SpaceX’s anticipated IPO, potentially valued at $1.75 trillion, is generating significant buzz. Investors are seeking indirect avenues to gain exposure before the public listing. This article explores three distinct strategies: investing in Alphabet, which holds a substantial stake in SpaceX; considering EchoStar, which is slated to receive SpaceX stock as part of a spectrum sale; or utilizing the ERShares Private-Public Crossover ETF (XOVR), an ETF designed to blend public and private growth companies including SpaceX.
SpaceX's highly anticipated initial public offering (IPO) is already generating considerable excitement and wealth, even before a single share becomes available to public investors. According to Reuters, the company is aiming for a staggering valuation of approximately $1.75 trillion. This marks a significant increase from the $1.25 trillion combined valuation achieved after its merger with xAI in February 2026. As anticipation builds for what could become the largest IPO in history, investors are actively seeking indirect avenues to gain exposure before the official listing.
For those looking to get a piece of this pioneering rocket and satellite enterprise, here are three distinct indirect approaches:
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1. Alphabet: A Blue-Chip Gateway
Alphabet (GOOG, GOOGL) stands out as potentially one of the most stable, blue-chip avenues for indirect exposure to SpaceX prior to its anticipated IPO. A recent regulatory filing in Alaska revealed that Alphabet held a 6.11% stake in SpaceX at the close of 2025. Although Alphabet does not itemize this stake separately in its own financial reports, it's believed to have been diluted from an initial holding of nearly 7% in 2015 (when Alphabet was known as Google). Bloomberg reports that after SpaceX's merger with xAI, Alphabet's stake is now closer to 5%. At a $1.75 trillion valuation for SpaceX, even a 5% holding would be worth approximately $87.5 billion.
Alphabet's non-marketable securities also saw a significant increase, from around $68.7 billion at the end of fiscal 2025 to about $106.9 billion by the end of the first quarter of fiscal 2026. The company also reported $36.9 billion in net equity securities gains, primarily stemming from unrealized gains on its private investments. While the exact portion of this gain attributable to the revaluation of SpaceX's stake isn't disclosed, these figures underscore the growing importance of Alphabet's private company portfolio.
However, it's crucial to remember that against Alphabet's colossal market capitalization, exceeding $4.5 trillion, the SpaceX investment, while high-value, remains a strategic holding rather than a core driver of Alphabet's stock performance. Alphabet's shares will primarily continue to be influenced by its dominant Google Search, YouTube, Google Cloud operations, ongoing AI investments, and antitrust regulatory pressures.
2. EchoStar: A Higher-Risk, High-Reward Play
For a more aggressive, albeit riskier, approach to indirect SpaceX exposure before its IPO, consider EchoStar (SATS). EchoStar does not hold an investment stake in SpaceX directly. Instead, the company has entered into an agreement to sell 65 megahertz of wireless spectrum to the space and satellite networking firm. Initially valued at around $17 billion, the total deal consideration has recently risen to $20 billion, with up to $11 billion payable in SpaceX stock, valued at approximately $212 per share.
If SpaceX goes public with a valuation significantly higher than the deal's assumptions, EchoStar's share price could begin to reflect the substantial value of the SpaceX stock it's slated to receive. Barron's estimates that EchoStar's future SpaceX stock component could amount to roughly 52 million shares. At a $1.75 trillion SpaceX valuation, EchoStar's equity in SpaceX could be worth approximately $31 billion. This potential could transform EchoStar from a distressed telecom stock into a direct public market conduit to SpaceX's future stock value.
However, investing in EchoStar carries notable risks. While the first phase of the spectrum sale is complete, the SpaceX stock component is contingent on the deal's final closing, currently targeted for November 30, 2027. The Federal Communications Commission (FCC) approved EchoStar's spectrum transactions with both SpaceX and AT&T in May, mitigating a significant regulatory hurdle but not eliminating closing risks entirely. SpaceX also retains the option to conclude the deal earlier, which could accelerate EchoStar's receipt of the SpaceX stock.
The separate $23 billion spectrum deal with AT&T is also vital, providing EchoStar with a major cash infusion. EchoStar has cautioned that it might struggle to meet its obligations over the next 12 months without the proceeds from these transactions or additional financing. This positions EchoStar as a very distinct type of SpaceX play. While the upside could be substantial if both spectrum sale deals finalize and SpaceX's valuation soars, investors must accept considerable risk associated with a debt-laden telecom stock.
3. ERShares Private-Public Crossover ETF (XOVR): A Diversified Fund Approach
The ERShares Private-Public Crossover ETF (XOVR) offers one of the most direct exchange-traded fund (ETF)-based methods to gain exposure to SpaceX before its expected IPO. XOVR is structured to blend public growth stocks with carefully selected private company holdings within a daily traded ETF. While prominent technology giants like Nvidia, Alphabet, Astera Labs, and Meta Platforms are among the ETF's top public holdings, its exposure to SpaceX is now a primary draw for many investors.
XOVR does not directly own publicly traded SpaceX shares. Instead, the ETF holds its SpaceX position through a special-purpose vehicle (SPV), a legal entity typically established to hold a specific asset or investment. XOVR recently boosted its SpaceX exposure by about $35 million, bringing its total holding to approximately $281 million, which represented about 23% of the fund's assets as of May 20, 2026. A subsequent valuation update revised the value of its SpaceX SPV position to about $292 million, based on an implied SpaceX valuation of roughly $1.55 trillion.
It's important for investors to recognize that XOVR's SpaceX weighting is not static. It can fluctuate due to fund flows, movements in public stock prices, and updated valuations for the private SpaceX SPV. As of June 1, XOVR's SPV exposure to SpaceX was around 13.8% of the total portfolio, maintaining a market value of $291.6 million. With SpaceX projected to go public at nearly $1.75 trillion, XOVR's net asset value could see significant benefits from a higher markup on its private SpaceX position.
However, XOVR is subject to liquidity and redemption risks inherent in its structure. Should investors redeem ETF shares, the fund can typically sell its liquid public stocks more easily than its less liquid private SpaceX position. Therefore, while XOVR provides a valuable way to gain exposure to SpaceX, it presents more complexities than investing in a conventional ETF composed solely of publicly traded securities.
