Redwire's explosive rally is driving outsized gains in leveraged and space-focused ETFs as investors pile into aerospace and defense names ahead of the anticipated SpaceX IPO.

The VanEck space ETF is up 24% in five days, with Redwire, Rocket Lab, and AST SpaceMobile among the biggest movers

Redwire shares are extremely overbought. They are also getting close to a former peak. There is a chance the rally ends at this level.