A new crop of mega-cap initial public offerings (IPOs) has investors newly focused on the opportunities emerging in US markets in 2026, as well as the structural themes driving their blockbuster status.

Private companies such as SpaceX, OpenAI and Anthropic can be seen as potential major listings in 2026, with each exposed to some of the market’s most powerful long-term themes: artificial intelligence, next-generation computing infrastructure, and the commercialisation of space.

For Australian advisers hopeful of access to these larger issuances, any IPO allocations are likely to be closed or tightly constrained, particularly for offshore retail investors. But the potential for a mid-year listing for satellite and space exploration company, SpaceX, raises the prospect that closely watched growth companies could soon become investable through secondary market trading.

Listing surge amid volatility

The potential SpaceX IPO would likely break new ground as the largest listing in history, with reports suggesting a valuation of up to US$1.75 trillion and a capital raising of about US$75 billion.

The SpaceX debut is occurring against an improving backdrop for new listings on global equity capital markets. Reuters reported that global IPO proceeds rose 47% year on year in the first quarter, while total equity capital raised climbed 40% to US$211 billion, suggesting appetite for large new issues is returning even as volatility remains part of the market landscape.

The potential size of deals in the IPO pipeline is also prompting a rethink among index providers. According to Reuters, Morningstar Inc is reviewing its index construction rules ahead of the anticipated mid-year SpaceX IPO, while other index providers such as Nasdaq and S&P Dow Jones Global Indices are also considering changes. Any revision to inclusion criteria would help ensure stock is absorbed into the relevant indices more quickly after listing. That, in turn, could allow major funds, such as Vanguard’s $607 billion Total Stock Market ETF (ASX: VTS) which tracks a CRSP index, to add the stock to portfolios sooner.

International market access

A pressing question for advisers and clients is how access to equity in any drawcard US listing is likely to work. In most cases, direct participation in an IPO is unlikely to be the main route for offshore retail investors, with allocations typically constrained and access tightly managed. The more realistic pathway for local investors with a case of FOMO is the secondary market after these companies begin trading on a US exchange.

In practical terms, that means advisers can consider how major offshore listings may fit within a globally diversified portfolio once listed trading is underway.

Local access to space theme

The potential SpaceX IPO has helped to reignite broader investor interest in space as an investible theme, not just a single-company story.

For advisers looking to build exposure through the ASX, there are reportedly more opportunities coming into view in coming months.

Betashares plans to launch the Betashares Space Industry ETF (ASX: RCKT) on the ASX in May, giving local investors a direct way to access companies linked to launch systems, satellites and broader space infrastructure.

Betashares says the fund will provide exposure to the 100 largest Nasdaq-listed non-financial companies involved in the global space industry.

According to reports, Global X also plans to launch an Australian space technology ETF this year. In the meantime, some existing ASX-listed thematic ETFs offer more indirect exposure: the Global X Defence Tech ETF (ASX: DTEC) provides second-order exposure through defence and aerospace companies involved in propulsion, satellites, sensors and mission-critical systems and VanEck’s Global Defence ETF (ASX: DFND) offers indirect exposure through global aerospace and defence holdings.

For advisers using international equities, there are several offshore-listed ETFs trading the space-related industries theme, examples include the Procure Space ETF (NASDAQ:UFO). The ARK Space & Defence Innovation ETF (NSYE: ARKX) is an actively managed fund investing in companies tied to space exploration and defence innovation, and the Global X Space Tech ETF invests in companies positioned to benefit from the commercialisation of the global space economy.

Beyond the hype

A blockbuster IPO, or a series of them, can generate a perception of urgency and scarcity among investors. But a disciplined approach to portfolio construction should distinguish between a strong, long-term theme and the short-term emotion that can surround a high-profile listing.

Access to new opportunities should never just be about the “fear of missing out”, but rather a decision grounded in a clear investment proposition and disciplined portfolio construction.

To support this approach, AUSIEX expanded its offering in October 2024 to include international trading across 18 global markets, enabling advisers to broaden portfolios. Learn more.

Important Information

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