SpaceX is about to go public and the space economy just changed forever.
Bloomberg reported Tuesday that Elon Musk’s rocket and satellite company is preparing to file its S-1 prospectus as early as this week, targeting roughly $75 billion in proceeds. That would make it the largest initial public offering in history and nearly three times the $29.4 billion Saudi Aramco raised in 2019. The combined entity, which now includes Musk’s xAI artificial intelligence venture after a February all-stock merger, is expected to seek a valuation of $1.5 trillion to $1.75 trillion when it lists, likely in June.
The market’s reaction was immediate. surged 10%. jumped 12%. Firefly Aerospace (FLY) rocketed 16%. climbed nearly 15%. The message from the market was clear: when the biggest player in an industry goes public, it lifts the entire sector.
Why This IPO Changes the Math
Let’s be specific about what SpaceX actually is in 2026, because it’s not the same company most investors still picture. Starlink, the satellite internet division, now has over 9.2 million active subscribers and generated more than $16 billion in revenue last year. Analysts project that figure will reach $20 billion to $24 billion in 2026. Those aren’t aerospace margins, they’re software-like margins on a global telecom utility. That’s the business that justifies a trillion-dollar-plus valuation.
The launch business remains dominant. SpaceX controls roughly 80% of global commercial launch mass. Starship, the most powerful rocket ever built, has successfully delivered payloads to orbit and is now the backbone of the Starlink V3 constellation buildout. The xAI integration adds another dimension entirely — Musk’s vision of space-based AI computing through orbital data centers is speculative, sure, but it’s the kind of narrative that drives IPO premiums.
The confidential SEC filing allows SpaceX to address regulatory complexities privately before the public roadshow begins. If timelines hold, institutional investors will be pricing allocations by April.
Here’s what matters for public market investors: you can’t buy SpaceX stock today. But you can position in the companies that will benefit most from the tsunami of capital about to flood into the space sector.
How to Play It
Rocket Lab (RKLB) — The closest public-market proxy to SpaceX. At around $71, Rocket Lab is the second-most-active launch provider in the world, having completed 84 Electron missions. The company reported 38% year-over-year revenue growth in Q4 2025, with total revenue reaching $602 million. But the real story is what’s coming: the Neutron rocket, designed to compete directly with SpaceX’s Falcon 9, is scheduled for its inaugural launch in late 2026. Rocket Lab’s backlog now exceeds $2 billion, including a $190 million hypersonic test contract with the Department of Defense announced earlier this month. Cash and marketable securities hit $977 million, up 121% year-over-year. Bank of America has a $120 price target — implying roughly 69% upside from current levels. The median consensus sits around $90, suggesting 27% upside even on conservative estimates. When SpaceX goes public at $1.5 trillion, every analyst on Wall Street will be re-rating its publicly traded competitors.
AST SpaceMobile (ASTS) — The direct-to-device satellite play. At around $93, ASTS is building something that didn’t exist three years ago: a cellular broadband network in space that works with standard, unmodified smartphones. The company now has 25 satellites in orbit, is on track for
SpaceX IPO Is Coming: 5 Space Stocks to Own Before It Lands
