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 | $135.92 | 1.00× | ▼ -3.81% | ▲ 11.93% | ▲ 4.00% | 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 | $26.97 | 0.20× | ▲ 1.20% | ▼ -2.46% | ▼ -12.80% | 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 | $385.38 | 2.84× | ▼ -3.29% | ▼ -4.66% | ▼ -12.03% | 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 | $283.68 | 2.09× | ▼ -0.25% | ▲ 0.01% | ▲ 13.56% | Holds significant SpaceX position alongside Tesla. Will see flows on SpaceX disclosure. |
| ARKVX | ARK Venture Fund | 4 | 0.55 | $59.61 | 0.44× | ▲ 0.47% | ▼ -1.01% | ▲ 28.75% | Cathie Wood vehicle; SpaceX is the largest position. Sentiment-driven uplift on IPO news. |
| ALTI | AlTi Global | 5 | 0.30 | $2.61 | 0.02× | ▲ 5.47% | ▲ 5.47% | ▼ -44.69% | 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 | $49.64 | 0.37× | ▲ 0.81% | ▼ -1.49% | ▲ 7.42% | 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 | $52.03 | 0.38× | ▼ -4.42% | ▼ -11.22% | ▼ -31.54% | Closest pure-play public peer in launch services. Neutron rocket coming online; relative valuation will re-rate. |
| ASTS | AST SpaceMobile | 11 | 0.65 | $35.58 | 0.26× | ▼ -4.23% | ▼ -15.89% | ▼ -57.37% | Satellite-to-phone broadband; direct competitor to Starlink Direct-to-Cell. IPO will mark Starlink's public valuation. |
| IRDM | Iridium Communications | 12 | 0.50 | $43.75 | 0.32× | ▼ -0.27% | ▼ -4.77% | ▲ 146.34% | Established satellite-broadband incumbent; gets re-rated as Starlink's comparable metric becomes public. |
| GSAT | Globalstar | 13 | 0.55 | $84.60 | 0.62× | ▲ 0.98% | ▲ 0.62% | ▲ 32.20% | Apple-anchored satellite messaging; benefits from satellite-broadband sector spotlight. |
| VSAT | Viasat | 14 | 0.45 | $66.70 | 0.49× | ▼ -11.35% | ▼ -14.77% | ▲ 77.25% | Satellite broadband incumbent; reads-across from Starlink valuation. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| LMT | Lockheed Martin | 20 | 0.30 | $595.05 | 4.38× | ▼ -6.88% | ▼ -5.51% | ▲ 19.71% | Space Systems segment; competes with + buys from SpaceX. Sentiment beneficiary. |
| NOC | Northrop Grumman | 21 | 0.25 | $525.34 | 3.87× | ▼ -4.54% | ▼ -4.96% | ▼ -10.30% | Space-systems contractor; rocket / satellite manufacturing. |
| LHX | L3Harris Technologies | 22 | 0.30 | $259.48 | 1.91× | ▼ -6.55% | ▼ -0.43% | ▼ -14.78% | Space + tactical-comms prime; Aerojet Rocketdyne acquisition brings propulsion exposure. |
| GD | General Dynamics | 23 | 0.20 | $365.43 | 2.69× | ▼ -2.42% | ▲ 3.13% | ▲ 6.42% | Mission-systems exposure; benefits from defense-space spending narrative. |
| BAH | Booz Allen Hamilton | 24 | 0.18 | $88.24 | 0.65× | ▲ 1.40% | ▲ 5.70% | ▲ 3.95% | 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 | $1,224.51 | 9.01× | ▲ 5.44% | ▲ 5.75% | ▲ 12.85% | 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 | $28.92 | 0.21× | ▼ -3.33% | ▼ -6.12% | ▼ -3.68% | Cathie Wood thematic; RKLB-heavy. Will see retail flow on SpaceX IPO buzz. |
| UFO | Procure Space ETF | 31 | 0.55 | $39.37 | 0.29× | ▼ -2.96% | ▼ -4.63% | ▼ -2.36% | Pure space-sector ETF; broadest exposure to the wake. |
| ROKT | SPDR S&P Kensho Final Frontiers | 32 | 0.50 | $99.52 | 0.73× | ▼ -3.60% | ▼ -4.78% | ▲ 12.40% | Frontier-tech ETF including space, deep-sea, exotic energy. |
| PLTR | Palantir | 40 | 0.20 | $171.86 | 1.26× | ▼ -2.02% | ▼ -12.68% | ▲ 2.38% | Federal AI/data prime; benefits from elevated space-defense AI spending. |
| NVDA | Nvidia | 41 | 0.15 | $200.20 | 1.47× | ▼ -3.14% | ▼ -7.05% | ▲ 6.01% | 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 | $5.06 | 0.04× | ▲ 4.23% | ▼ -0.49% | ▼ -64.80% | eVTOL — competes for the same speculative aerospace dollar. May see outflow as capital rotates to SpaceX wake. |
| ACHR | Archer Aviation | 51 | -0.18 | $4.13 | 0.03× | ▼ -0.12% | ▼ -4.95% | ▼ -49.26% | Similar dynamic to JOBY; speculative aerospace capital rotation risk. |
Ratio column: member price ÷ SPCX $135.92 (head price; falls back to closest proxy when head is pre-IPO).
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