• BlackRock reportedly discussed investing up to $10 billion into the offering.
• DXYZ, VCX and NASA gained attention as retail investors sought indirect exposure to SpaceX and the broader AI-driven space technology boom. 
• Investor Larry Goldberg warned that SpaceX’s upcoming Starship launch is “ultra high risk.”

Retail investors piled into SpaceX proxy plays including Destiny Tech100 (DXYZ), Fundrise Innovation Fund (VCX), and Tema Space Innovators ETF (NASA) as anticipation around the Elon Musk-owned company’s long-awaited IPO hit fever pitch, with investor Larry Goldberg saying that demand is potentially 20x oversubscribed.

DXYZ jumped 9% in overnight trading but remained on track to recover from its worst weekly decline of the year. Meanwhile, VCX notched its fourth straight weekly gain, while NASA posted a second consecutive week of gains. 

Excitement around SpaceX’s public debut intensified after reports said that Elon Musk’s rocket, satellite and AI company could publicly file for its IPO as soon as this week ahead of a potential June 12 Nasdaq listing under the ticker “SPCX.”

The offering could raise as much as $75 billion at a valuation exceeding $2 trillion, potentially making it the largest IPO in history. SpaceX has also reportedly notified shareholders about a 5-for-1 stock split ahead of the IPO, reducing the estimated fair market value per share from about $526 to $105. Amid growing IPO speculation, Musk said over the weekend that he has no plans to sell any SpaceX shares.

Meanwhile, BlackRock supposedly discussed investing between $5 billion and $10 billion in the IPO, likely making the asset-management giant one of the offering’s anchor investors. The investment would rank among the largest institutional IPO commitments in recent times and could attract additional large investors into the deal.

SpaceX also recently hosted major institutional investors at Starbase and xAI facilities in Texas and Memphis, including representatives from BlackRock, Fidelity, T. Rowe Price and Capital Group. 

Goldberg, managing partner at venture capital firm Lumasenti, said in a Sunday interview with Tesla influencer Herbert Ong that investor appetite for the IPO already appeared extraordinary.

“Early indications say that it’s 4X oversubscribed,” Goldberg said before adding that subsequent pricing rounds could push demand dramatically higher. “They’re thinking it’s going to be 12 to 20X oversubscribed.” 

He also expects SpaceX’s valuation to surpass a $2 trillion market value. “It’s going to be one of the most anticipated IPOs in years. And it’s now just four weeks away,” Goldberg added, saying that expectations around rapid inclusion into major index funds were further fueling Wall Street excitement. 

Goldberg said that SpaceX’s IPO momentum was being driven by multiple developments happening simultaneously across launch systems, AI infrastructure and satellite connectivity. “These aren’t four separate headlines. They’re one story,” Goldberg said. He called the company’s upcoming Starship launch as one of the most important events ahead of the IPO.

Goldberg also said that the mission carried technical complexities. “So it’s classic SpaceX, ultra high risk,” Goldberg said. “It leaves me with butterflies in my stomach because there are about 30,000 things, literally 30,000 things that could go wrong. Everything has to go right.”

Goldberg also noted SpaceX’s rapidly expanding Starlink mobile ambitions after the FCC approved nationwide EchoStar spectrum access for Starlink services. He said that Verizon, AT&T and T-Mobile appeared to be responding aggressively to SpaceX’s growing satellite-to-phone push. “Verizon, AT&T and T-Mobile just rushed out a joint venture to plug their dead zones,” Goldberg said.

Among publicly traded names, DXYZ has become one of the market’s most closely watched retail vehicles for indirect SpaceX exposure. SpaceX currently represents the largest holding in Destiny Tech100’s portfolio at 16.2% of assets. The portfolio also includes exposure to xAI, OpenAI, Anthropic, Databricks and Shield AI.

VCX has also emerged as a closely-watched retail gateway into private AI and venture-backed technology companies. Anthropic accounts for 21% of the portfolio, while other major holdings include OpenAI, Databricks, Anduril, Ramp and SpaceX. Since inception in July 2022, VCX has generated cumulative returns of about 84%, according to Fundrise data. 

Meanwhile, the NASA ETF has gained attention for its direct SpaceX exposure through a special-purpose vehicle structure. The ETF also includes positions in satellite connectivity, launch infrastructure and commercial space technology, including AST SpaceMobile, Rocket Lab, Planet Labs and Intuitive Machines.

On Stocktwits, retail sentiment for DXYZ, TEMA, and VCX was ‘extremely bullish’ amid ‘extremely high’ message volumes.

One user said, “$DXYZ I think $150 is obtainable the day SpaceX IPO goes live. We’ll see how this plays out. Looking for that 500% gain for me. LFG bulls”

Another user said, “$VCX  we could retest $500 when spacex ipos.  With fomo maybe 600 to 700”

Over the past year, VCX surged 1,510%, while DXYZ gained 17% and NASA jumped 37%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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