Vanguard Communication Services ETF Boosts SpaceX Holding to Potential 20% of Portfolio

Vanguard’s Communication Services ETF (VOX) has sharply increased its exposure to Space Exploration Technologies (SpaceX). The fund’s share count rose from 632,077 on June 30 to 1,170,398 on August 31, an 85.2% increase in just two months.

Potential Size of the Position

If all of SpaceX’s shares become freely tradable, the holding could represent as much as 20% of VOX’s assets, making SpaceX the fund’s eighth‑largest position.

Impact on Fund Concentration

VOX already has Alphabet and Meta Platforms accounting for 42.4% of its assets. Adding a fully weighted SpaceX stake would push the top three holdings to well over half of the portfolio, raising concentration risk.

Comparison with Other Vanguard Funds

• SpaceX is not in the top 50 holdings of Vanguard’s Growth ETF.
• It is outside the top 100 of the Vanguard Total Stock Market ETF.
• It does not appear in the top 200 of the Vanguard Total World Stock ETF.

Thus, VOX is the only Vanguard fund where SpaceX carries a material weight.

Future Float Expansion

SpaceX debuted on Nasdaq on June 12, 2026, with roughly 5% of its shares available for trading. Ongoing share unlocks will expand the float, increasing the company’s weight in float‑based indexes such as the Nasdaq‑100. Analysts expect the float to grow enough for inclusion in broader benchmarks like the S&P 500 by summer 2027.

Risk Considerations

The fund’s performance is becoming increasingly tied to SpaceX’s volatile stock price, on top of existing exposure to large‑cap tech names. Investors should monitor the concentration trend as the float expands.