
The Space Show Presents Andrew Chanin on SpaceX IPO, UFO ETF and more.
The Space Show Presents Andrew Chanin, Friday, July 17, 2026 Quick Summary: This was a Friday Morning Space Show program where host David Livingston interviewed Andrew Chanin, Co-founder and CEO of ProcureAM, about their UFO ETF (space exchange-traded fund) and SpaceX’s recent IPO performance. Andrew explained that SpaceX was added to UFO at approximately 4.61% weighting after qualifying under new fast-track inclusion rules for pure-play mega cap space IPOs, though the stock has since declined below its IPO price due to market selloffs following the initial hype. The discussion covered how UFO’s index methodology defines space companies using revenue thresholds and the Karman line, with SpaceX currently classified as a pure-play space company despite potential future changes if it merged with Tesla. Andrew noted that while SpaceX’s performance has impacted the broader space industry, the company’s public status now allows more investors to gain exposure to space-related businesses, and he compared the current market environment to previous space investment cycles. Detailed Summary: Andrew discussed the recent addition of SpaceX to the UFO ETF, explaining that it was included at a 6% weighting due to its mega-cap space IPO status, with potential to increase to 15% at future rebalances. He noted that SpaceX’s stock price has declined from its IPO price, similar to other space industry stocks, and discussed how lockup periods and increasing share supply could impact the market. The conversation also covered UFO’s portfolio allocation across sectors and how SpaceX’s classification fits within the fund’s industry breakdowns. Andrew confirmed that UFO (SpaceX) is listed on NASDAQ and explained the fund’s rules regarding pure play versus diversified aerospace companies. He discussed how a potential merger between SpaceX and Tesla could affect the company’s qualifications for the fund, noting that if less than 50% of revenue came from space but more than $500 million annually came from space, it could still potentially qualify but at a lower weight. Andrew also addressed questions about SpaceX’s complex share release schedule and lockup periods for different types of investors, explaining that these restrictions are common to prevent insiders from selling large stakes quickly. Andrew also discussed the recent sell-off in the UFO ETF, drawing parallels to the post-SPAC boom bust cycle and suggesting that current market volatility presents an opportunity to evaluate space industry companies based on individual merits rather than broad market trends. He explained that while delays or failures could impact individual stocks, the passive ETF structure tracks the Vetti Space Index methodology and rebalances quarterly, allowing for natural adjustments in company weightings. Andrew noted that past examples like AST SpaceMobile demonstrated how companies could rapidly increase their fund weightings during quarters before being rebalanced back to index requirements. Dr. Kothari presented his company’s design for a ramjet powered by a molten salt reactor, asking if it would qualify as an aerospace application under a space index. Andrew explained that the index provider uses the Karman line as the definition for space, so technologies operating below this line would be considered aerospace rather than space companies. Andrew noted that while technology could potentially qualify for aerospace or defense funds, the index has specific rules requiring pure-play space companies with revenue derived from space-related activities. David and Andrew discussed the potential for data centers in space, particularly in light of emerging political platforms opposing data center construction. Andrew explained that while space data centers could address energy and water requirements, there are ongoing innovations in energy-efficient data center technologies that might make traditional solutions more viable. Dr. Kothari interjected about molten salt reactors that could eliminate water requirements for data centers. Andrew suggested that SpaceX, with its existing capabilities in space technology and solar power, could potentially leverage space-based solar energy to power their data centers on Earth. Our guest talked about the top 10 space companies in his index, including Sirius, Trimble, Garmin, Viasat, SpaceX, EchoStar, Planet Labs, AST SpaceMobile, Rocket Lab, and Iridium. He noted that Boeing, while not in the top 10, was the 16th largest holding at 2.77% weighting. Andrew explained how the space industry has evolved over seven years, with the fund expanding from 30 to over 60 publicly traded names globally, including companies from South Korea, Japan, Europe, Canada, and the US. When asked about Blue Origin, Andrew clarified that it remains a private company separate from Amazon and is not a holding in his fund, though Amazon has contracted with multiple launch providers including Blue Origin for its Project Kuiper satellite constellation. Andrew mentioned that Lockheed Martin currently holds 2.7% of the index, ranking as the 18th largest holding and sitting just below Boeing. He noted that while space is an important segment for Lockheed Martin, the company operates in a diversified business model with space revenue between 20-50% of total revenue. Andrew also discussed how the index considers global space companies from developed markets, not just the US, and mentioned a recent rule change allowing fast-track inclusion for pure-play space companies with market caps over $100 billion, referencing SpaceX’s IPO as an example. The discussion further focused on the impact of SpaceX’s IPO on the commercial space industry. Andrew argued that the IPO has been positive, as it allows more people to invest in and benefit from SpaceX’s success, including through pension funds and index trackers. He noted that SpaceX’s achievements have helped lower the cost of accessing space, enabling more companies and technologies to enter the market. Marshall raised a question about evaluating the value of classified military contracts in SpaceX’s financial reports, to which Andrew responded that they track indices that include such companies based on methodology rules. Our guest referred to the challenges of valuing investments in cutting-edge technologies, particularly in space exploration, noting the difficulty in assessing potential returns from classified projects and long-term initiatives like Mars terraforming. He highlighted the growing influence of retail investors, who are becoming more active and coordinated through shared information online, though they compete against professional traders in sophisticated financial markets. When asked about the accuracy of financial news, David inquired about Andrew’s perspective on the quality of financial reporting, but the transcript ended before Andrew could respond. Later in our program we discussed the importance of approaching financial news with skepticism and highlighted the volatility of markets, sharing a personal experience from the 2009 flash crash. He noted that retail traders now have more opportunities to express opinions through various leveraged products but emphasized the need for thorough due diligence. Andrew also shared his positive experiences with various media outlets, particularly mentioning Morgan Brennan at CNBC and Charles Payne, while expressing appreciation for the enthusiasm of space-focused journalists. The conversation concluded with a discussion about prediction markets and their regulation, followed by an exploration of succession planning at SpaceX, which remains a topic of interest despite limited public information. Our final discussion topic focused on Elon Musk’s role and potential succession plans at SpaceX. Andrew explained that while Musk holds significant sway as a large shareholder, specific succession plans are not publicly available, similar to other major companies like JPMorgan Chase. The conversation explored Musk’s ambitious goals for SpaceX, including colonizing Mars, and discussed how his vision drives company direction while acknowledging that space exploration requires more than one person’s involvement. The participants also touched on Musk’s other companies like Boring Company and Tesla, noting how his leadership influences multiple ventures simultaneously. Special thanks to our sponsors: American Institute of Aeronautics and Astronautics , Helix Space in Luxembourg , Celestis Memorial Spaceflights , Astrox Corporation , Dr. Haym Benaroya of Rutgers University , The Space Settlement Progress Blog by John Jossy , The Atlantis Project , and Artless Entertainment We use Zoom phone numbers for program participation. For real time program participation , email Dr. Space at: drspace@thespaceshow.com for instructions and access. The Space Show is a non-profit 501C3 through its parent, One Giant Leap Foundation, Inc. To donate via Pay Pal, use: To donate with Zelle, use the email address: david@onegiantleapfoundation.org . If you prefer donating with a check, please make the check payable to One Giant Leap Foundation and mail to: One Giant Leap Foundation, 11035 Lavender Hill Drive Ste. 160-306 Las Vegas, NV 89135 Upcoming Programs: No program for Tuesday, July 13. Space Show full schedule for the week will be posted here soon. See upcoming program menu on the far right of our home page, www.thespaceshow.com . Get full access to The Space Show-One Giant Leap Foundation at doctorspace.substack.com/subscribe















