Vanguard Communication Services ETF (VOX) increased its stake in SpaceX by 85.2% over two months. As of June 30, 2026, the fund owned 632,077 shares of SpaceX, and by August 31, this number had risen to 1,170,398. This makes SpaceX the eighth largest asset in the fund, although Vanguard does not disclose the exact share it occupies.
SpaceX debuted on Nasdaq on June 12, 2026, when only 5% of its shares were available for trading. The increase in the number of shares outstanding, occurring with each new release, significantly boosts its weight in indices based on free float volume. Each new issuance expands the volume of shares in free float, which in turn increases SpaceX's weight in indices based on its free float. While Vanguard is actively increasing its stake in SpaceX, other funds within the company are not showing significant activity in this direction compared to it.
VOX has a strong chance of success if SpaceX continues to successfully meet its objectives. However, this also creates risk, as the fund's returns increasingly depend on the shares of this new market player. Investors have already experienced volatility when significant events, such as the completion of one of Starship's successful flights, contributed to a 6% rise in shares in a single trading day. It is expected that SpaceX's share will continue to grow, and its inclusion in indices like the S&P 500 may happen soon. The concentration risk associated with such a significant stake continues to raise questions among investors about the prudence of this strategy, especially considering the already high share of companies like Alphabet and Meta Platforms in the VOX fund.
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