ProShares will simultaneously launch the "2x Long Leverage ETF" on the day SpaceX goes public; the biggest IPO celebration in history is about to begin.

According to the latest official announcement from ProShares, a leader in global leverage and inverse ETFs, the company plans to launch a single-stock leveraged ETF tracking SpaceX’s stock performance — ProShares Ultra SpaceX (ticker: SPCF) — on the same day as SpaceX’s official IPO, June 12, 2026. This move not only breaks the traditional lack of high-leverage tools for new stock listings but also pushes the space economy trend into the forefront of high-risk derivatives trading.

As of the latest data, ProShares manages over 115 leveraged ETFs with a leverage asset scale exceeding $90 billion, and the company’s total assets (including mutual funds) reach as high as $118 billion. The newly launched SPCF will directly join the company’s existing single-stock long series, alongside popular 2x daily return products for Circle, Coinbase, NVIDIA, Palantir, and Tesla, capturing the attention of retail and institutional investors alike.

The largest IPO in history! SpaceX valued at $1.75 trillion

This upcoming Wall Street event on June 12 has already been regarded as a milestone in financial history. SpaceX has become a key player in global connectivity, artificial intelligence (AI), and space economy. The company expects to raise up to $75 billion in this IPO, with a post-listing valuation soaring to $1.75 trillion, setting an unprecedented record for the largest IPO ever.

ProShares CEO Michael L. Sapir expressed high hopes for this innovative product, stating that SPCF allows investors to “amplify their bullish outlook on SpaceX” on the first day of trading through the convenience and transparency of ETFs. Sapir emphasized that this tool enables more flexible exposure management while avoiding the complexities of margin borrowing to leverage positions.

Structural risk alert: Beware of long-term erosion effects

However, behind the powerful wealth effect, the announcement also issued a stern risk warning. ProShares specifically reminds investors that SPCF is a daily reset target single-stock leveraged ETF. This means that if investors hold the position for more than one day, due to daily compounding and volatility effects, the actual return could significantly deviate from twice the cumulative return of SpaceX’s stock, especially in high-volatility or unclear trend markets.

Additionally, since this ETF is based on a single stock, it completely lacks diversification benefits, and its overall performance will almost entirely depend on SpaceX’s stock movement. Furthermore, as SpaceX is newly listed, it may face inherent challenges such as high volatility, low liquidity, and a short trading history in the initial phase. Large ETF holdings could also influence SpaceX’s stock price in turn.

Regulatory and contractual concentration! Potential black swan risks in the space tech industry

Beyond the structural risks of derivatives, SpaceX’s own operations in the cutting-edge space industry are fraught with unique operational variables. The announcement details that SpaceX is subject to extremely strict government regulations, export controls, and national security restrictions. More critically, a significant portion of its revenue heavily depends on government contracts, which could be delayed, reduced, or terminated unconditionally at any time.

In addition to policy risks, potential black swan events include rocket launch failures, delays in key technology deliveries, intensifying commercial competition, supply chain disruptions, and cyberattacks. ProShares strongly advises that this product does not guarantee investment objectives, and investors could face total loss of principal. Therefore, before investing, investors should carefully read the prospectus and establish regular review and risk management practices for their holdings.