The Tema Space Innovators ETF (NASA) is retreating toward its launch-day lows as SpaceX (SPCX) loses momentum from its blockbuster public debut earlier this year.
Fresh institutional filings show Tema ETFs added a combined 5.73 million shares across AST SpaceMobile (ASTS), Rocket Lab (RKLB) and Intuitive Machines (LUNR) during the quarter ended June 30.
The three positions were worth approximately $320.5 million combined at quarter-end, representing a significant commitment to the commercial space sector.
In overnight trading late Sunday, ASTS fell 3%, while RKLB, LUNR and SPCX each slipped about 2%, dragging the broader fund lower.
The NASA ETF is trading around $26.18, its lowest level since its first full session on March 31, reflecting the pullback in key holdings.
SpaceX remains the ETF’s largest position at 17% of assets, recently closing below its $150 debut-day opening price for the first time despite its Nasdaq-100 inclusion.
The stock is currently trading around $145, about 7% above its $135 IPO price but roughly 28% below its post-listing high of $200.
Over the weekend, SpaceX CEO Elon Musk and OpenAI CEO Sam Altman renewed their long-running feud on X, trading barbs over AI and SpaceX’s plans to deploy orbital data centers.
The actively managed ETF, launched in March, now oversees roughly $1.31 billion across 38 holdings spanning launch providers, satellite operators and communications infrastructure companies.
Rocket Lab is the fund’s second-largest position at 10%, followed by AST SpaceMobile at 6% and Intuitive Machines at 4% of total assets.
Tema added 3.1 million LUNR shares, lifting its reported stake to 3.11 million shares worth about $66.4 million, backing Intuitive Machines after a series of major NASA contract wins.
In June, Intuitive Machines secured a contract worth up to $148.3 million to deliver a production-line-qualified Nova-C lunar lander by 2028, strengthening its NASA relationship.
The company also became prime contractor for NASA’s Lunar Reconnaissance Orbiter Camera and South Korea’s ShadowCam programs in May, expanding its lunar mapping and navigation role.
Tema added 1.62 million RKLB shares, taking its reported stake to a value of nearly $164.9 million, making it the largest of the three new positions by market value.
Rocket Lab’s recent $8 billion acquisition of Iridium Communications would add recurring connectivity revenue to its growing space platform spanning launches, spacecraft manufacturing and satellite services.
Its recent Victus Haze mission for the U.S. Space Force demonstrated rapid-launch capability, with liftoff occurring just 16 hours and 42 minutes after notice.
Tema also added just over 1 million AST SpaceMobile shares, lifting its reported position to approximately 1 million shares worth $89.2 million ahead of the company’s next satellite deployment.
BlueBird 11 has already arrived at Cape Canaveral, with BlueBirds 12 and 13 expected to follow ahead of a Falcon 9 launch planned for the first half of August.
The next-generation BlueBird satellites are expected to deliver nearly twice the peak download speeds of AST SpaceMobile’s first operational satellites, expanding its direct-to-device broadband network.
On Stocktwits, retail sentiment for SPCX, RKLB, LUNR and ASTS was “bearish,” though over the past year RKLB surged 107%, ASTS gained 67% and LUNR climbed 44%.
