It comes as no surprise that SpaceX's recent IPO has generated extraordinary media attention. As the largest initial public offering in history by capital raised, SpaceX represents a landmark moment in financial markets. As shown in Figure 1, the company's projected IPO was nearly three times larger than the previous record-holder, Saudi Aramco, which went public on December 11, 2019. In reality, SpaceX exceeded even those projections, ultimately raising approximately $85.7 billion.
Coinciding with the IPO, Inspire Insight released its biblical values assessment of SPCX. The research identified significant Exploitation and Sexually Explicit violations that resulted in the company receiving an Inspire Impact Score of -81 (shown in Figure 2), making it ineligible for inclusion in Inspire's ETF lineup.
Specifically, Inspire's research found that SpaceX subsidiary xAI operates the artificial intelligence platform Grok, which allows users to generate sexually explicit images, videos, and text conversations. The platform also includes NSFW (Not Safe For Work) and 18+ settings that enable nudity in image and video generation, as well as written depictions of explicit sexual content.
Additionally, xAI is the parent company of X Corp., which operates the social media platform X (formerly Twitter). X permits users to post images and videos depicting nudity and graphic sexual content, including promotional material directing users to pornography platforms such as OnlyFans. Beyond these concerns, the National Center on Sexual Exploitation (NCOSE) has identified X as failing to adequately address child sexual abuse material on its platform. According to NCOSE, the company has not only failed to act in certain reported cases but continues to facilitate the spread of child sexual abuse material, image-based sexual abuse, AI-generated deepfake pornography, prostitution and sex trafficking, and other forms of online exploitation.
It’s worth noting that Inspire's exclusion of SpaceX is not based on concerns regarding the company's financial strength, competitive positioning, or long-term growth prospects. Rather, the exclusion is based solely on Inspire's commitment to applying consistent biblical values screening.
Because of that distinction, some investors naturally ask an important question: If SpaceX becomes one of the greatest-performing companies in history, doesn't excluding it put Inspire investors at a disadvantage?
It is a fair question – and one worth examining.
While SpaceX has tremendous potential, history reminds us that even the world's largest IPOs have produced mixed investment outcomes.
As shown in Figure 3, the ten largest IPOs in history have experienced widely varying results during their first year as public companies. Five generated positive first-year returns, while the other five declined below their offering prices. Although many eventually produced attractive long-term returns, history demonstrates that sheer size and media excitement do not guarantee investment success.
As shown in Figure 3, the ten largest IPOs in history have experienced widely varying results during their first year as public companies. Five generated positive first-year returns, while the other five declined below their offering prices. Although many eventually produced attractive long-term returns, history demonstrates that sheer size and media excitement do not guarantee investment success.
Important: Historical market performance is presented for illustrative and educational purposes only and is not intended to predict or imply the future performance of SpaceX or any other investment. Past performance does not guarantee future results. Returns are shown versus each company's split-adjusted IPO offering price in its local currency and are based on publicly available data from Bloomberg, FactSet/WSJ, Investing.com, and The Motley Fool. Data is believed to be reliable but has not been independently verified by Inspire Investing.
The point is not to suggest that SpaceX will underperform. Rather, it is to recognize that no one – not investors, analysts, nor financial media – can know with certainty how any individual stock will perform over time.
In many ways, this discussion is familiar.
When Inspire launched the Inspire 500 ETF (PTL), critics argued that excluding the so-called Magnificent Seven – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – would make it impossible for the fund to compete with the S&P 500. Considering these companies have represented more than 30% of the S&P 500's weighting, that criticism seemed understandable.
Yet history has demonstrated that such concerns were overstated.
As shown in Figure 4, the Inspire 500 ETF has delivered long-term performance comparable to the S&P 500 since inception and has even outperformed the index during certain periods despite having no exposure to those mega-cap companies.
Important Performance Information: Past performance does not guarantee future results. The performance shown reflects historical returns and should not be relied upon as an indication of future performance. The S&P 500 Index is unmanaged, does not reflect fees or expenses, and investors cannot invest directly in an index. PTL's investment objectives, holdings, risks, and expenses differ materially from those of the S&P 500 Index, and the exclusion of certain securities may help or hinder investment performance during different market environments. Performance shown is as of June 30, 2026; current performance may be higher or lower. Visit www.inspireetf.com for current performance and the fund prospectus. Inspire Investing, LLC is the investment adviser to PTL and receives management fees from the fund, creating a conflict of interest. Additional information regarding this conflict is available in Inspire's Form ADV Part 2A.
This does not prove that excluding every large company will always work in investors' favor. Rather, it illustrates an important investing principle: long-term portfolio success does not depend on owning every popular or high-profile stock. Markets continually evolve, leadership changes over time, and disciplined portfolio construction often proves more resilient than chasing the latest market darling.
Now let's consider the hypothetical.
Suppose SpaceX ultimately becomes the greatest-performing stock in history, producing returns that exceed even today's lofty expectations.
Would that justify abandoning Inspire's biblical screening methodology?
Our answer is unequivocally no.
Inspire's investment philosophy has never been based on maximizing returns at any cost. Instead, it is built on the conviction that Christians can seek competitive investment results while remaining faithful stewards of the capital God has entrusted to them.
Scripture reminds us:
"Better is a little with righteousness than great revenues with injustice." (Proverbs 16:8)
Likewise, Paul warns believers:
"As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy." (1 Timothy 6:17)
Therefore, let us not be driven by the fear of missing out or the pursuit of greater returns at any cost. Instead, let us place our hope in God and steward the resources He has entrusted to us in a manner that honors Him, trusting that faithfulness is ultimately of greater value than any investment opportunity we may leave behind.
Important Risk Information
Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
Inspire, the adviser, provides the index for the Inspire Funds to track. The indexes use software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores to a company. As the Fund may not fully replicate the Index, it is subject to the risk that investment management strategy may not produce the intended results. Past performance is no guarantee of future results.
There is no guarantee that the Funds will achieve their objective, generate positive returns, or avoid losses. Before investing, carefully consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 877.658.9473, or visit www.inspireetf.com. Read it carefully. The Inspire ETFs are distributed by Foreside Financial Services LLC., Member FINRA. Inspire and Foreside Financial Services LLC are not affiliated. Copyright © 2026 Inspire. All rights reserved.
Before investing, carefully consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 877.658.9473, or visit www.inspireetf.com. Read it carefully before investing.
Definitions
S&P 500 Index: A market-capitalization-weighted index of approximately 500 large U.S. companies across major industries, widely used as a benchmark for the overall U.S. stock market and/or large cap U.S. stock market.
