EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF

XOVR

Market cap $543M

Private AI companies are preparing for what could be the largest IPO wave in stock market history, and most retail investors have no way in.

Most retail investors have never had a realistic path into SpaceX. That is the specific problem ERShares Private-Public Crossover ETF (NYSEARCA:XOVR) is built to solve, and it is the reason the fund pulled in over $470 million in investments since December 8, 2025 as retail investors rushed to get a piece of the anticipated SpaceX IPO.

With SpaceX reportedly evaluating a confidential IPO at a valuation approaching $1.75 trillion, ERShares highlights XOVR's role as a regulated, listed vehicle for accessing late-stage private markets NEW YORK, March 30, 2026 /PRNewswire/ -- Recent reports indicate that SpaceX may be evaluating a confidential IPO filing, with widely discussed valuations approaching $1.75 trillion — a figure that would rank it among the largest public offerings in history. The XOVR ETF (ERShares Private-Public Crossover ETF) provides investors with SpaceX exposure and access to other select late-stage private companies, within a listed fund structure that requires no accredited-investor status.

Investors eager to ride a SpaceX IPO need to be strategic, because the rocket maker remains private and direct secondary-market access is limited to institutions and ultra–high-net-worth buyers.

Earlier this year, Elon Musk merged two of his largest businesses: xAI and SpaceX. Investors who may not have access to the SpaceX IPO can still invest in the company through a number of different ways.

ERShares Private-Public Crossover ETF (XOVR) offers unique pre-IPO and public equity exposure, with a heavy 35.81% allocation to SpaceX. I assign XOVR a Hold rating due to significant concentration and liquidity risks, especially as SpaceX's IPO approaches. XOVR's asset base has shrunk amid fund outflows, forcing higher SpaceX concentration and reducing public equity allocations.

Can income investors get in on the coming SpaceX IPO before the stock goes public (and ideally without overpaying?) Let's find out.

ERShares Private-Public Crossover ETF ( NASDAQ:XOVR ) attempts to solve a problem that has frustrated growth-focused investors for years: how to access high-conviction private companies before they go public while holding a diversified portfolio of public growth stocks.

Cathie Wood's Ark Venture has stakes in top unicorns. The fund has soared but it's not for the faint of heart.

ERShares Private-Public Crossover ETF (XOVR) offers unique access to both public and private firms, including high-profile names like SpaceX and Anduril. The fund employs a proprietary 'entrepreneur factor' weighting model, which has had periods of out- and underperformance of the broader market, and led to a tech-heavy portfolio. XOVR's inclusion of private stocks provides exposure typically unavailable to most investors, enhancing portfolio diversification. However, recent changes have reduced the private firm exposure from 10%+ to under 3%.