Key insights
- XOVR ETF holds a $205M SpaceX stake amid IPO speculation, potentially valuing SpaceX at $1.75T. The ETF combines private and public holdings, including NVDA, META, and TSLA. While an IPO could boost sentiment, it's speculative. The fund is also addressing concerns about misleading statements, but the overall impact on US equities is limited.
ERShares announced that its XOVR ETF maintains approximately $205 million in SpaceX exposure as of March 25, 2026, through a structured special purpose vehicle. The disclosure comes amid reports that SpaceX may be evaluating a confidential IPO filing at a valuation approaching $1.75 trillion.
The XOVR ETF (ERShares Private-Public Crossover ETF) trades on Nasdaq and provides access to late-stage private companies without requiring accredited investor status. The fund combines exposure to SpaceX and other private companies like Anduril with holdings in 30 U.S. large-cap companies through its ER30TR Index.
ERShares stated that the fund was developed to provide broader access to private market opportunities previously limited to institutional investors and high-net-worth individuals. The company noted that any SpaceX IPO plans remain subject to change and are outside ERShares’ control.
The fund manager disclosed that it has taken formal action regarding what it characterizes as misleading statements about the fund’s structure and operations. Professor Joel Shulman, the fund’s chief investment officer, filed a complaint with the CFA Institute Professional Conduct Division, while ERShares retained a Washington, D.C. law firm that sent formal correspondence to Morningstar, Inc.
"When an analyst publishes an outsized volume of commentary focused on a single fund — around Valentine’s Day, New Year’s Eve, Christmas Eve — that is not analysis. That is something else entirely," said Eva Ados, ERShares’ chief investment strategist.
The fund’s top holdings include the SpaceX SPV, followed by public companies such as Nvidia Corp., Meta Platforms Inc., and Tesla Inc. ERShares emphasized that investors should evaluate the fund through official SEC filings and fund materials rather than third-party commentary.