Now that Space Exploration Technologies (NASDAQ: SPCX), aka SpaceX, is finally a public company, individual investors can finally invest in the crown jewel of Elon Musk’s business empire in a straightforward way.
It’s a two-for-one space and artificial intelligence (AI) juggernaut, a unique company that’s riding two of Wall Street’s hottest growth trends
But buying SpaceX stock might not be the smartest way to invest right now. The intense hype, excitement, and a low initial float have combined to push SpaceX to an astronomical valuation. If you buy shares now, they could prove a drag on your portfolio if SpaceX cannot sustain its lofty premium.
Instead, consider getting your exposure to SpaceX through an exchange-traded fund (ETF), such as the Invesco QQQ ETF (NASDAQ: QQQ). More diversified exposure that can grow The Invesco QQQ tracks the Nasdaq-100, one of the U.S. stock market’s most prominent indexes. SpaceX was added to the Nasdaq-100 on July 7, less than a month after its IPO.