Key Points

Alphabet presents a reliable blue-chip route for indirect SpaceX investment.
EchoStar stands to gain from a future SpaceX equity portion, yet the transaction setup renders it a higher-risk option.
XOVR provides investors with pre-IPO SpaceX access, although the ETF format introduces redemption and liquidity concerns.
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SpaceX's planned initial public offering may already be generating value even before public investors purchase any shares. Reports indicate the firm aims for a valuation near $1.75 trillion, a notable rise from the $1.25 trillion combined figure set after its merger with xAI in February 2026. With excitement growing for what could rank as the largest IPO in history, investors seek indirect methods to obtain exposure prior to the listing.

Here are three approaches to secure indirect exposure to this rocket and satellite firm.

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1. Alphabet

Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) may rank among the clearest blue-chip options for indirect SpaceX exposure before its anticipated IPO. A recent Alaska regulatory filing shows the company held a 6.11% stake in SpaceX at the close of 2025. Although Alphabet does not list the holding separately in its filings, the position likely reflects dilution from its earlier reported stake of nearly 7% in 2015 under its former Google name. Bloomberg notes the stake now sits near 5% following the SpaceX merger with xAI. At a $1.75 trillion valuation, a 5% holding would equal roughly $87.5 billion.

Alphabet's non-marketable securities rose from about $68.7 billion at the end of fiscal 2025 to around $106.9 billion by the close of the first quarter of fiscal 2026. The company also recorded $36.9 billion in net equity securities gains, driven mainly by unrealized gains on private holdings. While Alphabet does not break out the portion tied to SpaceX revaluation ahead of the IPO, the figures highlight why its private investments merit attention.

Still, with Alphabet's market capitalization exceeding $4.5 trillion, SpaceX represents more of a valuable strategic holding than a central driver. The stock performance will continue to hinge primarily on Google Search, YouTube, Google Cloud, AI investments, and regulatory challenges.

2. EchoStar

EchoStar (NASDAQ: SATS) could offer a bolder yet riskier path to indirect SpaceX exposure before the IPO. Unlike Alphabet, EchoStar holds no investment stake in SpaceX. Instead, it agreed to sell 65 megahertz of wireless spectrum to the rocket and satellite network company. The deal was first valued near $17 billion but later rose to $20 billion total, including up to $11 billion payable in SpaceX stock at about $212 per share.

Should SpaceX list at a valuation well above the deal assumptions, EchoStar's share price could begin to capture the value of the SpaceX stock it expects to receive. Estimates suggest EchoStar's future SpaceX equity portion could reach about 52 million shares. At a $1.75 trillion SpaceX valuation, that equity stake might total near $31 billion, potentially transforming EchoStar beyond a struggling telecom name into a listed vehicle for SpaceX value.

That said, EchoStar carries notable risks. The firm has finished the initial spectrum sale step, but the SpaceX stock element remains linked to final closing, now set for Nov. 30, 2027. The FCC cleared the SpaceX spectrum transaction along with a separate 50-megahertz sale to AT&T in May, easing a key regulatory hurdle though not removing all closing uncertainty. SpaceX may also opt to close earlier, allowing EchoStar to obtain the stock ahead of the November 2027 date.

The AT&T deal remains vital, supplying EchoStar with a major cash inflow of $23 billion from spectrum. The company has cautioned it may struggle to meet obligations over the next 12 months without proceeds from these transactions or extra financing. This positions EchoStar as a distinct SpaceX-related bet where upside could prove substantial if deals close and valuations climb, yet investors accept considerable risk in a leveraged telecom name.

3. ERShares Private-Public Crossover ETF

The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) may serve as one of the more straightforward ETF routes to SpaceX exposure before its expected IPO. XOVR blends public growth stocks with select private-company holdings in a daily traded fund. While major tech names such as Nvidia, Alphabet, Astera Labs, and Meta Platforms lead its holdings, SpaceX exposure now draws significant investor interest.

XOVR does not hold publicly traded SpaceX shares. It maintains the position via a special-purpose vehicle, a separate entity formed to hold a specific asset. The fund added roughly $35 million to its SpaceX exposure, reaching about $281 million or 23% of assets as of May 20, 2026. A later update valued the SpaceX SPV position at approximately $292 million, based on an implied SpaceX valuation near $1.55 trillion.

Investors should note the SpaceX weighting is not fixed and can change with fund flows, public stock movements, and private valuation updates. The SPV exposure stood near 13.8% of the portfolio with a market value of $291.6 million as of June 1. With SpaceX set to list near a $1.75 trillion valuation, the fund's net asset value could rise from an upward adjustment on the private position.

Yet XOVR faces liquidity and redemption risks due to its structure. Large redemptions could force sales of liquid public stocks more readily than the private SpaceX holding. While XOVR offers a practical means to gain SpaceX exposure, it differs from a standard ETF composed only of publicly traded shares.

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Manali Pradhan, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Meta Platforms, and Nvidia. The Motley Fool recommends Astera Labs. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.