SpaceX Pre-IPO Frenzy Sends Tema Space Innovators ETF (NASA) Past Rivals in Assets

The Tema Space Innovators ETF (NASA) has vaulted past longer-established space funds in assets just two months after launching, as investors rush to gain exposure to SpaceX before its expected IPO. The surge reflects a broader market scramble for pre-IPO access to the private rocket company, which holds a roughly 10% weight in the fund via a special-purpose vehicle. NASA dethroned the Procure Space ETF (UFO), ARK Space & Defense Innovation ETF (ARKX), and SPDR S&P Kensho Final Frontiers ETF (ROKT) in assets, according to Bloomberg Intelligence data. Analyst Eric Balchunas described the dynamic as a “feeding frenzy,” noting that ETFs with SpaceX exposure—including Baron First Principles ETF (RONB) and ERShares Private-Public Crossover ETF (XOVR)—ranked in the top 1% of all inflows for the week. RONB tripled its assets to $1.2 billion in two weeks. The flows show SpaceX already acting as a public-market force before any listing, with similar shadow-market interest building around private AI names like Anthropic. The demand is reshaping niche ETF categories into pre-IPO waiting rooms.