REX Shares搶先申請「2倍槓桿ETF」，追蹤還沒上市的SpaceX、Anthropic

REX Shares and Tuttle Capital Management have submitted applications to the SEC, planning to launch a 2x leveraged ETF tracking stocks of SpaceX and Anthropic, but neither company is publicly listed yet.
(Background: ZONE Wallet collaborates with twin3 to create the “Bitcoin Mining Mission” ecosystem, bringing cryptocurrency into people’s lives.)
(Additional context: Anthropic’s new model “Claude Mythos” is touted as the strongest ever, with its cybersecurity capabilities causing concern even among its own staff.)

Before the IPO, is the leveraged ETF already here? REX Shares and Tuttle Capital Management, two American ETF issuers, have acted swiftly and submitted applications for two new products to the SEC, targeting the common stocks of SpaceX and Anthropic, both with a daily 2x long leverage:

• T-Rex 2x Long SpaceX Daily Target ETF
• T-Rex 2x Long Anthropic Daily Target ETF

The design logic behind these two products is that once SpaceX and Anthropic complete their IPOs, holders can receive a 200% return on the price increase of these two companies’ stocks daily. Of course, the same applies to declines, magnified by 200%. Neither company is listed yet.

Early Positioning for IPO

SpaceX, under Elon Musk, is rumored to possibly submit an IPO application within days or weeks, targeting a valuation of up to $1.75 trillion, planning to raise about $75 billion. If realized, this would surpass the $29.4 billion record set by Saudi Aramco in 2019, making it the largest IPO in history.

Claude’s developer, Anthropic, is also reported to be taking active steps, with a valuation of around $350 billion to $380 billion, planning to raise about $10 billion, having hired IPO attorneys and engaged in preliminary talks with multiple investment banks.

According to Bloomberg, there is currently a fund holding shares of SpaceX and Anthropic that has seen premiums in the secondary market of up to 1,200%, far exceeding the fund’s net asset value (NAV).

Retail Investors Can’t Buy Directly Yet

The circulation of private company stocks is inherently limited, and retail investors have almost no channels to participate. Leveraged ETFs allow retail investors to participate in stock purchases at magnified levels after the companies go public.

However, the applications are still under review, and the SEC may not necessarily approve them. The IPO schedules for both companies have also not been officially announced. Whether these two ETFs can be established before the IPOs actually happen remains uncertain.