A growing wave of investors chasing exposure to SpaceX is setting a fresh trend in the ETF market, with niche space-focused funds suddenly drawing massive inflows as traders hunt for ways to tap into one of the world's most valuable private companies.

The frenzy has pushed several relatively small ETFs into the top tier of weekly fund flows, echoing the kind of momentum-driven investor behavior previously seen around AI-linked trades tied to Nvidia Corp.

Tema ETFs CEO and founder Maurits Pot, in a recent interview, summed up the trend by saying, "We felt a space ETF without SpaceX was like a semiconductor ETF without Nvidia," underscoring how difficult it has become for investors to view meaningful space-industry exposure without including Elon Musk's aerospace giant — much like removing NVDA from a chip-sector portfolio.

According to Bloomberg Intelligence ETF analyst Eric Balchunas, ETFs with direct or indirect SpaceX exposure — including Tema Space Innovators ETF (NASA), Baron First Principles ETF (RONB), and ERShares Private-Public Crossover ETF (XOVR) — all ranked among the top 1% of ETF inflows over the past week.

Data shared by Balchunas showed the NASA ETF attracting roughly $598 million in one-week inflows, while RONB pulled in about $771 million over the same period. NASA also gathered nearly $1.25 billion in year-to-date inflows, while RONB added approximately $1.21 billion.

RONB's assets under management have exploded from around $400 million to nearly $1.3 billion in just two weeks, underscoring how aggressively investors are piling into SpaceX-linked strategies.

SpaceX Exposure Is Driving The Category

The rally marks a dramatic shift in the competitive landscape for space ETFs.

For years, products such as ARK Space & Defense Innovation ETF (ARKX), Procure Space ETF (UFO), and State Street SPDR S&P Kensho Final Frontiers ETF (ROKT) dominated the category by offering diversified exposure to satellites, aerospace manufacturers, and defense contractors.

Now, investors appear increasingly focused on one company.

The NASA ETF has surged past several of those established rivals in assets despite launching only about two months ago. Bloomberg Intelligence data showed NASA's assets climbing to roughly $1.42 billion, overtaking UFO, ARKX, and ROKT.

A key catalyst has been the ETF's approximately 10% allocation to a SpaceX special purpose vehicle (SPV), which gives investors indirect exposure to the private company. The fund has also delivered returns of around 55%, adding to the momentum.

Meanwhile, RONB stands out as the only ETF among the group holding direct shares of SpaceX, according to Balchunas.

Private-Market Mania Reaches ETFs

The surge highlights how ETFs are increasingly becoming vehicles for retail investors seeking access to elite private-market companies that are otherwise difficult to own.

With speculation mounting that SpaceX could eventually debut publicly at a valuation exceeding $2 trillion, investors appear willing to pour money into any listed fund offering even partial exposure.

The result is what Balchunas described as SpaceX giving "otherwise small/new ETFs superpowers."