New York, May 30, 2026, 17:02 (EDT)
- Tema Space Innovators ETF finished Friday at $40.17, off 3.97%, but the fund gained around 3.6% for the shortened week.
- Blue Origin’s New Glenn explosion knocked down space-related stocks, but a new SpaceX defense contract gave bulls a reason to stay in the trade.
- Attention is turning to SpaceX’s IPO schedule, which puts a roadshow on June 4 and could see shares sold starting June 11.
U.S. stock markets stayed closed over the weekend, so the Tema Space Innovators ETF (NASA) was left to absorb Friday’s drop after a Blue Origin rocket explosion pressured space stocks and weighed on SpaceX IPO bets. NASA ended Friday at $40.17, off 3.97% for the day. Still, the ETF finished up roughly 3.6% from the May 22 close at $38.76, after markets saw a short four-session week with the Memorial Day holiday.
NASA is now a liquid way for public investors to buy into a space theme that is still partly private, with launch, satellite networks, space data and SpaceX in focus. The exchange-traded fund, or ETF, trades like a stock and holds a basket of securities. Here, that basket also gives exposure to private SpaceX, something most public investors can’t access directly.
Tema reported the fund had $2.60 billion in assets under management as of May 29. The market price stood at $40.17, just a cent above net asset value of $40.16 per share at the close. Rocket Lab made up 11.05% of the portfolio, with Planet Labs at 6.67%, Intuitive Machines and SpaceX SPV exposure both at 6.54%, and AST SpaceMobile at 5.86%. Tema uses an SPV, or special purpose vehicle, here to hold its private-company shares.
Blue Origin faces delays after a New Glenn rocket blew up in an engine test, Reuters said Saturday. The explosion destroyed part of the launch pad and will push back Amazon’s satellite launches and several NASA lunar plans. “It will take months to rebuild,” said Antoine Grenier, partner and head of space consulting at Analysys Mason. Reuters
NASA holdings dropped in the selloff. AST SpaceMobile slid 14.79% at the close Friday, with Intuitive Machines off 4.09% and Rocket Lab down 3.07%. The ETF itself fell 3.97%, according to Barchart data.
SpaceX, which is preparing for its IPO, got a $4.16 billion contract from the U.S. Space Force for a satellite program meant to spot and target airborne threats. The deal is part of the Golden Dome missile-defense push. The Space Force said it expects the first round of funding to result in a satellite constellation in orbit by 2028.
SpaceX is still in NASA headlines after Friday’s slip. Reuters said SpaceX plans to start its roadshow June 4, put shares up for sale as soon as June 11, and could list as early as June 12, targeting a roughly $1.75 trillion valuation.
Valuing SpaceX is still tough. “There is somewhat of a halo effect” around Elon Musk, Georgetown’s Reena Aggarwal told Reuters. She said there’s really no close peer group for SpaceX. That makes it tricky for NASA too, since investors are trying to put a price on public space companies and also figure out what a stake in private SpaceX is worth before any possible record IPO. Reuters
The space ETF scene is shifting quickly. Reuters said last week investors put $1.3 billion into space-themed ETFs over the past month. Procure Space ETF (UFO) got new company with VanEck Space ETF (WARP) and Corgi Space and Satellite Communications ETF (DIPR) launching. Todd Sohn, ETF strategist at Strategas, said “everybody is thinking the same way,” citing overlap in space ETF holdings. Reuters
The trade isn’t risk-free. Blue Origin’s stumble could help SpaceX for now, but leaning too hard on launch and satellite stocks can hurt if IPO prices miss, delays widen, or retail interest drops off. Tema notes its SpaceX SPV holds at transaction cost and doesn’t reprice like public shares, so the fund’s market price can swing with demand even if the private value stays flat.
Monday sets up a clear test. Traders will find out if Friday was just a fast shakeout following a good week, or if it signals that the space trade is starting to get too busy in front of the SpaceX roadshow.
NASA finishes May with a mixed picture: a launch accident weighing on its public exposure, and SpaceX’s defense contract win giving a lift to private investment. That push and pull looks set to shape the coming week.
