SpaceX Occupies Top, High-Conviction Holding in RONB ETF

The aerospace sector has evolved from a speculative frontier into a foundational pillar of modern global infrastructure. At the forefront of this technological shift is SpaceX, which has redefined the economics of space travel. For investors seeking exposure to high-conviction, growth-oriented investments through an ETF wrapper, Baron First Principles ETF (RONB) provides access to this opportunity.Reflecting Baron Capital’s strong conviction in SpaceX and its pioneering track record under founder Elon Musk, RONB had a 31.7% allocation to the company as of July 15, 2026. This significant position reflects Baron Capital’s deep belief in the company’s structural advantages and long-term growth potential.Reusable Flight and Cost LeadershipA core pillar of Baron Capital’s investment thesis is SpaceX’s ability to consistently drive down the cost of launching rockets into orbit. By pioneering and perfecting autonomous rocket landings, the company has established a leading position in reliable, reusable launch capabilities. “We believe SpaceX will continue to drive down the cost of space launches and capture market share with its unique, reliable, and improving reusable launch capabilities. As costs decline, we also expect demand for access to space to increase,” Baron Capital noted in a market insight report. See More: Finding High-Conviction Growth in Baron SMID cap ETF, BCSM Baron Capital views durable competitive advantages like these as a critical component of its investment approach. As launch expenses continue to drop, commercial, scientific, and governmental entities are expected to increase their use of space-based services. SpaceX is uniquely positioned to capitalize on the resulting growth in launch demand.Starlink Synergy and Vertical IntegrationAnother reason for Baron Capital’s conviction in SpaceX is the company’s multi-faceted business model, which extends beyond rocket launches. Its rapidly expanding satellite-based broadband network, Starlink, is leveraging SpaceX’s launch capabilities to scale. Baron Capital noted that the company’s vertical integration, manufacturing velocity, and design approach create a competitive moat in building and operating global space infrastructure. In turn, these advantages may support "an even more attractive growth profile for the company.” For RONB, this 31.7% exposure reflects Baron Capital’s deep conviction in SpaceX’s ability to power a multiplanetary economy. To learn more about Baron Capital’s full lineup of active ETFs, click here. 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