Trade SpaceX's Historic IPO with $SPCU, the Defiance Daily Target 2X Long SpaceX ETF

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Elon Musk's SpaceX (SPCX) has made history today by going public in the largest initial public offering (IPO) ever recorded. The company is seeking to raise $75 billion at a targeted valuation of $1.77 trillion.

To put this in perspective, Saudi Aramco's 2019 offering raised $26 billion, and Alibaba's (BABA) U.S. listing, the largest on record in the U.S. before this, raised roughly $25 billion. SpaceX's offering is more than three times that of any prior IPO.

At $1.77 trillion, SpaceX debuts as the seventh-largest company in the United States by market capitalization, above Tesla (TSLA), which currently trades at roughly $1.6 trillion.

The Numbers at a Glance

• IPO Price: $135 per share
• Shares Offered: 555,555,555
• Capital Raised: $75 billion
• Valuation: $1.77 trillion
• 2025 Revenue: $18.67 billion

For active traders, the combination of historic scale and unprecedented retail allocation will likely create tremendous volatility. To capitalize on this volatility, the Defiance Daily Target 2X Long SpaceX ETF (SPCU) launches on Monday and targets 200% daily leveraged exposure to SpaceX stock.

SpaceX: The Largest IPO Elon Musk Has Ever Launched

SpaceX was founded by Elon Musk in 2002 with the goal of reducing the cost of space access. It logged a series of industry firsts: the first privately funded liquid-fueled rocket to reach orbit in 2008, the first private cargo delivery to the International Space Station in 2012, and the first landing and reuse of an orbital-class booster between 2015 and 2017.

The company operates three businesses:

• Launch: Anchored by the Falcon 9, the most-flown orbital launch system in history with a success rate above 99%. Generated approximately $4.1 billion in 2025 revenue.
• Starlink: Satellite internet constellation with more than 10 million subscribers. Contributed $11.39 billion in 2025 revenue at EBITDA margins above 60%. The primary profit engine of the company.
• xAI: Acquired in an all-stock merger in February 2026. Includes the Grok AI chatbot and social media platform X. Generated approximately $3.2 billion in 2025 revenue against a $6.4 billion loss.

Retail Investors Receive Unprecedented Allocation in the SPCX IPO

Most initial public offerings reserve between 5% and 10% of shares for retail investors. SpaceX has reserved up to 30% of the offering for individual investors, triple the typical allocation. Fidelity lowered its IPO eligibility threshold to $2,000 for SPCX, citing the larger retail tranche as the reason more shares are available to individual clients. Robinhood and SoFi are also participating in the retail distribution.

SpaceX CFO Bret Johnsen addressed the retail strategy during a virtual meeting with the deal's banking team: "Retail is going to be a critical part of this and a bigger part than any IPO in history. Those are folks that have been incredibly supportive of us and of Elon for a long time, and we want to make sure that we recognize that."

Trade the SpaceX IPO With the Defiance Daily Target 2X Long SpaceX ETF

The Defiance Daily Target 2X Long SpaceX ETF (SPCU) targets 200% of the daily performance of SpaceX common stock, before fees and expenses. The fund launches Monday alongside SPCX on the Nasdaq.

• When SPCX rises 1%, SPCU targets a 2% gain (before fees)
• When SPCX falls 1%, SPCU targets a 2% decline (before fees)
• Net expense ratio: [TBD]
• No need to manage multiple positions or derivatives

SPCU resets its leverage exposure daily. The 2X target applies to single-day price movements, and holding the fund beyond a single day introduces compounding effects. It is designed for short-term tactical trading, not long-term holds.

Join The Most Anticipated Market Debut in History

SpaceX enters public markets as the largest IPO ever recorded, backed by a dominant satellite business, an expanding AI ecosystem, and a founder whose influence over retail markets is well documented. 

For a company of this scale, with this much retail anticipation behind it, outsized volatility will be an undeniable fixture for the foreseeable future as investors digest its sheer size and impact on the market as a whole. 

For active traders with a directional view on SPCX, the Defiance Daily Target 2X Long SpaceX ETF (SPCU) provides 200% daily leveraged exposure in a single trade.

Important Disclosures

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. For a prospectus or summary prospectus with this and other information, go to defianceetfs.com Investing involves risk, including possible loss of principal.
SPCU may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment that diversifies risk or tracks the market generally. The Fund’s value may fluctuate more sharply in response to events affecting the SPCX than funds that invest in a broader range of issuers.
Leverage. Leverage may magnify the Fund’s gains or losses. Fluctuations in the market value of the Fund's portfolio will have disproportionately large effects on the Fund’s NAV.
Derivatives. Derivatives may be more sensitive to changes in market conditions and may amplify risks.
Swaps. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.
New Fund. The Fund is recently organized and has a limited operating history. As a result, there is limited performance history upon which investors can evaluate the Fund’s ability to achieve its investment objective.
Non-Diversification Risk. The Fund is classified as non-diversified and may invest a greater percentage of its assets in a single issuer than a diversified fund. As a result, the Fund may be more sensitive to adverse economic, regulatory, or market developments affecting SPCX.

SpaceX Risk. The Fund invests in swap contracts and options that are based on the share price of SpaceX. This subjects the Fund to certain of the same risks as if it owned shares of SpaceX, even though it does not.

Distributed by Foreside Fund Services, LLC.

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