Investing in private giants like SpaceX or OpenAI has traditionally been reserved for institutional or “accredited” investors. However, an accessible solution for retail investors involves using U.S.-listed vehicles (ETFs or closed-end funds) that hold these shares in their portfolios before their Initial Public Offering (IPO).
Why Choose Specialized Funds?
Waiting for an IPO might seem logical, but in reality, a large portion of a tech company’s growth occurs pre-IPO. By the time companies like SpaceX or OpenAI go public, their valuations often already reflect massive expectations. Specialized funds allow you to access this growth phase early, offering better long-term potential.
- Secondary Market Access: These funds buy shares directly from employees, early investors, or historical holders looking to sell before the IPO. This opens a door that was once bolted shut for retail investors.
- Strategic Diversification: Rather than betting on a single company, you invest in a portfolio of several technological “unicorns,” reducing specific risk.
- Liquidity: Unlike traditional Private Equity, where capital can be locked up for years, these funds trade on major stock exchanges and can be bought or sold easily through a brokerage platform.
The 2026 “Mega-IPO” Wave: What’s at Stake?
The year 2026 is being hailed as the most significant year for technology listings in over a decade. For the first time, a cluster of “generational” companies—firms that have defined the AI and space-tech eras—are moving toward public markets simultaneously. For pre-IPO investors, the primary goal today is to secure positions in these giants before they hit public exchanges at potentially record-breaking valuations.
Wait-and-see strategies often miss the most explosive growth phases, as these 2026 targets represent critical infrastructure that the market is eager to own.
SpaceX: The Trillion-Dollar Frontier ($1.5 Trillion Target)
SpaceX is widely reported to be targeting a mid-2026 IPO, with rumors narrowing the window to June or July.
- Strategic Evolution: Following its February 2026 all-stock acquisition of xAI, SpaceX has transformed into a combined Space-and-AI infrastructure powerhouse. This merger allows SpaceX to integrate advanced AI into its satellite navigation and autonomous manufacturing.
- Revenue Engines: The Starlink satellite division remains its primary driver of high-margin recurring revenue, boasting over 10 million subscribers. Simultaneously, the deployment of Starship V3 is expected to cement a global monopoly on heavy-lift orbital launches.
OpenAI: The Infrastructure Race ($850B – $1T Target)
Reports from early 2026 indicate OpenAI is preparing for a Q4 2026 listing.
- Massive Capital Needs: The company is reportedly closing a historic $100 billion funding round at an $830 billion valuation, backed by SoftBank, Amazon, and Microsoft.
- Growth Outlook: This capital is essential to fuel OpenAI’s ambitious AI hardware and infrastructure plans, which include building its own specialized chip foundries and data centers. An IPO is the logical next step to provide the massive liquidity required for these decade-long projects.
Anthropic: The “Profitable” Challenger ($350B – $380B Target)
Often viewed as the “safety-focused” alternative to OpenAI, Anthropic has accelerated its own IPO preparations for late 2026.
- Technical Lead: In February 2026, Anthropic’s latest models took a significant lead in coding and technical rankings, making it a critical “hedging” position for AI-focused portfolios.
- Financial Path: Unlike some of its peers, Anthropic has shared projections showing it could reach breakeven by 2028, a major selling point for public market investors. It recently secured $30 billion in Series G funding, pushing its valuation to $380 billion.
Why the IPO Date Matters for Fund Investors
If you wait for these companies to list on the NYSE or NASDAQ, you are buying at the “retail price.” By using specialized funds like DXYZ, XOVR, or RONB now, you are effectively buying at the “wholesale price” established in private secondary markets. The goal is to benefit from the price “pop” and the massive institutional demand that often occurs when a highly-anticipated stock finally becomes accessible to the general public.
The Best Investment Options for 2026
Destiny Tech 100 (DXYZ)
The Destiny Tech 100 (DXYZ) represents a revolution for retail investors seeking Private Equity exposure. Listed as a Closed-End Fund (CEF) on the NYSE, DXYZ democratizes access: a single share allows you to indirectly become a shareholder in the world’s most coveted private companies.
Its portfolio structure is its main asset. With approximately 25% of its assets allocated to SpaceX, the fund links its destiny to Elon Musk’s space dominance. This concentration is balanced by AI pillars like OpenAI and Anthropic, as well as digital entertainment leaders like Epic Games.
However, this accessibility comes with a technical quirk: the Premium to Net Asset Value (NAV). Unlike a standard ETF, DXYZ’s price can deviate significantly from the actual value of the underlying shares, reflecting market hype. It is a bet on scarcity, offering daily liquidity where venture capital funds impose multi-year lockups. For those anticipating the 2026 IPOs, this is the most direct positioning tool available via brokers like Interactive Brokers.
Entrepreneur Private-Public Crossover ETF (XOVR)
Launched by EntrepreneurShares, XOVR marks a historic milestone as the first ETF authorized to directly hold private company securities within its structure.
Key features of this hybrid fund:
- Crossover Pioneer: Unlike traditional ETFs limited to public markets, XOVR uses a regulatory exemption to allocate a significant portion to unlisted companies. SpaceX is its flagship position, representing about 10% of total assets.
- “Entrepreneurial” Selection: Supervised by Dr. Joel Shulman, the fund prioritizes founder-led companies (like Musk for SpaceX), believing these leaders maximize long-term value.
- Venture Capital Access: It offers daily liquidity on assets normally locked away.
- Fees and Structure: With an expense ratio of 0.70%, it is significantly cheaper than most venture capital structures or closed-end funds like ARKVX.
Baron First Principles ETF (RONB)
Launched in December 2025 by Baron Capital, RONB is an active fund that boasts one of the highest exposures to SpaceX among publicly traded products.
The essentials of this fund:
- Massive Bet on SpaceX: The fund allocates a significant portion of its portfolio to Musk’s aerospace company, with weightings generally fluctuating between 14% and 22%.
- The Musk Ecosystem: Beyond SpaceX, the fund holds positions in Tesla (~13.8%) and the AI startup xAI (~5.4%), bringing its total exposure to Elon Musk-linked companies to nearly 40%.
- “First Principles” Strategy: Managed by the legendary Ron Baron and his sons, the fund applies a philosophy of breaking down problems into fundamental truths to identify high-growth companies with durable competitive advantages.
- Regulatory Innovation: To include so many private assets, Baron Capital classifies these securities as “less liquid” rather than “illiquid,” bypassing the standard 15% SEC cap for illiquid assets.
The Verdict: Which fund should you choose?
| Criteria | DXYZ | XOVR | RONB |
| Product Type | Closed-End Fund (CEF) | Hybrid ETF | Active ETF |
| SpaceX Exposure | High (~23%) | Medium (~10%) | Very High (14-22%) |
| Fees (MER) | High (~2.50%+) | Low (0.70%) | Moderate (1.00%) |
| Liquidity | Daily (NYSE) | Daily | Daily |
| Main Risk | High Premium to NAV | Sector Volatility | Concentration (40% Musk) |
| Ideal For… | Pure access to unicorns | Low fees and security | Betting on Elon Musk |
This comparison table summarizes the key features of the three vehicles analyzed. While they all offer access to private tech giants, their structures and costs vary considerably.
If your priority is minimizing fees, XOVR is the most rational choice. If you are looking for a concentrated bet on Elon Musk’s vision, RONB is unbeatable. Finally, for maximum diversification among unicorns, DXYZ remains the gold standard, provided you monitor the premium to NAV.
Wyze Note: These funds are all tradable on U.S. exchanges (NYSE/NASDAQ). If you use a platform like Interactive Brokers, you can add them to your watchlist today using their respective tickers.
Risks and Precautions
Investing in private companies via listed funds is a unique opportunity, but it carries specific risks:
- Premium to NAV: The main risk for funds like DXYZ. The market price can be much higher than the actual value of the assets. If you buy at a 50% premium, you are overpaying, exposing yourself to a brutal correction if hype fades.
- Opaque Valuation: Unlike Apple or Nvidia, the value of SpaceX or OpenAI is estimated during funding rounds or on restricted secondary markets. There is a lag between the displayed fund value and market reality.
- High Management Fees: Managing private assets requires complex expertise. Expense ratios are significantly higher than a classic S&P 500 index ETF.
- IPO Failure: Success depends on a future exit (IPO). If a star company fails to go public or its valuation collapses during the listing, the fund will suffer a major loss.
FAQ: Everything about investing in SpaceX and OpenAI
Is SpaceX publicly traded in 2026?
No, SpaceX remains a private company. While rumors suggest an IPO for mid-2026, no official date is set. Currently, retail investors use funds like DXYZ or XOVR for indirect exposure.
How can a retail investor buy OpenAI shares?
You cannot buy OpenAI shares directly on platforms like Wealthsimple or Questrade yet. The simplest way for a retail investor is to buy Microsoft (MSFT) shares, which holds a major stake, or use specialized “Pre-IPO” funds like DXYZ.
Which ETF holds the most SpaceX stock?
In 2026, three vehicles stand out:
- XOVR: Holds about 21% of its assets in SpaceX via a Special Purpose Vehicle (SPV).
- RONB: Allocates between 14% and 22% to Musk’s company.
- DXYZ: Holds approximately 23% of the portfolio in SpaceX.
When will the OpenAI IPO happen?
According to 2026 reports, OpenAI is considering an IPO toward the fourth quarter of 2026 to fund massive AI infrastructure costs.
