ERShares co-chief investment officer Eva Ados has placed a maximum-conviction bet on SpaceX as the rocket and satellite group inches closer to a long-rumoured initial public offering, framing it as a once-in-a-generation entry point for retail investors who have been locked out of the private round table for the better part of a decade.
Speaking to CNBC, Ados argued the Elon Musk-controlled company stands head and shoulders above every alternative on the board for the firm's actively managed Entrepreneur 30 ETF, where SpaceX is already the single largest holding.
"We think if there's one company, private or public, in the entire investable universe that we would own, that would be SpaceX," Ados said. "That's why, as you said, it's our biggest weight in our XOVF. We have very strong conviction."
The argument leans heavily on the breadth of SpaceX's commercial footprint. Ados pointed to a competitive moat that extends well past launch services into satellite broadband through Starlink, defence and intelligence work for the US government, and the artificial intelligence and telecom adjacencies that come with running the world's largest commercial constellation.
"It is the moat. It's one of the very few companies globally that actually has a moat, and it has a moat very well diversified across many industries — space, AI, telecom," she said, drawing a parallel to Amazon Web Services, where rivals end up paying the leader for infrastructure they cannot replicate at scale.
That industrial reach feeds Ados's most aggressive call: that SpaceX will eventually outgrow Tesla, the publicly listed Musk vehicle that already carries a multi-trillion-dollar market capitalisation.
"This will be bigger than Tesla," she said.
Asked whether Musk's sprawl across xAI, Tesla, Neuralink, the Boring Company and X represents concentration risk, Ados flipped the framing entirely, comparing the Musk corporate web to the vertically integrated empires built by industrialists in the early 1900s.
"I think it's actually to the benefit, because now he owns the whole supply chain," Ados said. "Just like Rockefeller, he owns everything linked together. So his competitors are going to have to be using him in order to compete."
She went further, calling Musk "the greatest entrepreneur of all time" and describing him as "a combination of Carnegie and Rockefeller together," a label that will be contested but speaks to the depth of conviction inside the ERShares thesis.
The more concrete part of the pitch is mechanical rather than philosophical. Ados argues a SpaceX listing at a Tesla-comparable valuation, fast-tracked into the S&P 500 in the way Tesla itself was, would force passive index funds to absorb hundreds of billions of dollars of stock at the moment of inclusion — a buying wave that historically dwarfs the post-IPO selling pressure private holders generate when lock-ups expire.
"If SpaceX has now a 2% weight in the S&P 500 index, because it's going to be similar valuation of Tesla, then that 15 to 20 trillion equates to 300 to 400 billion of buying pressure once the company is included," she said.
That passive-flow tailwind is, in her view, the structural reason SpaceX deserves the largest weight in a portfolio designed around founder-led, entrepreneur-driven equities.
The blunt summary, repeated more than once during the segment, was that SpaceX is not just another listing for ERShares to slot into the book.
"This is the biggest, we believe, opportunity of the last decade," Ados said.
A SpaceX IPO timeline has not been formally confirmed, and any listing will land into a market environment defined by elevated long-end Treasury yields, an unsettled geopolitical backdrop and a wave of mega-cap capital expenditure that has already squeezed equity multiples elsewhere. Investors weighing the Ados thesis will need to balance the structural moat she describes against the real possibility that the offering prices at the very top of a multi-decade Musk premium.