Greg Boland

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SpaceX IPO Webinar Recap: Rockets, Starlink and the Future of AI Infrastructure

Following on from Tuesday's webinar, many members have asked for a summary of the key points discussed. $SpaceX (SPCX.US)$ is shaping up as one of the most anticipated IPOs in market history and there is understandably a great deal of interest from investors wanting to understand both the opportunity and the risks.

While SpaceX is best known for its rockets and Elon Musk's ambitions for space exploration, one of the biggest takeaways from the webinar was that SpaceX is increasingly positioning itself as much more than a launch company.

Why is the SpaceX IPO attracting so much attention?

With a reported valuation approaching US$1.8 trillion, SpaceX could become the largest IPO in history.

The company sits at the intersection of several major investment themes:

– Artificial Intelligence

– Communications Infrastructure

– Defence Technology

– Satellite Connectivity

– Space Commercialisation

This combination has attracted significant interest from both institutional and retail investors globally.

One of the observations made during the webinar was that SpaceX feels different from previous blockbuster IPOs.

This is not simply a company coming to market.

It is almost a test of whether investors are willing to place a trillion-dollar valuation on a vision of the future.

Starlink may be the real story

Most people think of rockets when they hear the name SpaceX.

However, the filings and publicly available information suggest Starlink is increasingly becoming the economic engine of the business.

Starlink now has approximately 10.3 million subscribers globally and generated an estimated US$11.4 billion in revenue during 2025.

This is important because recurring subscription revenue is often valued very differently by markets compared with project-based businesses.

A key point discussed during the webinar was:

"Rockets get the headlines. Starlink may ultimately drive the valuation."

Why AI is becoming central to the investment case

Another major theme discussed was artificial intelligence.

The publicly available information repeatedly references:

– AI infrastructure

– Data transmission

– Low-latency communications

– Compute demand

– Communications resilience

SpaceX appears to believe future AI systems will require enormous amounts of communications infrastructure and connectivity.

This has led some investors to view the company less as an aerospace business and more as an infrastructure platform supporting the future AI economy.

The market is not assigning a US$1.8 trillion valuation to rocket launches alone.

The investment debate increasingly centres around whether SpaceX can become a critical layer of future AI infrastructure.

Five numbers investors should know

One of the most popular sections of the webinar focused on five numbers that help explain the SpaceX story.

US$18.7 billion revenue

SpaceX generated approximately US$18.7 billion in revenue during 2025.

10.3 million Starlink subscribers

Starlink has become one of the world's largest satellite communications networks.

US$28.5 trillion total addressable market

Interestingly, most of this opportunity is linked to AI rather than space exploration.

US$1.25 billion per month compute agreement

This highlights the company's growing exposure to AI infrastructure.

US$7.7 billion AI-related capital expenditure

A reminder that management is investing aggressively to capture future growth opportunities.

The simplest summary from the webinar was:

Rockets build the moat.

Starlink drives the profits.

AI is both the opportunity and the risk.

Government relationships: Opportunity and risk

Another topic discussed in depth was the company's relationship with governments and defence agencies.

These relationships provide:

– Stable long-term revenue

– High barriers to entry

– Strategic importance

However, they also create risks including:

– Regulatory change

– Political uncertainty

– Geopolitical tensions

– Contract dependency

As discussed during the webinar:

"Governments can be your best customer and your biggest risk at exactly the same time."

How can investors participate?

Many attendees asked how investors can gain exposure to the theme.

$SpaceX (SPCX.US)$ will be available for trading from Friday 12 June 2026.

Stock Options become available from Tuesday 16 June 2026.

Also available will be GraniteShares leveraged ETF's:

$GraniteShares 2x Long SpaceX Daily ETF (SPAL.US)$
$GraniteShares 2x Short SpaceX Daily ETF (SNK.US)$

While direct IPO access may be limited, investors may also consider:

– Aerospace companies

– Satellite communications businesses

– AI infrastructure companies

– Space-themed ETFs

– Broader technology and infrastructure exposure

One of the key points from the webinar was that not every space stock represents the same investment opportunity.

Launch businesses, communications companies, infrastructure providers and data businesses each have different drivers and risk profiles.

The biggest risks investors need to understand

Every major opportunity comes with risk.

The webinar highlighted several key considerations:

– Valuation expectations

– Government dependency

– Regulatory risk

– Launch failure risk

– Cybersecurity threats

– Dependence on Elon Musk

Investors should remember that even great businesses can become poor investments if expectations become too optimistic.

The valuation debate

Perhaps the most important question raised during the webinar was this:

Is SpaceX an aerospace company?

A telecommunications company?

An AI infrastructure company?

Or a strategic communications platform?

The answer matters because each category commands very different valuation multiples.

As discussed during the webinar:

"The most important question isn't whether SpaceX is a good company. It clearly is. The question is whether it's an aerospace company, a telecom company, or an AI infrastructure company. Because the answer changes the valuation by hundreds of billions of dollars."

Final thoughts

My biggest takeaway after reviewing the publicly available information is that SpaceX is not simply asking investors to fund a rocket company.

It is asking investors to fund communications infrastructure, AI infrastructure and one of the most ambitious scaling projects in modern business history.

That creates enormous opportunity.

But it also creates enormous execution risk.

The coming months will determine whether investors embrace that vision.

One thing is certain.

This is likely to be one of the most closely watched IPOs of the decade.