Get Ready for More SpaceX in ETF Orbits

It’s probably not the moonshot investors had in mind.

There’s a lot of SpaceX news this week: The company gave its first public earnings report Tuesday, just ahead of tomorrow’s massive stock lockup period ending, and a 45-foot chunk of the company’s Falcon 9 upper stage booster was poised for an (unintentional) 5,400 mph collision  with the moon this morning. Whew. The big takeaway for ETFs, though, is that there will very likely be a lot more SpaceX stock on the market as of tomorrow, and much of it will make its way into funds.

“It’s now a meaningful part of the Nasdaq,” said Chuck Failla, principal of Sovereign Financial Group, describing that as the latest instance of a big index becoming concentrated in a handful of stocks (SpaceX is not yet part of the S&P 500). “How diversified, really, are some of these indexes?”

Reach for the Mars

SpaceX’s revenue for the second quarter was $7.8 billion, beating analysts’ estimates and nearly double the $4.1 billion it saw in the same quarter of 2025. Still, the company’s net loss was $541 million, though that was an improvement from the $1 billion net loss a year earlier. Even so, its share price fell early in after-hours trading, following a 9% rise during the day.

A major contributor to the company’s revenue growth was its Starlink business, which added more than a million subscribers in the quarter across 170 markets. The firm’s first V3 satellites went into orbit days ago, CEO Elon Musk said on the Tuesday earnings call. “The Starlink V3 satellite is about an order of magnitude more capable than the Starlink V2 satellite,” he said, alluding to future bandwidth demands becoming higher with a proliferation of humanoid robots. “People are really underestimating Starlink here.”

Tomorrow marks another significant day for the company, with the portion of its stock available for sale rising to more than 12% from under 5% now, thanks to the expiration of a lockup period. A flood of new shares on the market could weigh on its stock price, though the event has long been known, and investors may have been pricing that in. Regardless, it stands to increase the presence of SpaceX within ETFs.

Already, the company has been integrated in numerous funds:

• SpaceX is part of at least 179 US ETFs, per data from Morningstar.
• The biggest position is within Invesco’s QQQ Trust, which holds nearly $6 billion in the company.
• Additional share lockups expiring on Aug. 20 and in late September could further increase its exposure within ETFs.

Heavy Lifting: While the moon impact wasn’t a part of the company’s earnings presentation, the Falcon rocket was, namely that the Starship spacecraft that will replace it has a much larger payload capacity. Currently, Falcon delivers about 2,500 tons of mass into orbit per year, Musk said. “We deliver 80-90% of total Earth-mass-to-orbit per year with Falcon. With Starship, our aspirations  … are to deliver well over a million, and ultimately 10 million tons per year.”