With SpaceX targeting a June IPO at a $1.75-2 trillion valuation, DXYZ has become the default choice for a lot of people looking for pre-IPO exposure.
I spent some time comparing the two, and the numbers ultimately convinced me to buy STCK (Stack Capital) instead.
Here’s a quick comparison:
| Metric | STCK (TSX) | DXYZ (NYSE) | Edge |
|-------------------------|------------------|------------------|----------|
| SpaceX Weight | \\32%\\ | \~16% | STCK |
| Premium to Book/NAV | \~90-95% | \~200%+ | STCK |
| Book Value / NAV | $16.57 | $19.97 | - |
What really stands out is the value difference. With STCK you’re getting almost twice the SpaceX exposure while paying less than half the premium.
As a bonus, STCK also holds some other strong names that fit well with the SpaceX story, including Crusoe Energy (7.4%) and Coreweave (4.8%), Databricks (4.1%), and OpenAI (6.5%)\\.
I’m currently holding \\500 shares of STCK\\ at an average cost of \\$29.78\\. While DXYZ is more liquid and gets more attention, based on the numbers, STCK made more sense to me.
I’d be interested to hear what others think. Anyone else looking at STCK as an alternative to DXYZ?
(Not financial advice - just sharing my own thoughts. Always do your own research.)