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SpaceX Rapidly Climbs the Ranks in This Vanguard ETF

VOX grew its SpaceX stake by 85% in two months as more shares unlocked

By Damilola Esebame, CFEI® , Edited by Laura Hohenstein

Updated Sept. 24, 2026

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The Vanguard Communication Services ETF (NYSEMKT:VOX) increased its SpaceX (NASDAQ:SPCX) position by 85% in two months, from roughly 632,000 shares at the end of June to more than 1.17 million by August 31, making SpaceX the fund's eighth-largest holding. The pace of accumulation has been significantly faster than in broader Vanguard funds like the Vanguard Total Stock Market ETF or the Vanguard Growth ETF.

SpaceX carries a market capitalization of approximately $2 trillion, yet its index weighting remains artificially low because only a fraction of its shares trade freely. Taking the time to evaluate your own signs of financial success before adding a fund with growing concentration in three mega-cap names could help you determine whether the exposure fits your risk profile.

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VOX grew its SpaceX position 85% in two months to 1.17 million shares

The Vanguard Communication Services ETF has been one of the most aggressive institutional buyers of SpaceX since the June 12 IPO, the Motley Fool detailed. The month-by-month accumulation pace includes the following.

June 30: approximately 632,077 shares.
July 31: approximately 842,835 shares, a 33% monthly increase.
August 31: approximately 1,170,398 shares, a 39% monthly increase.

The two-month growth rate of 85.2% outpaces what other major Vanguard ETFs have done over the same period. SpaceX has not even cracked the top 50 holdings in the Vanguard Growth ETF or the top 100 in the Vanguard Total Stock Market ETF, which means VOX is acquiring SpaceX shares at a pace those broader funds are not matching.

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SpaceX is now the fund's eighth-largest holding, behind Alphabet and Meta

VOX holds $5.9 billion in total assets and charges a 0.09% expense ratio, with Meta Platforms at 20.54% and Alphabet at a combined 21.96% across its Class A and Class C shares, according to Vanguard data cited by The Motley Fool. SpaceX has risen from outside the top 20 in June to the eighth slot by the end of August.

Vanguard classifies SpaceX exclusively in the communications sector, meaning it does not appear in Vanguard's technology, industrials, or energy sector ETFs. The classification channels all of SpaceX's index weighting into VOX, which is why the fund is accumulating shares much faster than Vanguard's total-market or growth-oriented products.

Alphabet and Meta already make up 42.4% of the fund

The combined weighting of Alphabet and Meta in VOX stands at 42.4%, the highest two-stock concentration of any Vanguard sector ETF. By comparison, the Vanguard S&P 500 ETF concentrates 15.1% in its top two holdings, Nvidia and Apple.

Adding SpaceX to that mix is transforming VOX from a two-stock fund into a three-stock fund. For your portfolio, the practical implication is that a sharp move in any of those three names produces an outsized effect on your ETF's value, a concentration level most retirees may not realize they hold if they bought VOX for broad communication sector exposure.

SpaceX could reach 15% to 20% of VOX once weighted by full market cap

SpaceX's June 12 IPO made only about 5% of its shares available for public trading, and the Nasdaq-100 weights SpaceX based on a multiple of its float rather than its full $2 trillion market capitalization, the Motley Fool explained. As more shares unlock and the float expands, SpaceX's weighting in VOX will increase mechanically.

Because SpaceX is so large relative to other communication services stocks, streaming companies, legacy media firms, and telecom operators, the Motley Fool projected SpaceX could eventually account for 15% to 20% of the fund once it reaches full market-cap weighting. At that level, VOX would effectively become a three-stock fund with Alphabet, Meta, and SpaceX controlling roughly 57% to 62% of total assets.

The staggered unlock schedule expands the float through late 2026

Investing.com estimated that SpaceX's public float could expand sharply from roughly 4% of total shares at the IPO to approximately 66% by December 2026 as staggered employee and investor lockups expire. Musk and other insiders face a 366-day lock-up, while pre-IPO investors are on 180-day schedules that expire in waves through the fourth quarter.

Each unlock gives ETFs like VOX the ability to acquire more shares, which mechanically increases SpaceX's fund weighting. The unlock process also expands the supply of tradable shares, meaning your existing holdings could face dilution pressure if unlocked shareholders choose to sell rather than hold.

VOX's growing three-stock concentration is a risk retirees should weigh

The Motley Fool described the evolution as a shift from a "dynamic duo" of Alphabet and Meta to a "big three" that includes SpaceX. The combined projected weighting of roughly 57% to 62% in those three names would make VOX one of the most concentrated sector ETFs in the market, a level of single-stock exposure that sector funds are designed to create but that passive investors may not expect.

SpaceX's Starlink satellite internet and launch operations add diversification beyond the digital advertising model that drives Alphabet and Meta, but all three stocks carry premium valuations. SpaceX posted approximately $25 billion in negative free cash flow during the first half of 2026, a cash-burn rate that adds a layer of risk the other two do not share.

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Bottom line

VOX grew its SpaceX position by 85% in two months to more than 1.17 million shares, making SpaceX the fund's eighth-largest holding with a trajectory toward the top three. Alphabet and Meta already occupy 42.4% of the fund, and SpaceX could add another 15% to 20% once its full market capitalization is reflected in the weighting.

Tracking this fund with must-have investing apps to monitor the monthly share-count disclosures and the evolving three-stock concentration could help you decide whether VOX's rapidly shifting composition still matches the sector diversification you originally sought. The exposure to SpaceX is growing whether you planned for it or not, and the unlock calendar will keep pushing it higher.

This article is for informational purposes only and should not be considered investment advice.

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