SpaceX IPO Approaches: Which Stocks and ETFs Are Riding the Wave?

With the continued progress of Starship test flights, the rapid growth in Starlink's user base, SpaceX's ever-refreshing valuation, and the rising global fervor for commercial aerospace capital, the capital markets have already begun to position themselves early in SpaceX concept stocks.

From an industrial logic perspective, the true beneficiaries extend beyond just rocket launch companies; they encompass the entire space economy ecosystem, including satellite communications, rocket manufacturing materials, spatial data, AI computing power, and related ETFs.

Satellite Communications: SpaceX is Reshaping Global Network Infrastructure

In the past, communication infrastructure relied on ground-based stations and undersea cables; today, low-earth orbit (LEO) satellites are becoming the new layer of global connectivity.

Compared to companies like $AST SpaceMobile (ASTS.US)$ that focus on direct-to-cell technology, SpaceX concentrates on the communications market reliant on signal-receiving dishes (parabolic antennas). Compared to the Direct-to-Consumer (DTC) market, the government and commercial sectors are equally massive, featuring significantly higher revenue per customer, superior gross margins, and greater user stickiness. In recent years, SpaceX's Starlink has also gradually entered the retail user market, primarily through a partnership with $T-Mobile US (TMUS.US)$ to initially provide SMS, voice, and low-speed data services.

Beyond Starlink and ASTS, $Iridium Communications (IRDM.US)$ and $EchoStar (ECHO.US)$ are also involved in the satellite communications sector. $Amazon (AMZN.US)$ has emerged as a competitor in the next generation of satellite internet through its Project Kuiper (Amazon Leo). Additionally, $Planet Labs PBC (PL.US)$ provides satellite imagery services catering to the government, agriculture, energy, and environmental sectors.

Rocket & Launch Supply Chain: SpaceX Rewrites the Industry Cost Curve

As Moomoo Insights noted in our previous analysis, Starship employs the more powerful Raptor 3 engine, which significantly boosts payload capacity and thereby reduces the launch cost per kilogram. This development unlocks opportunities across multiple application areas: enabling more satellites to reach orbit and transitioning the space economy from a niche defense sector to large-scale commercialization.

In the realm of rocket materials, companies such as $ATI Inc (ATI.US)$ and $Hexcel (HXL.US)$ supply alloys and carbon fiber products to the space industry supply chain. $Air Products & Chemicals (APD.US)$ provides propellants and industrial gases.

Furthermore, the specialized communication zone design of Starship eliminates signal blackouts throughout the entire launch process. This relies on advanced technologies within the aerospace sensors and defense electronics sectors, with relevant companies including $L3Harris Technologies (LHX.US)$ , $Teledyne Technologies (TDY.US)$ , and $Kratos Defense & Security Solutions (KTOS.US)$ providing advanced avionics systems. $Redwire (RDW.US)$ supplies sensors and structural components to NASA, the International Space Station, and SpaceX. Companies whose launch businesses directly overlap with SpaceX include $Rocket Lab (RKLB.US)$ and $Firefly Aerospace (FLY.US)$ .

Space + AI: The Next Potentially Undervalued Frontier

Following the merger of SpaceX and xAI, the Colossus supercomputing center is set to drive higher revenue growth for SpaceX by providing computing power for Grok and other cloud giants. Currently, the Colossus supercomputing center is procuring a massive volume of $NVIDIA (NVDA.US)$ chips.

Beyond this, space-based data centers represent another future direction. Ground server rooms face four major constraints: power, heat dissipation, land, and water resources. In space, there is unlimited solar energy, vacuum radiative cooling, and no land restrictions. In the long term, the cost of computing power per unit could be lower than on Earth, making space data centers a viable option amidst these various limitations. For instance, $Alphabet-A (GOOGL.US)$ has initiated the forward-looking "Project Suncatcher," aiming to break through the energy and cooling bottlenecks of ground data centers by building space-based AI computing clusters.

ETFs & CEFs

Since SpaceX is not yet publicly listed, capital is beginning to participate in the space theme through ETFs or indirect shareholding. Funds holding SpaceX tech assets include $Entrepreneur Private-Public Crossover ETF (XOVR.US)$ , $Destiny Tech100 (DXYZ.US)$ , $Tema Space Innovators ETF (NASA.US)$ , $Baron First Principles ETF (RONB.US)$ , $Fundrise Innovation Fund (VCX.US)$ , and $Kraneshares Public Private AI And Technology ETF (AGIX.US)$ .

Other space-themed ETFs that do not hold SpaceX include: $Global X Space Tech ETF (ORBX.US)$ , $ARK Space & Defense Innovation ETF (ARKX.US)$ , $Procure Space Etf (UFO.US)$ ,$Roundhill Space & Technology ETF (MARS.US)$ .

The Space Economy is gradually evolving from a niche theme into an institutional-grade, long-term sector. However, investors should note risks such as the high premium rates of these funds.

Over the past two decades, AWS reshaped cloud computing, Tesla reshaped electric vehicles, and NVIDIA reshaped AI computing power. Now, SpaceX may be poised to reshape satellite communications, space transportation, and the spatial data economy. As the largest IPO in history, this company likely carries multiple grand industrial narratives spanning AI, telecommunications, and aerospace.

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