The Vanguard Communication Services ETF (VOX) significantly increased its exposure to SpaceX, raising its stake by 85.2% over a two-month period. As of June 30, the fund held 632,077 shares of the aerospace company, and by August 31, this figure reached 1,170,398 shares.
SpaceX currently ranks as the eighth-largest holding in the VOX fund. The fund manager classifies SpaceX as a communications stock, which concentrates the asset within this specific portfolio. Other Vanguard funds, including the Vanguard Growth ETF and the Total Stock Market ETF, hold significantly smaller positions in the company.
The weight of SpaceX in the fund is expected to increase as more shares become available for trading. Once all shares are unlocked, the holding could account for up to 20% of the fund. This concentration adds to the existing exposure to Alphabet and Meta Platforms, which currently make up 42.4% of the portfolio.
The index weighting mechanism for SpaceX is based on its float rather than its total market capitalization. As the float expands, the company's weight in the index grows. Analysts anticipate that SpaceX may enter benchmarks like the S&P 500 as early as the summer of 2027, which could help diversify the current concentration.
