A "comet" is a thematic basket organized around a trigger event — the head is the catalyst (IPO, buildout, policy shift), the tail is the set of stocks expected to be dragged along in its wake.
The SpaceX IPO was the once-in-a-decade catalytic event — and on June 12, 2026 it happened: $SPCX priced at $135 for a $1.77 trillion initial cap, the largest IPO on record (~$75B raised, ~4x oversubscribed). The comet is now LIVE: the head trades, and the basket question becomes which wake members re-rate against a public Starlink/Starship valuation — and which lose their proxy premium.
SPCX is pre-IPO. Below: direct equity holders, plus the public-traded funds that give retail investors exposure.
| Holder | Type | Stake % | ~$B |
|---|---|---|---|
|
Elon Musk Founder/CEO; super-voting structure preserves outsized control. Stake from founding equity + later option exercises.
|
founder | 42.00% | $147.00 |
|
Employees (option/RSU pool) Vested + unvested option pool; tender offers periodically allow employee liquidity.
|
employee pool | 14.00% | $49.00 |
|
Google + Fidelity (Series F) Joint $1B investment at $12B valuation in 2015. Holdings now valued ~$26B at $350B mark.
|
strategic | 7.50% | $26.25 |
|
Founders Fund (Peter Thiel) Multi-round VC participant since early days; one of the largest VC stakes outside Musk himself.
|
vc | 5.00% | $17.50 |
|
Sequoia Capital Late-stage growth participant.
|
vc | 3.00% | $10.50 |
|
Andreessen Horowitz (a16z) Growth + late-stage rounds.
|
vc | 2.50% | $8.75 |
|
Baillie Gifford UK long-duration investor; held since pre-IPO across multiple rounds.
|
mutual fund | 2.00% | $7.00 |
|
BlackRock Late-stage participation; would be expected anchor in IPO if Starlink spins out.
|
mutual fund | 1.50% | $5.25 |
|
Other VCs + private holders Includes Gigafund, Valor Equity, Coatue, Tiger Global, DST, T. Rowe Price, Atreides, etc.
|
vc | 12.00% | $42.00 |
|
Sovereign + Saudi PIF (indirect) Reported indirect exposure via syndicate participations; small but strategically signaled.
|
sovereign | 1.50% | $5.25 |
| Vehicle | Ticker | Alloc % |
|---|---|---|
|
Destiny Tech100 (DXYZ) Closed-end fund — SpaceX is the dominant NAV position (~30–50% depending on date). The cleanest public proxy.
|
DXYZ | 35.00% |
|
ARK Venture Fund (ARKVX) Largest position in the ARK Venture interval fund. Available via Titan / direct broker.
|
ARKVX | 14.00% |
|
Baron Partners Fund (BPTRX) Top-3 fund position; mutual-fund access via brokerages.
|
BPTRX | 5.00% |
|
Fidelity Contrafund (FCNTX) Small but meaningful in absolute dollars — Fidelity has held since 2015 round.
|
FCNTX | 1.50% |
|
AlTi Global (ALTI) Private-wealth platform with alts access including SpaceX co-investments.
|
ALTI | 3.00% |
|
Fidelity Advisor New Insights (FNIAX) Will Danoff sibling fund to FCNTX/Contrafund; carries small SpaceX exposure from same private-market participations.
|
FNIAX | 1.50% |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| SPCX | SpaceX (Space Exploration Technologies) | 1 | 1.00 | $151.90 | 1.00× | ▼ -0.53% | ▲ 2.53% | ▼ -5.62% | THE HEAD, NOW TRADING: $SPCX on Nasdaq since 2026-06-12 (priced $135, $1.77T initial cap, largest IPO ever). |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| DXYZ | Destiny Tech100 | 2 | 0.85 | $30.87 | 0.20× | ▼ -1.42% | ▼ -2.23% | ▼ -0.21% | Served as the cleanest pre-IPO proxy (SpaceX ~35% of NAV). POST-IPO WATCH: NAV-discount convergence — the proxy premium thesis is over; what remains is the closed-end discount trade. |
| TSLA | Tesla Inc. | 2 | 1.20 | $374.78 | 2.47× | ▲ 2.89% | ▲ 4.40% | ▼ -14.45% | Musk-orbit play: shared CEO + Dojo AI compute + Optimus humanoid + FSD/Robotaxi + Starlink in-vehicle integration. Tesla is the public Musk-stack proxy when SpaceX revaluation signals risk-on Musk-em… |
| BPTRX | Baron Partners Fund | 3 | 0.45 | $269.09 | 1.77× | ▼ -0.79% | ▲ 0.28% | ▲ 7.72% | Holds significant SpaceX position alongside Tesla. Will see flows on SpaceX disclosure. |
| ARKVX | ARK Venture Fund | 4 | 0.55 | $60.65 | 0.40× | ▲ 0.23% | ▲ 1.64% | ▲ 30.99% | Cathie Wood vehicle; SpaceX is the largest position. Sentiment-driven uplift on IPO news. |
| ALTI | AlTi Global | 5 | 0.30 | $3.08 | 0.02× | ▼ -4.64% | ▼ -4.05% | ▼ -34.61% | Wealth manager with private-market access; thematic beneficiary of secondary-market activity around SpaceX. |
| FNIAX | Fidelity Advisor New Insights Fund Class A | 5 | 0.45 | $50.84 | 0.33× | ▲ 0.12% | ▲ 0.39% | ▲ 10.02% | Diversified Danoff fund; small SpaceX position dilutes exposure but consistent vehicle for retail. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| RKLB | Rocket Lab USA | 10 | 0.75 | $69.41 | 0.46× | ▲ 7.50% | ▲ 10.97% | ▼ -8.66% | Closest pure-play public peer in launch services. Neutron rocket coming online; relative valuation will re-rate. |
| ASTS | AST SpaceMobile | 11 | 0.65 | $61.77 | 0.41× | ▲ 5.55% | ▲ 2.95% | ▼ -26.00% | Satellite-to-phone broadband; direct competitor to Starlink Direct-to-Cell. IPO will mark Starlink's public valuation. |
| IRDM | Iridium Communications | 12 | 0.50 | $48.01 | 0.32× | ▲ 2.65% | ▲ 3.96% | ▲ 170.33% | Established satellite-broadband incumbent; gets re-rated as Starlink's comparable metric becomes public. |
| GSAT | Globalstar | 13 | 0.55 | $83.12 | 0.55× | ▲ 0.34% | ▲ 1.38% | ▲ 29.90% | Apple-anchored satellite messaging; benefits from satellite-broadband sector spotlight. |
| VSAT | Viasat | 14 | 0.45 | $76.77 | 0.51× | ▲ 0.50% | ▲ 7.15% | ▲ 104.00% | Satellite broadband incumbent; reads-across from Starlink valuation. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| LMT | Lockheed Martin | 20 | 0.30 | $534.79 | 3.52× | ▲ 0.26% | ▲ 1.02% | ▲ 7.59% | Space Systems segment; competes with + buys from SpaceX. Sentiment beneficiary. |
| NOC | Northrop Grumman | 21 | 0.25 | $524.63 | 3.45× | ▼ -0.52% | ▼ -0.52% | ▼ -10.42% | Space-systems contractor; rocket / satellite manufacturing. |
| LHX | L3Harris Technologies | 22 | 0.30 | $246.52 | 1.62× | ▼ -0.31% | ▼ -0.97% | ▼ -19.04% | Space + tactical-comms prime; Aerojet Rocketdyne acquisition brings propulsion exposure. |
| GD | General Dynamics | 23 | 0.20 | $354.40 | 2.33× | ▲ 0.38% | ▼ -0.68% | ▲ 3.20% | Mission-systems exposure; benefits from defense-space spending narrative. |
| BAH | Booz Allen Hamilton | 24 | 0.18 | $77.25 | 0.51× | ▲ 0.23% | ▼ -2.36% | ▼ -9.01% | Federal consulting; benefits from elevated NASA/DoD space spending around IPO narrative. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| BLK | BlackRock, Inc. | 6 | 0.40 | $1,087.44 | 7.16× | ▲ 1.65% | ▲ 2.05% | ▲ 0.22% | The index machine. As SPCX enters the major indices, BlackRock's ETF complex (IBIT-style launches, index funds) must buy — and BlackRock collects fees on every dollar of flow regardless of SpaceX's o… |
| ARKX | ARK Space Exploration ETF | 30 | 0.60 | $32.92 | 0.22× | ▲ 2.48% | ▲ 4.00% | ▲ 9.65% | Cathie Wood thematic; RKLB-heavy. Will see retail flow on SpaceX IPO buzz. |
| UFO | Procure Space ETF | 31 | 0.55 | $44.18 | 0.29× | ▲ 2.24% | ▲ 2.84% | ▲ 9.57% | Pure space-sector ETF; broadest exposure to the wake. |
| ROKT | SPDR S&P Kensho Final Frontiers | 32 | 0.50 | $107.68 | 0.71× | ▲ 1.82% | ▲ 1.88% | ▲ 21.62% | Frontier-tech ETF including space, deep-sea, exotic energy. |
| PLTR | Palantir | 40 | 0.20 | $182.64 | 1.20× | ▲ 2.81% | ▲ 5.38% | ▲ 8.81% | Federal AI/data prime; benefits from elevated space-defense AI spending. |
| NVDA | Nvidia | 41 | 0.15 | $227.44 | 1.50× | ▲ 2.32% | ▲ 7.81% | ▲ 20.43% | GPU infrastructure; SpaceX cloud workloads contribute to AI compute demand narrative. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| JOBY | Joby Aviation | 50 | -0.20 | $6.45 | 0.04× | ▲ 5.39% | ▲ 2.38% | ▼ -55.08% | eVTOL — competes for the same speculative aerospace dollar. May see outflow as capital rotates to SpaceX wake. |
| ACHR | Archer Aviation | 51 | -0.18 | $5.44 | 0.04× | ▲ 3.33% | ▼ -1.36% | ▼ -33.15% | Similar dynamic to JOBY; speculative aerospace capital rotation risk. |
Ratio column: member price ÷ SPCX $151.90 (head price; falls back to closest proxy when head is pre-IPO).
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