SpaceX Eyes Record-Breaking $1.75 Trillion IPO; Investors Seek Indirect Exposure

SpaceX is poised to launch what could be the largest initial public offering in history, with projections suggesting a valuation of approximately $1.75 trillion for the aerospace giant this summer. While direct shares remain restricted to institutional and accredited investors until the official listing, the market is seeing increased activity in public companies and funds that hold significant stakes in the private firm. Alphabet (GOOGL) remains a primary vehicle for indirect exposure, holding an estimated 6.11% stake as of late 2025. This holding, which originated from a $900 million investment in 2015, could be valued at roughly $105 billion if the projected IPO valuation is realized, providing a significant cushion as the company increases AI spending. EchoStar (SATS) has emerged as another high-growth proxy, with its stock climbing 420% over the past year. The company is currently awaiting regulatory approval for a deal to sell spectrum licenses to SpaceX in exchange for millions of shares, a move critical for the Starlink network. For those seeking fund-based exposure, several options exist. The Baron Partners Fund (BPTRX) holds a dominant 33% allocation to SpaceX, while the Ark Venture Fund (ARKVX) and Destiny Tech100 (DXYZ) maintain holdings of 17% and 16%, respectively. These vehicles allow retail investors to bypass the accredited investor requirements typically associated with pre-IPO shares. As the summer deadline approaches, the anticipation of the IPO is driving volatility and interest in these proxy assets, as investors attempt to capture the 'SpaceX premium' before the company enters the public markets.