risk, including exposure to non‑U.S. issuers and earlier‑stage, more volatile companies. Since the fund follows a concentrated, non‑diversified strategy, developments affecting a single company, sector, or theme can have a disproportionately large impact, both positive and negative, on performance.

What Does The SpaceX Merger Imply For xAI?

Prior to the merger, market commentary and certain probability markets had generally framed a pre‑2027 standalone xAI IPO as relatively unlikely, with expectations skewed toward a later potential listing window. Following xAI's merger into SpaceX, some observers have noted an increased likelihood that xAI will become part of a publicly traded entity sooner than under its previous standalone path, given current reporting on SpaceX’s targeted 2026 IPO timeline.

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

Holdings are subject to change.

Citations:

1. Data from “Musk’s SpaceX Combines With xAI at $1.25 Trillion Valuation,” Bloomberg, as of 2/2/2026.
2. Data from “Elon Musk’s SpaceX Said to Open IPO Pitching to Non-US Banks,” Bloomberg, as of 2/4/2026.
3. Data from “When will SpaceX officially announce an IPO?” & “Which Companies will officially announce an IPO before 2027?”, Kalshi, 2/4/2026.
4. Data from Bloomberg as of 2/3/2026.

Definitions:

Kalshi: Kalshi is a regulated online prediction market exchange where users trade event-based contracts on the outcomes of real-world events, such as economic indicators or policy decisions.​ These outcomes are not guarantees and may change quickly. Prediction‑market outcomes are uncertain, and actual events may differ significantly from what the market implies.

Capitalization Table Position: A capitalization table position is an entry on a company’s capitalization table that shows a specific owner’s equity stake, including their number of shares, ownership percentage, and any special terms attached to those securities.