Active ETF offers exposure to Elon Musk’s SpaceX

Active ETF Baron First Principles ETF has added a large stake in Elon Musk’s privately held SpaceX, with daily disclosures of the active ETFs holdings on Friday showing SpaceX now makes up 22% of the fund’s portfolio.

Such a stake would open up a potentially big opportunity for those looking to get access to some of the eccentric billionaire’s privately held business empire, ahead of any public offering of the shares — which is reportedly in the works for this year.

Run by mutual fund manager Ron Baron, the ETF also owns stakes in other Musk vehicles such as privately held xAI and publicly traded Tesla. The fund — which has only been trading since December 15 — is down slightly on the day.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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