The launch of leveraged ETFs tied to newly public AI chipmaker Cerebras Systems Inc. (CBRS) may be signaling something much bigger brewing on Wall Street: a looming race to launch leveraged funds tied to SpaceX.

ETF issuer Leverage Shares rolled out the Leverage Shares 2X Long CBRS Daily ETF (BATS:CBRG) just one day after Cerebras debuted on Nasdaq — a turnaround that Bloomberg ETF analyst Eric Balchunas described as a new record for the time between an IPO and a leveraged ETF launch.

SpaceX May Be The Real Story

Bloomberg ETF analyst James Seyffart suggested on X that the Cerebras launch could serve as a test case for how quickly leveraged SpaceX ETFs may eventually hit the market, underscoring how aggressively issuers are moving to capitalize on investor demand for speculative, high-volatility trades.

The quick move suggests issuers are increasingly competing on "speed-to-market" around buzzy names linked to artificial intelligence, defense, crypto and space exploration.

That race may already be underway for SpaceX, the most anticipated IPO of 2026.

Earlier this year, Tuttle Capital Management and REX Shares filed for leveraged ETFs tied to SpaceX and AI startup Anthropic ahead of any public offering, according to Reuters. The filings highlighted growing expectations that a future SpaceX IPO could unleash one of the largest waves of retail trading activity Wall Street has seen in years.

ETF Issuers Are Racing To Capture Retail Mania

Investor appetite for SpaceX exposure has already begun spilling into ETFs that hold private-market stakes or companies tied to the broader space economy. Funds such as the ARK Space & Defense Innovation ETF (BATS:ARKX) and Procure Space ETF (NASDAQ:UFO) have frequently been viewed by retail traders as proxy bets on the space sector amid ongoing speculation surrounding a potential SpaceX listing.

Meanwhile, the rapid launch of leveraged Cerebras products underscores how single-stock ETFs have evolved from niche trading tools into one of the ETF industry's fastest-growing and most competitive corners. Issuers have increasingly rolled out leveraged and inverse products tied to volatile names such as NVIDIA Corp (NVDA), Tesla Inc (TSLA) and Palantir Technologies Inc (PLTR) as retail demand for amplified exposure continues to surge.

If SpaceX eventually goes public, analysts expect the scramble to launch related ETFs could move even faster.