SpaceX’s record public offering has made BlackRock one of the company’s largest institutional investors. The asset manager has approximately $882 million worth of holdings through a number of exchange-traded funds.
BlackRock is heading towards a SpaceX IPO
The largest funding came from the iShares AI Innovation and Tech Active ETF, worth more than $451 million, per Bloomberg Station. Another fund managed by BlackRock is the iShares US Equity Factor Rotation Active ETF, which has approximately $258 million in assets. SpaceX shares.
In addition, the iShares Defense Industrials Active ETF has invested approximately $67.8 million. Furthermore, BlackRock’s iShares US Thematic Rotation Active ETF was valued at approximately $47.1 million.
“A ton of ETFs bought SPCX yesterday (especially BlackRock via $BIA with $450 million buying),” Eric Balchunas, an ETF analyst at Bloomberg, said in a post on X.
Balchunas added that SpaceX stock saw a rapid surge from ETF investors after the IPO launch. “There were 4 ETF holders on Friday morning, but now there are 40. Wild,” he wrote.
The rate of accumulation was a sign of a massive shift in the ETF market to show that actively managed funds can quickly adapt to new listings, the analyst said. Compare with chunas SpaceX IPO launch To Meta and Alibaba platforms.
“I remember $META and $BABA took weeks to enter ETFs,” Balchunas said. He added: “At that time, almost everything was passive and governed by index rules. Today, 60% of products are active, have no rules, and can buy/sell at pretty much any time.”
SPCX stock performance overview
Heavy institutional demand came on the heels of SpaceX’s recent IPO. It issued 556.5 million SPCX shares at $135 per share to raise about $75 billion. Before trading, SpaceX’s offering was valued at about $1.77 trillion.
Investor enthusiasm continued through the stock’s opening day. SpaceX stock opened at $172, but closed at $160.95, well above its IPO price. The stock remained on an uptrend in extended trading with gains of more than 3% in the after-hours.
Along with BlackRock, Cathie Woods ARK Invest also poured About $530 million to buy SPCX shares.
