SpaceX IPO

 SHARKWATERTRADING.COM

IPO Guide • SpaceX • Pre-IPO Access

HOW TO GET IN ON
THE SPACEX IPO

The biggest public offering in history could be weeks away. Here's every retail door into the rocket before liftoff.

May 20, 2026·SharkWater Trading·7 min read

SpaceX is reportedly days away from filing its IPO prospectus — a potential $1.75 trillion debut that would be the largest public offering in history, dwarfing Saudi Aramco. Elon Musk has reportedly indicated up to 30% of shares could go to retail investors, but there's no guarantee you'll get allocated on Day 1. The smarter move? Get pre-positioned now through vehicles that already own SpaceX before the bell rings.

Here's every listed option on the table — what each one is, how much SpaceX exposure you actually get, and the real trade-offs.

"Waiting for IPO day is like showing up to a rocket launch after it's already off the pad. The best seats were sold months ago — but a few doors are still open."

XOVRERShares Private-Public
Crossover ETF

SpaceX %

~28%

Structure

ETF

Liquidity

Daily

SpaceX $

~$230M

XOVR is the cleanest ETF route — it blends 30 large-cap public tech stocks (Nvidia, Meta, Palantir, Tesla, Alphabet) with a private sleeve holding ~$230M in SpaceX via a Special Purpose Vehicle. As a true ETF, it trades at NAV with no closed-end premium risk. It was also the first ETF to hold a private company through IPO (Klarna), giving it a track record others don't have. Also holds Anduril. Watch out: the SpaceX % has crept higher than managers likely intended because redemption pressure forces selling public positions while the SPV stays locked — a quirk that inflates SpaceX concentration over time.

✓ No closed-end premium✓ Daily liquidity✓ Largest $ SpaceX position⚡ SPV valuation opacity⚡ SpaceX % drifts on redemptions

RONBBaron First Principles ETF

SpaceX %

~8.7%

Structure

ETF

Exp. Ratio

1%

AUM

~$71M

RONB is the most straightforward and cheapest option. Launched December 2025, it holds actual SpaceX Class A and Class C shares — not an SPV wrapper — at a combined ~8.72% allocation. Biggest position is Tesla at 14%, followed by MSCI, Shopify, Charles Schwab, and Hyatt. Lowest fees of any vehicle here at 1%. The catch: SpaceX exposure is the smallest on this list. The SEC filing also explicitly calls out "Musk risk" — Tesla and SpaceX share the same CEO, so you're effectively doubling down on one individual's orbit.

✓ Cheapest fees (1%)✓ Actual SpaceX shares — no SPV✓ Daily liquidity⚡ Lowest SpaceX allocation⚠ Tesla + Musk concentration risk

DXYZDestiny Tech100 Inc.

SpaceX %

16.2%

Structure

CEF

Price

~$54

Holdings

32 cos

The most diversified pre-IPO play on this list. DXYZ doesn't just give you SpaceX — it delivers a basket of 32 private companies including OpenAI, Anthropic, xAI, Databricks, and Shield AI. That's the bull case: multiple IPO catalysts stacking up over the next 12–18 months, not just one. The bear case is the $1 billion ATM share offering through Jefferies creating persistent dilution — it's what just pushed the stock from a $71 high back down to $54. As a closed-end fund, it can also trade at a steep premium to NAV. Check our dedicated DXYZ post for the full breakdown.

✓ 32 private cos — most diversified✓ Multi-IPO pipeline (OpenAI, Anthropic)⚠ $1B ATM dilution actively happening⚡ Trades at premium to NAV (~3x)⚡ 4.98% expense ratio

ARKVXARK Venture Fund
Cathie Wood

SpaceX %

17.96%

Structure

Interval

AUM

$654M

1yr Return

+63%

ARKVX carries the highest SpaceX allocation of the bunch at nearly 18% — and Cathie Wood swings hard on conviction. Also holds Replit, Anthropic, Figure AI, Databricks, and Zipline. Up 63% over the past year. There's one dealbreaker for active traders though: this is an interval fund with no daily liquidity. You can only redeem quarterly, and even then it may be capped. Think of it like a hotel with a checkout policy you can't change. If the SpaceX IPO pops and you want to lock in gains the next morning, you're stuck. Sized for patient, long-term capital only.

✓ Highest SpaceX % allocation✓ Deep AI bench (Anthropic, Replit, Figure)⚠ NO daily liquidity — quarterly exit only⚡ 2.9–3.49% expense ratio

XOVLDefiance 2X Long XOVR ETF
Launched May 5, 2026

Leverage

2X

Tracks

XOVR

Structure

Lev. ETF

For

Traders

Just launched May 5 — Defiance's XOVL is the first leveraged ETF with SpaceX exposure. It targets 2X the daily return of XOVR: XOVR up 5% means XOVL aims for 10%. This is not a hold-forever instrument — leveraged ETFs decay over time due to daily rebalancing and volatility drag, making them strictly a short-term momentum play. But if you believe SpaceX's IPO filing triggers a sharp multi-day XOVR run, XOVL is how you maximize that pop. Treat it like a leveraged options position: size it, set your exit, and don't overstay the welcome.

✓ Maximum SpaceX IPO leverage✓ Daily liquidity⚠ Decay kills long-term holders⚠ 2X losses on red days

Ticker	SpaceX %	Structure	Fees	Liquidity
XOVR	~28%	ETF (SPV)	~0.75%	Daily ✓
RONB	~8.7%	ETF (direct)	1%	Daily ✓
DXYZ	16.2%	Closed-end fund	4.98%	Daily ✓
ARKVX	17.96%	Interval fund	2.9–3.49%	Quarterly ✗
XOVL	~56% eff.	2X Leveraged ETF	TBD	Daily ✓

🦈 SharkWater Verdict

Long-term investor:DXYZ for the multi-IPO basket, or ARKVX if you're comfortable locking capital quarterly and want the highest pure SpaceX %. Just price the illiquidity honestly.

Active trader:XOVR for a clean ETF with real SpaceX dollar exposure, no dilution overhang, and no closed-end premium risk.

Cost-conscious:RONB wins on fees and holds actual shares — not an SPV wrapper. Just know Tesla and Musk come with it.

IPO pop trader:XOVL for maximum leverage on the filing catalyst — but treat it like an options trade with a hard exit plan, not a position.

The SpaceX IPO filing could drop any day — possibly timed alongside the next Starship test flight for maximum cultural impact. When that headline hits, every one of these vehicles will spike. The question is whether you're already positioned before it or scrambling after.

We already broke down DXYZ in detail in our last post, including the ATM offering headwind sitting on the stock right now at $54. That pullback may actually be one of the better pre-IPO entry points across this entire list.

"Five doors into the most anticipated IPO in history. Pick the one that fits how you trade — not just which one sounds the most exciting."

#SpaceX#IPO#XOVR#RONB#DXYZ#ARKVX#XOVL#PreIPO

Not financial advice. All investment vehicles carry risk including total loss of capital. Pre-IPO, interval, and leveraged products carry significant additional risk. Leveraged ETFs experience daily decay and are unsuitable for long-term holding. Always do your own due diligence. SharkWater Trading content is for educational and entertainment purposes only.

THE VELVET ROPE IS NOW A TICKER (DXYZ)

 Deep Dive • Pre-IPO • $DXYZ

THE VELVET ROPE
IS NOW A TICKER

DXYZ gives retail investors a seat at the private tech table — SpaceX, Anthropic, OpenAI — before the IPO bell rings.

May 12, 2026·SharkWater Trading·6 min read

Current price

$54

Pulled back on share news

52-wk range

$19 – $71

Up 130%+ in 2026

ATM offering

$1B

Active dilution headwind

Portfolio cos.

32

Of 100 target slots

For decades, the most valuable companies in the world — the ones minting billionaires in Silicon Valley conference rooms — were completely off-limits to you. Venture capital was a club with no public entrance. DXYZ is the door someone finally left open.

Destiny Tech100 is a closed-end fund listed on the NYSE since March 2024. Think of it like a mutual fund built in a VC firm's back office — it acquires equity stakes in late-stage, venture-backed private companies and packages them into a single ticker you can buy on any brokerage account. No accredited investor status required. No $250K minimum. Just a market order.

"DXYZ is venture capital you can buy like a stock. And right now, it's sitting on some of the most anticipated IPO candidates in history."

Top holdings as of the most recent reporting period:

SpaceX16.2%

Shield AI4.1%

Databricks4.0%

xAI3.5%

OpenAIposition

Anthropicposition

That's SpaceX, the company reportedly filing its IPO prospectus imminently with advisers eyeing a valuation near $1.75 trillion — potentially the largest IPO in history. It's OpenAI, running nearly $20 billion in annual revenue and reportedly eyeing a late-2026 listing. It's Databricks, valued at over $130 billion in its last funding round. And it's Anthropic — the AI lab that needs no introduction. These are the company's institutional investors fight to get allocation in. DXYZ lets you get there first.

The thesis plays out in stages. When one of these companies files for an IPO, DXYZ's stated value of that position re-prices — often dramatically upward. Investors holding DXYZ are essentially pre-positioned ahead of Day 1 retail pricing, without scrambling for shares in an oversubscribed offering. As the IPO pipeline heats up across the portfolio, every listing is a potential catalyst for the fund's NAV and stock price.

"You're not buying DXYZ for what it's worth today. You're buying it for what it unlocks when SpaceX rings the bell."

The stock has responded accordingly — and so has the dilution. DXYZ ran hard recently, jumping 21% on May 8 and another 30% on May 11 on SpaceX IPO momentum, touching a 52-week high near $71. Then today hit $54 as the market digested news of an increased share offering. That's the DXYZ pattern in a nutshell: explosive upside, then the ATM offering steps in and bleeds the rally.

⚠ The share offering is the story today

The $1 billion ATM offering — now in focus. Destiny Tech100 disclosed an up-to-$1 billion at-the-market share offering through Jefferies in a February 2026 SEC filing. An ATM offering lets the company sell new shares directly into the open market whenever it chooses — and today's price drop to $54 is the market pricing in exactly that. New shares hit the float, supply increases, and buyers who just rode the rally find themselves underwater. It's not a company in trouble; it's a structural feature of how this fund raises capital to deploy into new positions. But it's painful if you're long and not expecting it.

The NAV premium. The fund's net asset value was reported at ~$19.97 per share as of December 2025. At $54 today — after the pullback — you're still paying nearly 3x stated NAV. That premium exists because the market believes the private valuations are stale and that SpaceX alone will reprice everything upward at IPO. If the IPO delays, that premium compresses.

The fee drag. A 4.98% annual expense ratio is steep. Over a multi-year hold, it compounds against you. Factor it in.

None of that makes DXYZ uninvestable. It makes it a trader's instrument more than a buy-and-hold. The $54 level after an offering-driven flush is actually the setup worth watching — historically, DXYZ bounces hard once the dilution overhang gets absorbed and the next IPO headline drops.

Watch the offering activity closely. When DXYZ runs, check whether Jefferies is hitting the ask with new share sales — that's your signal on whether the rally has legs or is about to get bled again. The thesis is intact. The timing is the trade.

"The velvet rope is now a ticker symbol. Just know the bouncer still charges a fee at the door — and today he handed out extra tickets."

#DXYZ#PreIPO#SpaceX#Anthropic#OpenAI#PrivateTech#ATMOffering

Not financial advice. Past performance is not indicative of future results. SharkWater Trading content is for educational and entertainment purposes only. Always do your own due diligence. Premium-to-NAV investing carries significant risk of rapid capital loss.

RKLB Best Day Ever and 20X

ROCKETLAB
BLASTS OFF

The best single day in RKLB history — and we called it at $3.

May 8, 2026·SharkWater Trading·5 min read

Today's move

+34%

Best single day ever

Current price

~$84

vs. $3–4 in 2024

Return (from $4)

20X+

If you listened

Backlog

$2.2B

Doubled year-over-year

RKLB just had its single best trading day in company history — up 34% in one session — after reporting Q1 2026 earnings that beat on every line that matters. If you were following SharkWater Trading back in 2024 when we were pounding the table at $3 and $4, today is your day. Pop the champagne.

"We didn't say 10X. We said it was a generational setup. At $84 today from $3–4 in 2024, you're looking at a 20X. That's not a typo."

Here's what lit the fuse: Rocket Lab reported Q1 revenue of $136.7M in space systems (estimate: $132.1M) and $63.7M in launch services (estimate: $59M) — beats across the board. EPS came in at -$0.07 vs. a -$0.08 estimate. Narrowing losses, accelerating revenue. That's the playbook we've been watching them run.

But the headline number is the backlog: $2.2 billion, more than double what it was a year ago. That's not a fluke — that's a company winning. On top of that, management guided Q2 revenue between $225M and $240M, handily blowing past Wall Street's $207.5M consensus. And they dropped the largest single launch contract in the company's history on the same day. That's a mic drop earnings call.

They also announced an acquisition of Motiv Space Systems, a space robotics company — a smart move that deepens their vertical integration and builds out capabilities that will matter as on-orbit servicing becomes a bigger part of the market.

The macro setup has been working in their favor too. Trump's Golden Dome defense initiative has flooded enthusiasm into defense-adjacent space stocks. And with the long-awaited SpaceX IPO looming later this year, the entire sector is getting a halo effect. Rocket Lab is the best pure-play public space stock in the market, and Wall Street is finally pricing it that way.

The 52-week range tells the full story: $20.23 low, $99.58 high. And the Wall Street average price target? $87.56 — with some analysts modeling $311 by 2030 if the trajectory holds.

"Rocket Lab isn't catching up to the space race — it's leading the commercialization of it."

We know some of you are sitting on 10x, 15x, even 20x gains right now asking whether to ring the register. That's a personal decision. What we can say is: the business has fundamentally re-rated. This isn't the same company that was trading at $3. The backlog doubled. Revenue is scaling. And Neutron — their medium-lift rocket still in development — hasn't even contributed a dollar of revenue yet. If Neutron delivers, the next leg could be just as powerful as the first.

We don't know where the stock trades tomorrow. But we know what we saw in 2024, and we said it loud. The sharks who were patient are eating well today.

#RKLB#Earnings#SpaceStocks#GoldenDome#SpaceXIPO#RocketLab

Not financial advice. Past performance is not indicative of future results. SharkWater Trading content is for educational and entertainment purposes only. Always do your own due diligence before making investment decisions.

🦈 Harvesting Alpha: Selling Puts in Memory, SMR, and Gene Editing

Welcome back to the shark tank. Most retail traders are obsessed with guessing direction—chasing green candles and panic-selling the red ones. But the real alpha isn't always in picking the perfect top or bottom; it's in being the house. When implied volatility (IV) spikes, options premiums inflate. Instead of buying the underlying assets and hoping they go up, we are going to sell the right for others to panic.

Selling bullish puts—specifically cash-secured puts or put credit spreads—is the ultimate "get paid to wait" strategy. If the stock stays flat or goes up, you keep 100% of the premium. If it drops, you get assigned shares of a stock you already wanted to own, but at a massive discount.

Here is how we are structuring our premium-harvesting operations across three of the most explosive, high-IV sectors in 2026: Memory, Small Modular Reactors (SMRs), and Gene Editing.

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1. The Memory Space: Monetizing the AI Bottleneck

As we covered recently, the AI supercycle has created a brutal supply shock in High-Bandwidth Memory (HBM) and data center storage. The fundamentals are bulletproof, but tech sector volatility remains predictably high.

• The Targets: Micron Technology (NASDAQ: MU), Western Digital (NASDAQ: WDC), and Applied Materials (NASDAQ: AMAT).

• The Play: These are high-quality, profitable companies with immense institutional backing. You want to own these long-term. By selling 30-to-45 day out-of-the-money (OTM) puts at established technical support levels, you are harvesting theta (time decay) from anxious traders.

• The Edge: Because the AI narrative drives sharp, violent pullbacks in semiconductor stocks, IV frequently overstates the actual downside risk. If MU takes a 5% haircut on broader market weakness, put premiums will swell. Sell the put, collect the inflated credit, and let the underlying strength of the 2026 memory shortage bail you out.

2. Small Modular Reactors (SMRs): Powering the Grid, Harvesting the Volatility

Data centers cannot survive without base-load power, and nuclear energy has officially roared back. However, the companies building Small Modular Reactors are largely early-stage, pre-revenue, or highly speculative.

• The Targets: NuScale Power (NYSE: SMR) and Oklo (NYSE: OKLO).

• The Play: SMR stocks are infamous for their wild price swings, trading more on regulatory news and futuristic $10 trillion total addressable market (TAM) projections than current earnings. Buying shares outright is a rollercoaster. Selling puts is the antidote.

• The Edge: The implied volatility on stocks like OKLO and SMR is astronomical. The market is pricing in massive uncertainty. By selling deeply OTM puts, you can generate double-digit annualized yields on your cash. If the stock drops and you are assigned, your cost basis is significantly lower than the retail traders who bought the hype. If it bounces, you keep the fat premium.

3. Gene Editing: Fading the Biotech Binary Binary Events

Biotech is the casino of the stock market. In 2026, the patent cliff is driving massive M&A activity, and gene editing has transitioned from science fiction to FDA-approved reality.

• The Targets: CRISPR Therapeutics (NASDAQ: CRSP), Intellia Therapeutics (NASDAQ: NTLA), and Beam Therapeutics (NASDAQ: BEAM).

• The Play: Gene editing stocks trade violently around clinical trial readouts, FDA approvals, and earnings calls. While CRSP actually has a commercial product on the market (CASGEVY), companies like NTLA (pioneering in vivo editing) and BEAM (base editing) are heavily dependent on future catalysts.

• The Edge: Avoid the "binary event" trap of holding long shares through a Phase 3 trial readout where the stock could gap up or down 30%. Instead, let the IV crush work for you. Sell put credit spreads (to strictly define your downside risk) just outside the expected move of these events. When the news drops, IV collapses, the options rapidly lose value, and you buy them back for pennies on the dollar.

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The Shark's Takeaway

Directional trading is a tough way to make an easy living. Premium harvesting shifts the math in your favor. In the memory space, we use puts to acquire fundamentally dominant companies at a discount. In the SMR and Gene Editing spaces, we use puts to extract cash from the market's overreaction to volatility.

Manage your position sizing, never sell naked puts on margin you can't cover, and respect the strike price. Collect the premium, wait out the clock, and strike when the market bleeds.

The AI Memory Supercycle: Profiting from the 2026 Chip Shortage

 Welcome to the shark tank. If you've been trading the semiconductor sector, you already know the headline: AI is eating the world. But while the retail crowd is blindly chasing GPU makers, the real alpha is hiding in the bottleneck. The world is running out of memory.

In 2026, we have entered a massive pricing "supercycle." Data centers are projected to devour a staggering 70% of the world's memory chips this year. Because manufacturers have completely pivoted their production lines to feed the voracious AI demand for High-Bandwidth Memory (HBM), we are facing a severe supply shortfall across the board. Conventional DRAM and NAND flash prices have surged, with some chips up over 200% compared to 2025 figures.

For the sharks hunting for explosive gains, this supply shock isn't a crisis—it's a catalyst. Here is the detailed breakdown of the best memory stocks to buy to capitalize on the 2026 shortage.

1. Micron Technology (NASDAQ: MU)

Micron is the undisputed pure-play champion in the US market, and right now, it is printing money. It is the only US-based manufacturer with direct DRAM exposure, which is critical given that DRAM prices are rising faster than NAND.

• The HBM Catalyst: Early indications from management show that Micron's entire 2026 HBM capacity is 100% sold out.
• The Financials: Micron's revenue growth is explosive, posting massive YoY gains with recent quarterly revenues topping $23.9 billion. The cloud memory segment alone is expanding at an unhinged rate.
• The Trade: The stock recently broke the $500 barrier, and Wall Street is finally waking up. With median price targets chasing $527 and aggressive institutional targets stretching from $700 to $1,000, Micron remains the cleanest vehicle to ride the immediate HBM supply shock.

2. SK Hynix (KRX: 000660 / OTC: HXSCF)

If you are willing to trade over-the-counter or have access to international markets, SK Hynix is a mandatory portfolio addition. They are the dominant secondary player in the HBM market, working directly alongside NVIDIA to feed the AI server buildout.

• First-Mover Advantage: SK Hynix locked down the early lead in HBM3E and HBM4E production.
• Capacity Squeeze: Like Micron, their advanced memory lines are completely booked out through 2026 and well into 2027.
• The Trade: While US investors often default to Micron, SK Hynix holds a massive structural market share in the specific high-end chips that power AI accelerators. It is a foundational play for the current shortage.

3. Western Digital (NASDAQ: WDC) & SanDisk (NASDAQ: SNDK)

Following their recent separation, both Western Digital and SanDisk have emerged as hyper-focused, lethal players in the data storage buildout. The AI demand for massive pools of fast storage for model training and inference workloads has completely wiped out the NAND flash glut of the early 2020s.

• Western Digital: Now an HDD pure-play, WDC has soared from the $50 range in 2025 to over $280 in 2026. High-capacity cloud HDDs are in unprecedented demand as hyperscalers build out their 2026 infrastructure.
• SanDisk: The newly independent flash memory giant is seeing a step-change in revenue and margins as NAND supply tightens and pricing power returns squarely to the suppliers.
• The Trade: Both stocks offer high operating-leverage. When storage prices swing upward, it creates sudden, massive earnings power that the market is rapidly repricing.

4. Applied Materials (NASDAQ: AMAT)

If you don't want to bet on which memory maker wins the arms race, buy the company selling the arms. Applied Materials provides the wafer fabrication equipment (WFE) that allows Samsung, SK Hynix, and Micron to actually build these increasingly complex chips.

• The Capex Boom: To solve the shortage, memory manufacturers are spending billions on facility expansions. AMAT is the direct beneficiary of this capital expenditure.
• Premium Pricing: Complex manufacturing processes for leading-edge DRAM and HBM allow AMAT to charge a premium, insulating them from the cyclical weakness of consumer electronics.
• The Trade: AMAT is effectively de-risking its business by focusing on high-margin, AI-related processes. It is a structurally safe, high-upside play on the desperate global scramble to bring more memory capacity online.

The Shark's Takeaway

The memory market is historically cyclical, but AI has fundamentally altered the baseline. Hyperscalers like Meta, Alphabet, Microsoft, and Amazon are forecasting combined 2026 capital expenditures easily exceeding $500 billion, with the vast majority earmarked for computing infrastructure.

The shortage is here, capacity takes years to build, and prices will continue to climb. Position yourself in the suppliers that own the bottleneck.