SpaceX’s June 2026 public listing reshaped investment vehicles tied to its shares. For some individuals who invested through funds in 2020, the listing did not lead to a simple or immediate payout, highlighting opacity, delayed settlement and structural complexity in pooled vehicles holding private-company equity. At the same time, products such as Tema Space Innovators ETF (NASDAQ: NASA), which had marketed access to SpaceX through a special-purpose vehicle before the IPO, lost much of their scarcity value once investors could buy SpaceX shares publicly.