How to Invest in SpaceX: Every Route and What It Costs

About a million people a month search for “SpaceX stock.” There is no ticker on Nasdaq and no IPO date, so none of them can buy shares — but that is not the same as having no options. A NYSE-listed fund holds SpaceX and any retail account can buy it. Private-market platforms sell it to accredited investors. And Hyperliquid lists a perpetual that tracks its valuation.

Each is a different instrument with a different catch, and the catches are large. This page covers all of them, including the cases where the answer is “buy the fund instead.”

Why you cannot simply buy SpaceX shares

SpaceX has stayed private deliberately. Elon Musk has said repeatedly that the company will not list until Starship flights are routine, because public-market quarterly pressure conflicts with a decade-scale engineering program.

Practically, the shares that exist are held by employees, early investors, and institutional funds. They change hands in periodic company-run tender offers rather than on an exchange, and SpaceX controls who is allowed to participate. A retail investor in Jakarta, Madrid, or Ohio has no path onto that cap table — not because of wealth, but because there is no mechanism.

This is what makes the demand so unusual. Roughly a million people a month search for SpaceX stock. Almost none of them can act on it.

The routes that do exist

1. SPV funds and private-market platforms

Platforms such as Hiive and Forge, along with various SPV sponsors, let accredited investors buy into vehicles that hold SpaceX shares.

What you get: genuine economic exposure to the shares, and an allocation if the company eventually lists.

What it costs you:

• Accreditation. In the US, $200,000+ income or $1M+ net worth excluding your home. Most countries have an equivalent gate.
• Minimums that usually start between $10,000 and $50,000.
• Fees of 1–2% annually plus carried interest on gains.
• No liquidity. Your money is locked until the fund exits. There is no selling on a bad week.
• A layer of counterparty risk. You own a unit of a fund that owns shares. If the sponsor mismanages the vehicle, that is your problem too.

2. Listed funds that hold SpaceX — the route most people miss

This is the option that gets left out of most write-ups, including, until recently, this one.

Destiny Tech100 (NYSE: DXYZ) is a closed-end fund whose largest holding is SpaceX. It trades on the New York Stock Exchange, so any ordinary brokerage account can buy it — no accreditation, no minimum beyond one share. ARK Venture Fund (ARKVX) is an interval fund that also holds SpaceX and is open to retail investors at a low minimum.

So the flat claim that “retail cannot get SpaceX exposure” is wrong. It can.

What it costs you is where this gets interesting:

• The premium to net asset value. DXYZ has spent much of its life trading well above the value of the assets it holds — at times by a multiple, not a few percent. You can be right about SpaceX and still lose badly when that premium compresses. Its 52-week range has run from roughly $20 to $73 on an underlying portfolio that did not move anything like that much.
• Dilution. SpaceX is the largest holding, not the only one. You are buying a basket and the rest of it moves your position too.
• Fees, and for ARKVX limited liquidity — interval funds only allow redemptions in periodic windows.

The honest summary: DXYZ is a real, accessible way to own SpaceX exposure, and the price of that accessibility has historically been a premium that dwarfs every fee mentioned on this page. Check the current premium or discount to NAV before buying. It is the single most important number for this instrument, and it moves.

3. The SPCX perpetual on Hyperliquid

Hyperliquid lists a perpetual futures contract that tracks SpaceX’s private-market valuation. It settles in USDC, trades continuously, and has no accreditation requirement or minimum beyond the margin you post.

What it costs you — and this is the part most write-ups skip:

• You are not buying equity. No shares, no shareholder rights, no dividends, no IPO allocation.
• You pay funding every hour, depending on which side of the market is crowded.
• You can be liquidated by a valuation move that a real shareholder would simply sit through.

Contract specs

Mark price	$136.59
24h volume	$302,112,714
Open interest	1,850,531
Max leverage	20x
Funding rate (1h)	-0.0044%

Data from Hyperliquid API, as of 2026-08-11. Ticker: SPCX

Comparing the three routes

Where the reference price comes from

This is worth understanding before you trade it, because it behaves differently from a listed stock.

A perpetual on a public equity references a continuously trading market. A perpetual on a private company cannot — there is no continuous market. The reference is a valuation mark derived from private-market transactions, tender offers, and secondary-market pricing.

Two consequences follow:

The price can move in steps. A listed stock reprices thousands of times a day. A private valuation reprices when new information arrives — a funding round, a tender offer, a credible report. Between those events the contract price is driven mostly by trader positioning rather than by anything happening at the company.

Gaps are larger than on listed markets. When a repricing does arrive, the move can jump past your stop and past your liquidation price without trading through the levels in between. Position sizing that would be conservative on a listed stock is not conservative here.

What the funding rate actually does to you

On a perpetual, funding is the mechanism that keeps the contract anchored to the reference. When more traders are long than short, longs pay shorts every hour; when the imbalance flips, so does the payment.

The hourly number looks like nothing. Annualised, a persistent rate becomes the dominant cost of holding. A contract sitting at 0.01% per hour costs over 80% a year to hold long — which is more than most people’s entire thesis is worth.

This is why perpetuals suit views expressed over weeks and fail at multi-year theses. If your position is “SpaceX will be worth far more by 2030,” funding will grind you down long before you are proven right. The funding rate table shows the current annualised cost for every market we cover.

If SpaceX actually lists

Worth being explicit, because people ask.

Holders of the perpetual receive no allocation, no shares, and no special treatment in an IPO. What happens is simply that the reference price becomes a listed price, probably with a violent repricing on the way. Whether that helps or hurts you depends entirely on which side you were on and whether your position survived the volatility around the event.

If your reason for wanting SpaceX exposure is to participate in the IPO, this instrument does not do that, and no amount of holding it will change that.

Practical notes

• Access: Hyperliquid is not available everywhere. Check where it is available before depositing anything.
• Margin: SPCX settles in USDC. See getting USDC across.
• Sizing: on an asset that reprices in steps, size the position so that a gap does not end you.

Common questions

Can I buy SpaceX stock on Hyperliquid?

No. Hyperliquid lists a perpetual futures contract that tracks SpaceX's private-market valuation. You get price exposure, not shares. There is no ownership, no shareholder rights, and no IPO allocation.

Will I get SpaceX shares if it goes public?

No. Holding the SPCX perpetual gives you no claim on shares at an IPO. The contract's reference price would transition to the listed price, but you would still hold a derivative, not equity.

What is the minimum to trade SPCX?

There is no formal minimum beyond the margin required for a position. In practice, fixed costs of getting USDC onto the exchange make very small first deposits inefficient.

How is the SPCX price determined if SpaceX is private?

The reference is a valuation mark derived from private-market transactions and tender offers rather than a continuously trading market. This means it can move in steps when new information arrives, rather than continuously.

Is SPCX a good way to hold SpaceX long term?

No. Funding costs accrue hourly and compound against a long-held position, and leverage introduces a liquidation price that a shareholder would not face. Perpetuals suit views expressed over weeks, not multi-year theses.

What leverage is available on SPCX?

Up to 20x. On an asset whose reference price reprices in steps rather than continuously, high leverage means a single repricing event can liquidate a position before you can react.

Related

If you want SPCX because you want exposure to things a normal broker cannot reach, the same structure applies to crude oil and gold, where the barrier is contract size rather than being private, and to NVIDIA, where it is trading hours.