# SpaceX Raised $86 Billion and OpenAI Is Next. This ETF Owns the IPO Class of 2026 > Source: > Published: 2026-08-25 01:02:52+00:00 The 2026 IPO window blew open this summer. SpaceX’s June listing pulled in a reported $86 billion according to Benzinga and other outlets, and Anthropic is now being floated as the next challenger to that record, with OpenAI chatter never far behind. For investors who want cohort exposure without picking single names, the **Renaissance IPO ETF** ([NYSEARCA:IPO](https://247wallst.com/companies/IPO/)) is the cleanest vehicle. IPO shares closed near $54 on Monday, up about 18% year to date but down roughly 6% over the past week, a reminder that this basket moves with risk appetite in both directions. ## What You Actually Own in the IPO ETF Right Now The fund is a rules-based basket of the largest, most liquid US-listed IPOs from roughly the past three years, with a defined holding period and quarterly rebalances. Names typically enter shortly after listing and are removed after their third anniversary as a public company. The top three positions as of March 31, 2026 are Kenvue at 10%, CoreWeave at 9%, and ARM Holdings at 7%, with Reddit at 7% and Astera Labs at 6% close behind. Kenvue, CoreWeave, and ARM together drive a meaningful share of daily NAV moves. One caveat: that snapshot predates SpaceX’s June listing, so SpaceX does not appear in the fund’s most recently disclosed holdings. Whether it enters the portfolio depends on the next rebalance and Renaissance’s eligibility rules. The five-year return of roughly negative 18% tells you what happens when the [IPO cohort](https://247wallst.com/investing/2022/11/16/these-are-the-10-best-performing-ipos-in-2022-through-october/) goes cold. This is a momentum trade dressed as a thematic fund. ## Macro Factor: IPO Issuance Velocity and Risk Appetite The single biggest driver over the next 12 months is the pace of new large-cap listings and the market’s appetite to bid them up on day one. When the window is open, as it has been since the SpaceX debut, later entrants like Anthropic and a potential OpenAI filing pull capital toward recent IPOs across the board. When it slams shut, as it did in 2022, the entire cohort compresses together. Watch the Renaissance Capital IPO calendar and the SEC’s EDGAR filings for fresh S-1s from the largest private names. Check it weekly. A useful threshold: if two or more issuers priced at $10 billion or above break issue price within their first month, that has historically signaled a cooling window, and this fund has tended to lag broad indexes through those stretches. SpaceX itself slipped below its $135 IPO price in July, which is exactly the kind of tape that keeps investors cautious on the cohort. ## Fund-Specific Factor: What Happens at the Next Rebalance The quarterly rebalance is where the story turns concrete for IPO holders. The next reconstitution will decide whether SpaceX, Circle Internet Group (already in at about 4%), Figma (around 2%), and other 2026 debutants get resized upward, and whether older names near their three-year anniversary roll off. Because the top three holdings sit near 10%, any weight capping or reshuffle can move NAV noticeably even without price action in the underlying. Track the fund’s holdings page on the Renaissance Capital site after each quarter-end. Investors who want a different tilt can compare with the **First Trust US Equity Opportunities ETF** ([NYSEARCA:FPX](https://247wallst.com/companies/FPX/)), which tracks the IPOX-100 and applies a longer four-year holding period, giving it more seasoned exposure and less sensitivity to any single quarter’s listings. ## What To Watch From Here If a large AI-era name like Anthropic or OpenAI files an S-1 before year end, expect IPO to attract inflows and lead broad market beta on the upside. The single most actionable signal is the next quarterly holdings update: if SpaceX enters at a meaningful weight and CoreWeave’s position holds, this fund becomes a direct proxy for the 2026 AI-and-space listing cohort. If the window closes first, the five-year negative return is a reminder of how quickly that proxy can cut the other way. *Contact [email protected] for any questions or corrections.*