The race to gain exposure to the booming commercial space economy is increasingly flowing through ETFs and smaller publicly traded space companies as investors await what could become the largest IPO in history from SpaceX.

• Procure Space ETF stock is approaching key resistance levels. What’s behind UFO new highs?

The frenzy around Elon Musk's rocket and satellite giant has fueled massive inflows into space-focused ETFs, helping the Procure Space ETF (NASDAQ:UFO) surpass $1 billion in assets under management while the Tema Space Innovators ETF (NYSE:NASA) ballooned to roughly $1.27 billion just 37 trading days after launch.

The rapid growth suggests investors are increasingly using space ETFs as proxy trades for SpaceX and the broader satellite broadband and lunar infrastructure boom.

ProcureAM said the fund's growth reflects expanding investor demand from retail traders, registered investment advisors and institutional allocators seeking long-term exposure to the commercial space economy.

NASA's rapid ascent has been even more striking. The actively managed ETF, which launched with just $1 million in seed capital in March, has already become the largest space-focused ETF in the U.S. The fund's surge coincides with growing enthusiasm surrounding SpaceX's newly public IPO filing, which has reignited investor appetite across the sector.