SpaceX SpaceX (SPCX) has long been synonymous with high-growth investing, finding a natural home in innovation, technology and space-themed ETFs. But following its blockbuster public debut and subsequent inclusion in major equity benchmarks, Elon Musk's rocket company has landed somewhere few investors would expect: inside value ETFs. According to Morningstar, SpaceX is now held by 179 U.S.-listed ETFs, including several funds built around value investing—a category traditionally associated with mature, lower-valuation companies rather than fast-growing disruptors.

While SpaceX remains one of the market's most closely watched growth stocks, its growing presence in value-oriented portfolios underscores how modern index construction has evolved. Rather than relying solely on valuation metrics, many value indexes and active managers blend measures such as profitability, cash generation and quality, allowing companies like SpaceX to enter portfolios that might once have excluded them.

Why Is SpaceX Showing Up in Value ETFs?

At first glance, SpaceX appears to be an unlikely fit.

Traditional value investing focuses on companies trading at relatively low valuations compared with earnings, book value or cash flow. SpaceX, by contrast, commands a premium valuation driven by expectations for future growth in satellite broadband, launch services and defense contracts.

Yet many contemporary value strategies use more nuanced methodologies. Index providers increasingly combine valuation screens with quality, profitability and earnings characteristics, while active managers have greater flexibility to identify companies they believe are undervalued relative to their long-term growth potential.

As a result, SpaceX has quietly made its way into portfolios that investors may associate with stability rather than disruptive innovation.

Which Value ETFs Own SpaceX?

Morningstar's analysis shows that SpaceX has quietly landed in several of the market's largest value ETFs, underscoring how the stock's rapid ascent is reshaping portfolios traditionally associated with mature, lower-valuation companies.

The largest value ETF holder is the Schwab U.S. Large-Cap Value ETF (SCHV), which has allocated a small portion of its portfolio to SpaceX. While the weighting is modest, it stands out because SCHV is widely regarded as a core value fund built around established blue-chip companies.

Another notable holder is the Strive 1000 Value ETF (STXV), also has a small allocation to SpaceX, making it one of the company's largest value ETF shareholders.

SpaceX has also found a place in some of the biggest value index funds in the U.S., including the iShares Russell 1000 Value ETF (IWD) and the Vanguard Russell 1000 Value ETF (VONV), both of which track the Russell 1000 Value Index.

The list extends further to the iShares Russell Top 200 Value ETF (IWX), which invests in large-cap value companies and holds SpaceX at roughly 0.03% of its portfolio. Smaller allocations can also be found in the Fidelity Enhanced Large Cap Value ETF (FELV) and the Goldman Sachs MarketBeta Russell Large Cap Value Equity ETF (GVUS), demonstrating that the rocket maker has quietly spread across both passive and actively managed value strategies.

While these weightings are relatively small, their significance lies in what they represent. Value ETFs have traditionally been associated with banks, industrial companies, healthcare giants and consumer staples—not one of the world's fastest-growing aerospace and satellite companies. SpaceX's inclusion illustrates how modern value investing has evolved beyond simple price-to-book and price-to-earnings screens. Many index providers and active managers now incorporate measures such as profitability, free cash flow, earnings quality and return on capital, allowing dominant companies with premium valuations to qualify for value portfolios.

Not Just Value—SpaceX Is Everywhere

SpaceX's ETF footprint now extends well beyond value strategies.

Expected holders include thematic funds such as the ARK Space Exploration & Innovation ETF (ARKX) and the Procure Space ETF (UFO), which have long provided investors with exposure to the commercial space economy.

But Morningstar's analysis shows the company's reach has expanded much further. SpaceX is now held by 179 U.S.-listed ETFs, spanning broad-market index funds, growth ETFs, quality and momentum strategies, multi-factor portfolios and value funds. That means investors may already own the stock through diversified ETFs without intentionally seeking exposure to the aerospace sector.

The expanding ETF ownership also mirrors the path taken by companies like Nvidia and Tesla. Once a stock joins widely followed benchmarks, passive funds become automatic buyers, with every dollar flowing into index ETFs translating into incremental demand for the shares.

Investors seeking more concentrated exposure still have dedicated options. Recent launches include the Kurv SpaceX Enhanced Income ETF (XSHP), Tradr 2X Long SpaceX Daily ETF (SPCM), Tradr 2X Short SpaceX Daily ETF (SPCG), Defiance Daily Target 2X Short SpaceX ETF (SPCQ) and GraniteShares 2x Short SpaceX Daily ETF (SNK).

A Sign of How Value Investing Is Changing

SpaceX's appearance in value ETFs says as much about today's investment scenario as it does about the company itself.

Value investing is no longer defined solely by low price-to-earnings multiples. Many strategies now seek businesses with durable competitive advantages, strong cash flows and attractive long-term fundamentals, even if they operate in high-growth industries.

The lines between growth and value have become increasingly blurred for ETF investors. And with 179 ETFs now holding SpaceX, including some of the market's most unexpected value funds, the company's reach extends far beyond the space sector.