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SpaceX Pre-IPO: The Listed Universe Still Has Room to Run
The benchmark space ETF has rallied +11% in less than two weeks (since our April 7 analysis), and the opportunity is far from over. With SpaceX widely expected to IPO before or shortly after this summer at a record $1.75 trillion valuation, we mapped the full investable universe of publicly traded space stocks and ETFs into five categories, ranked by return potential. We also included a chart book with all the charts to help you get your head around those stocks.
Last week's returns validated the framework: pure-play space names led with +18%, satellite and connectivity followed at +14%, while defense and legacy infrastructure lagged at -3%. Starlink, generating $11.4 billion in revenue and $7.2 billion in EBITDA last year, with margins expanding from 41% to 63%, is the financial engine underpinning the entire SpaceX story.
Overlay the SpaceX pre-IPO price against our publicly listed benchmark (yes, you can buy this today), and the performance gap is striking; there still appears to be significant upside relative to where SpaceX is trading. Our 10x Research Space Index concentrates exposure in exactly the two categories that are driving returns. The theme has further to run, and precision of positioning will determine who captures it.
Still plenty of upside ahead until the SpaceX IPO?
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