SpaceX recently filed a confidential registration statement with the SEC, which could lead to an IPO in the future. In its first-quarter 2026 shareholder letter, which it released on April 24, 2026, investment manager Baron Capital said that SpaceX is its largest investment and said it values the company at around $15 billion across its clients’ portfolios, according to Bloomberg. 

Among Baron funds, Baron Focused Growth Fund (BFGFX Quick QuoteBFGFX - Free Report) offers indirect exposure to SpaceX. Currently, it carries a Zacks Mutual Fund Rank #2 (Buy) and an average 3- and 5-year return of 20.1% and 9.9%, respectively. The fund’s main objective is to invest most of its assets in common stocks of small and mid-cap growth companies. The minimum initial investment for this fund is $2,000, its expense ratio is 1.31%.  

The portfolio holding shares of SpaceX is currently 9% of the assets in BFGFX, which are allocated to the private Space Exploration Technologies and Tesla, Inc., 8.1%. The remainder of the assets is allocated to Other (25.8%), non-durable (17.7%), and Technology (15.1%). Ron Baron has managed the BFGFX fund since 2008. 

The future valuation of privately held SpaceX is currently uncertain, but its involvement in the current portfolio of the BFGFX fund makes the fund an attractive investment option. This is because once SpaceX launches an IPO, the value of BFGFX's holdings could increase substantially, boosting the fund’s net asset value. Mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges that are mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money). 

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