SpaceX's $8B Profit Fuels Mid-2026 IPO Speculation
SpaceX is actively exploring a mid-2026 initial public offering following a remarkably profitable year. The aerospace leader posted $8 billion in profit on $15.5 billion in revenue for 2025, a financial performance that has intensified discussions about a public debut. Since December 2025, SpaceX CFO Bret Johnsen has been engaging with private investors to map out the potential IPO. The company's rapid growth, underscored by an increase in space launches from 102 in 2019 to 324 in 2025, supports the move. Further speculation follows the rumored acquisition of xAI, which could create a combined entity valued at over $1 trillion and position the company as a dominant force in both space and artificial intelligence.
DXYZ Fund Offers Up to 35% Pre-IPO SpaceX Exposure
For investors seeking to gain exposure to SpaceX before it goes public, the Destiny Tech100 (NYSE:DXYZ) closed-end fund presents a direct, albeit speculative, vehicle. With SpaceX constituting 23-35% of its holdings, DXYZ is the most concentrated publicly traded security for tracking the private company's valuation. As a closed-end fund, its share price is driven by market supply and demand, making it highly sensitive to news surrounding the impending IPO. Currently, DXYZ trades at a 52% discount from its December 2024 highs, offering a potential entry point for traders anticipating a surge in hype as the IPO date approaches. A successful public listing would cause the fund's net asset value (NAV) to reprice immediately to reflect SpaceX's public market valuation.
Post-IPO Obsolescence Poses Risk to DXYZ Holders
The investment case for DXYZ is primarily a short-term tactical play rather than a long-term holding. The fund's primary purpose—providing access to a private SpaceX—will become obsolete once SpaceX shares are available for direct purchase on the open market. This shift is expected to trigger a significant sell-off as investors migrate away from the fund, which also carries its own management expenses. Furthermore, DXYZ will be unable to immediately capitalize on its gains due to standard IPO lock-up periods, which typically last several months. Investors should therefore consider this a pre-IPO momentum trade, with a clear strategy to exit before the public offering materializes.
