As noted by CNN, “OpenAI was last valued at $852 billion after raising $122 billion in March, but it’s faced pressure to demonstrate it can generate the cash to match that valuation.”

OpenAI’s IPO plans come just days before SpaceX is expected to launch its own public offering in a deal that could raise a record $86 billion and value Elon Musk’s aerospace and AI empire at roughly $1.78 trillion. Meanwhile, Anthropic, the developer of the Claude chatbot, disclosed last week that it had also confidentially filed for an IPO. In its most recent private funding round, Anthropic reached a valuation of $965 billion—surpassing OpenAI’s valuation for the first time—as the company continued to post rapid revenue growth.

While waiting for a direct opportunity to buy into this potential IPO is one approach, investors are turning to stocks and ETFs already benefiting from the current surge in IPO enthusiasm.

A Smart Way to Play the OpenAI IPO Trend

With an expense ratio of 0.61%, the First Trust US Equity Opportunities ETF (NYSEARCA: FPX) tracks hot IPOs, giving investors access to new stocks during their initial, most crucial days on the market. By buying it, not only can you avoid paying gobs of money for IPOs that may or may not work out, but you’re also being exposed to multiple hot IPOs at the same time at a lesser cost.

Even with its share of high-profile IPO disappointments, FPX has delivered strong long-term gains, climbing from around $11 in 2009 to recent highs near $190. The key advantage is simple: whether individual IPOs succeed or fail, the overall excitement and capital inflows into the IPO market tend to support the ETF over time.

Another option for IPO exposure: the Renaissance IPO ETF

With an expense ratio of 0.6%, the Renaissance IPO ETF (NYSEARCA: IPO) provides “investors with the largest, most liquid US-listed newly public company stocks in one security, reducing the risk of single-stock ownership while avoiding overlap with major core indices for optimal diversification across markets and time,” as noted by Renaissance Capital.

Since November 2023, the ETF has rallied from a low of about $30 to its current price of $55. From here, we’d eventually like to see the ETF rally back to $60 a share.

Another route: the Fundrise Innovation Fund

At the moment, AI accounts for about 44% of the Fundrise Innovation Fund (NYSE: VCX) portfolio and data infrastructure 23%, with the remainder invested in fintech, aerospace, gaming, software, and healthcare. The strong demand for VCX comes as its top holdings, such as Anthropic, Databricks, and OpenAI, are expected to go public this year.

A Safer Way to Trade OpenAI

As excitement builds around a potential OpenAI IPO, investors don’t necessarily have to wait for the company to begin trading publicly to gain exposure to the trend. 

IPO-focused ETFs and funds with stakes in leading private AI companies offer alternative ways to participate in the growing enthusiasm surrounding artificial intelligence and new market listings. While every investment carries risk, vehicles such as FPX, the Renaissance IPO ETF, and the Fundrise Innovation Fund provide diversified exposure to some of the companies and themes driving today’s AI revolution. 

These investments could be well-positioned to benefit both the short and long term.

“We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,” Morningstar analysts said, as quoted by CNBC. “Morningstar’s discounted cash flow valuation of SpaceX is $780 billion, which is roughly 48% below its private market valuation of $1.5 trillion.”

Of course, that won’t stop retail investors from flocking to the IPO on day one.

For those who want to avoid the Day One chaos, exchange-traded funds (ETFs) are another, “safer” way to trade the IPO. Here are three options to consider.

A Diversified Approach to the IPO Market 

When we first highlighted the First Trust US Equity Opportunities ETF (NYSEARCA: FPX) with the SpaceX opportunity, it traded at about $165. Today, it’s up to $194.48.

With an expense ratio of 0.61%, the FPX tracks hot IPOs, giving investors access to new stocks during their initial, most crucial days on the market. By buying it, not only can you avoid paying gobs of money for IPOs that may or may not work out, but you’re also being exposed to multiple hot IPOs at the same time at a lesser cost.

Even with its share of high-profile IPO disappointments, FPX has delivered strong long-term gains, climbing from around $11 in 2009 to recent highs near $195. The key advantage is simple: whether individual IPOs succeed or fail, the overall excitement and capital inflows into the IPO market tend to support the ETF over time.

With the FPX, it doesn’t matter if the stock is hot or a dud; the excitement surrounding IPOs continues to send the FPX to new highs.

A Focused Play on Recent Public Listings 

When we first highlighted the Renaissance IPO ETF (NYSEARCA: IPO) with the SpaceX opportunity, it traded at about $46. Today, it’s up to $57.57.

With an expense ratio of 0.6%, the ETF provides “investors with the largest, most liquid US-listed newly public company stocks in one security, reducing the risk of single-stock ownership while avoiding overlap with major core indices for optimal diversification across markets and time,” as noted by Renaissance Capital.

Since November 2023, the ETF has rallied from a low of about $30 to its current price of $57.57. From here, we’d eventually like to see the ETF rally back to $60 a share.

A Venture Capital Approach for Public Investors

There’s also the Fundrise Innovation Fund (NYSE: VCX), which, after bottoming out at around $75 in May, now trades at $192.59. The publicly traded venture capital fund offers everyday investors indirect exposure to SpaceX, which makes up a portion of its portfolio, alongside other private tech giants such as Anthropic and OpenAI.

A More Measured Path to SpaceX Participation

While SpaceX’s IPO could generate a good deal of excitement, investors should be mindful of the risks that often accompany high-profile public offerings. 

Rather than chasing shares on day one at potentially inflated valuations, investors may be better served by gaining exposure through diversified vehicles such as FPX, IPO, or the Fundrise Innovation Fund. Each offers a way to participate in the growth of innovative companies while reducing the single-stock risk that can come with even the most anticipated IPOs. As history has shown, patience and diversification often prove to be the more profitable strategy.

Investors should also remember that some of the strongest long-term returns come after the initial excitement fades and valuations become easier to assess. Whether SpaceX exceeds expectations or struggles to justify its lofty pricing, diversified investment vehicles can provide a more balanced way to participate in one of the market’s most closely watched growth stories.

IPO ETFs Could Benefit From SpaceX Excitement

One way to gain exposure is through the First Trust US Equity Opportunities ETF (NYSEARCA: FPX). With an expense ratio of 0.61%, the ETF tracks newly public companies during their early trading period—often when interest and volatility are at their peak. As of this writing, GE Vernova (NYSE: GEV) and SanDisk (NASDAQ: SNDK) are the fund’s top two holdings.

Instead of betting on a single IPO, FPX offers diversified exposure across multiple recent listings. Despite periodic disappointments in high-profile IPOs, the ETF has delivered strong long-term performance, climbing from roughly $11 in 2009 to recent highs near $189.

The key advantage is diversification. Rather than relying on any one IPO to succeed, investors benefit from overall enthusiasm and capital flows into the IPO market.

Renaissance IPO ETF Offers Broad IPO Exposure

Another option is the Renaissance IPO ETF (NYSEARCA: IPO). With a 0.6% expense ratio, the fund focuses on some of the largest and most liquid newly public U.S. companies. For example, as of this writing, CoreWeave (NASDAQ: CRWV) is the fund’s largest holding.

Its structure is designed to reduce single-stock risk while maintaining exposure to high-growth entrants. Since late 2023, the ETF has rallied from around $30 to about $49. Continued strength in the IPO market could push it higher, particularly if major offerings like SpaceX come to market with strong demand.

Private Market Funds Offer Pre-IPO Exposure

For investors looking beyond traditional ETFs, the Fundrise Innovation Fund (NYSE: VCX) offers exposure to private companies.

The fund has seen explosive recent gains, driven by demand for access to pre-IPO names. Its portfolio is heavily weighted toward artificial intelligence and data infrastructure, alongside investments in fintech, aerospace, and software.

Notably, it includes exposure to companies widely expected to go public in the future—giving investors a way to participate before IPO events occur.

Speculative SpaceX IPO Trades Carry Higher Risk

More speculative investors may look at Destiny Tech 100 (NYSE: DXYZ).

Shares have been fueled by excitement around its exposure to private “unicorn” companies, including SpaceX and other high-profile AI names. The stock has shown sharp momentum, jumping significantly in a short period.

Which SpaceX IPO Investments Carry the Most Upside?

If even a handful of these companies go public at strong valuations, the fund could see meaningful upside. However, volatility is likely to remain elevated given its concentrated and speculative nature.

Another reason investors are focusing on IPO-related funds is the improving backdrop for growth stocks. Falling interest rate expectations and stronger demand for artificial intelligence infrastructure have helped revive investor appetite for high-growth technology companies. If market conditions remain favorable, analysts expect more private firms to consider public offerings over the next 12 to 18 months, potentially creating additional momentum for IPO-focused funds.

Investors should also recognize that many SpaceX-related trades remain highly speculative. Because SpaceX is still privately held, funds with indirect exposure can experience sharp volatility based on headlines, valuation estimates, or shifts in investor sentiment. That makes diversification especially important for investors looking to participate in the IPO theme without taking excessive single-stock risk. While a SpaceX IPO could become one of the biggest market events in years, broader IPO market strength may ultimately create opportunities across multiple sectors beyond aerospace alone.

A SpaceX IPO is shaping up to be more than just a single market event—it’s acting as a catalyst for renewed interest across the IPO landscape. 

For investors, that creates multiple ways to participate. Diversified ETFs like FPX and IPO offer broad exposure, while funds like VCX and DXYZ provide more targeted—and higher-risk—opportunities. As anticipation builds, positioning ahead of the IPO wave may prove just as important as the IPO itself.