Baron First Principles ETF

RONB

Market cap $430M

Prior to the debut of SpaceX on the Nasdaq, one of the few ways to get exposure to this highly anticipated IPO was through Baron First Principles ETF (RONB) via publicly traded, transparent, liquid ETF shares. Just because it's now public doesn't mean the exposure stops.

The Baron First Principles ETF is the current king among “SpaceX ETFs.” Firm founder Ron Baron is a longtime fan of Elon Musk and backs that up with related investments.

SpaceX's $60 billion acquisition of AI startup Cursor strengthens its AI ambitions, boosts shares and puts SpaceX-heavy ETFs in focus.

Several ETFs have added exposure to Space Exploration Technologies (SPCX) after the aerospace giant completed the largest initial public offering in market history. Trading on the Nasdaq, SpaceX surged 19% from its initial $135 offering price to close at $160.95 per share, notching a historic $2.1 trillion valuation.

SpaceX's upcoming initial public offering has been a major boon for exchange-traded funds touting pre-IPO exposure to SpaceX. But soon those funds will be left to entice investors in a period when access to SpaceX isn't so tough to get.

Baron Capital continues to grow its active ETF lineup with today's introduction of Baron Risk Optimized Large Cap ETF™ (BROL). The ETF builds upon the firm's commitment to long-term growth investing with a targeted focus on U.S. large-cap companies that exhibit durable competitive advantages, significant growth opportunities, exceptional management teams, and compelling valuations.

Baron First Principles ETF had a disappointing start to 2026, with a decline of 8.51% (NAV) compared with a 9.54% loss for the Russell 3000 Growth Index. Baron First Principles ETF increased its positions in many stocks while adding a couple of new names during the quarter. FIGS, Inc. revenue expanded 33% to $201.9 million, reflecting broad-based momentum across categories and geographies and exceeding expectations.

For Baron Capital, identifying a strong company through a “First Principles” analysis goes beyond balance sheets or income statements. In ETFs such as Baron First Principles ETF (RONB), they use leadership as one of their prime metrics to separate long-term, durable companies from temporary market darlings.

While Baron First Principles ETF (RONB) holds positions in founder Elon Musk's Tesla and SpaceX, a deeper look reveals a portfolio full of high-conviction holdings. Guided by the firm's First Principles philosophy, RONB includes companies such as MSCI, Shopify, Hyatt, Charles Schwab, and FactSet Research Systems.

In 2026, the financial world is bracing for what could be one of the biggest IPOs to date: Space Exploration Technologies (SpaceX). With a potential valuation of approximately $1.75 trillion and a possible listing date as early as June 2026, pre-IPO demand is increasing.