BlackRock Weighs Investing Up to $10 Billion in SpaceX’s Potential Record IPO

SpaceX combines rocket launches, the Starlink satellite network and space transportation, making it one of the world’s most prominent privately held technology companies. An IPO raising $75 billion at a $1.75 trillion valuation would set a global record. However, the prospect of the loss-making company going public, with Elon Musk controlling about 85% of the voting rights, has also raised concerns about governance and its path to profitability.

As of July 19, 2026, SpaceX had selected Goldman Sachs as lead underwriter, with Morgan Stanley, Bank of America, Citi and JPMorgan joining the underwriting syndicate. Reports indicated an IPO price of $135 a share and an opening-price indication of $175, implying a valuation of about $1.77 trillion. The market was also weighing tens of billions of dollars in potential passive buying, selling pressure from employee lockup expirations and trading in prediction contracts on crypto platforms.

The actively managed NASA ETF from U.S.-based Tema ETFs directly holds private SpaceX shares, turning an unlisted-company position once largely limited to venture capital firms, institutions and high-net-worth investors into a publicly traded ETF. The structure gives retail investors exposure to SpaceX before its IPO and highlights growing demand for the securitization of private assets.

The latest data show that the NASA ETF attracted $2.6 billion in just two months, rapidly expanding its assets. Market attention is focused on SpaceX’s expected listing, which could come as early as mid-June. Before the formal IPO, the fund provides exposure through direct shareholdings, with the influx of capital reflecting strong investor appetite to position for SpaceX in advance.

SpaceX spans satellite communications, rocket launches and space transportation, while its Starlink business is increasingly viewed by the market as infrastructure capable of supporting AI data transmission and computing services. If SpaceX goes public at a $2 trillion valuation, the rationale behind its pricing would extend beyond aerospace manufacturing to AI infrastructure, influencing valuations across the global space-technology sector.

As of July 20, 2026, the market expected SpaceX's pre-IPO valuation could reach $2 trillion, about five times its level a year earlier. Reports outlined six ways to gain exposure before the listing, including indirect exposure through Tesla, the NASA ETF and Bitget IPO Prime, comparing the purity of their SpaceX exposure, trading fees, liquidity and the risks of private equity holdings.