TLDR
- ProShares plans SPCF to target two times SpaceX’s daily stock performance after its expected IPO.
- The ETF is expected to launch on June 12, 2026, alongside SpaceX’s public debut.
- SpaceX is reportedly targeting a $1.75 trillion valuation while seeking $75 billion from investors.
- SPCF is a leveraged single-stock ETF, meaning returns may diverge over longer holding periods.
- ProShares warns IPO volatility, liquidity limits and SpaceX business risks could affect fund performance.
ProShares is expected to launch ProShares Ultra SpaceX, trading under the ticker SPCF, on June 12, 2026, the same day SpaceX is scheduled to go public. The fund is designed to target twice the daily performance of SpaceX shares before fees and expenses.
The company said SPCF is intended to give investors a way to express a bullish daily view on SpaceX without using margin borrowing. ProShares Chief Executive Michael L. Sapir said the ETF would offer exposure through the convenience and transparency of an exchange-traded fund.
SpaceX is reportedly seeking to raise $75 billion in its initial public offering, with a target valuation of $1.75 trillion. If completed at that level, the listing would rank among the largest public market debuts by valuation
Fund Targets 2x Daily Returns
SPCF will seek daily investment results equal to two times the daily movement of SpaceX stock, making it a leveraged single-stock ETF. The fund’s stated objective applies only from one trading day to the next and may not match two times SpaceX’s return over longer holding periods.
ProShares said returns over periods longer than one day may differ from the daily target because of compounding, volatility and market movement. The company said investors should monitor leveraged fund positions in line with their goals and risk tolerance.
The ETF will join ProShares’ existing lineup of single-stock leveraged products. The firm already offers funds linked to companies including Circle, Coinbase, Nvidia, Palantir and Tesla.
Risk Warnings Accompany Launch
ProShares said the fund’s performance will depend almost entirely on SpaceX stock, which removes the diversification usually found in broader ETFs. The company also warned that newly listed shares can face high volatility, limited trading history, liquidity pressure and wider bid-ask spreads.
The prospectus materials describe several SpaceX-related business risks, including government regulation, export controls, national security requirements and dependence on government contracts. Other listed risks include launch failures, satellite development delays, geopolitical conditions, cybersecurity events, litigation and supply chain disruptions.
The ETF is expected to begin operations at the same time as the SpaceX IPO, although the final date may change if the company’s public listing schedule changes. ProShares also said there is heightened risk that the ETF may not operate as intended on the IPO day or shortly after trading begins.
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