Space Exploration Technologies (SPCX), Elon Musk’s rockets and satellites company, also known as SpaceX, went public last Friday in the largest initial public offering (IPO) on record.
While viewed as a seminal moment in IPO history, the SpaceX debut is also considered a turning point in space investing for public investors, and it’s reverberating across the ETF landscape. That includes the launch of various geared products such as the Direxion Daily SpaceX Bull 2X ETF (LOFF).
LOFF debuted on Monday, June 15, the first trading day after the SpaceX IPO, and adds to Direxion’s expansive lineup of single-stock ETFs. The new SpaceX ETF is already drawing a crowd, as highlighted by average daily volume of 4.23 million shares, indicating short-term traders already see merit in the geared LOFF as a tool for expressing views on SpaceX shares.
Leaning Into LOFF
LOFF, the 52nd single-stock ETF in the Direxion stable, attempts to deliver 200% of the daily performance of SpaceX shares. Obviously, this is a new stock, and it could calm down at some point. But, for now, it’s showing a tendency for big intraday moves. That’s something to keep in mind when considering deploying LOFF as a short-term trading tool.
“Longer holding periods, higher volatility of SPCX and leverage increase the impact of compounding on an investor’s returns. During periods of higher SPCX volatility, the volatility of SPCX may affect the fund’s performance,” noted the issuer.
Still, there could be plenty of occasions for nimble, risk-tolerant traders to use LOFF. Those include potential updates around SpaceX’s satellite internet business, Starlink.
“Subscriber growth has been accelerating, from 4.6 million at the end of 2024 to 9 million by December 2025 to 10.3 million by February 2026,” according to Direxion research. “Maritime, aviation, and direct-to-cell services are opening new verticals that did not exist two years ago.”
SpaceX has also carved out an enviable moat in its reusable rockets/launch business — one supported by billions of dollars in revenue, courtesy of the U.S. government. Should that relationship expand in the future, related headlines could provide traders with what they need to make use of LOFF.
“SpaceX handles roughly 85% of U.S. orbital launches and more than 60% of global commercial launches by mass,” added Direxion. “Reusable boosters at over 30 flights each have driven per-launch costs below $3 million on the booster alone, a structural advantage that competitors have not yet matched.”
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