SpaceX · Wall Street · Starlink · Elon Musk · CNBC Technology
SpaceX IPO will test how Wall Street prices ‘strategic tech’
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The SpaceX initial public offering is about to test whether Wall Street needs a new playbook.
Key facts
- In its IPO filing, SpaceX said it was the primary launch provider for the U.S. government in 2025, launching 11 of 12 National Security Space Launch medium and heavy-lift missions and all five U.S
- SpaceX already operates 10,000 Starlink broadband and mobile satellites in low-Earth orbit, which it says accounted for about 75% of all active maneuverable satellites in orbit as of March 31
- Lockheed Martin, RTX, Northrop Grumman, General Dynamics and L3Harris are indispensable to U.S. national security, but the upside for those stocks is shaped by the Pentagon
- The SpaceX initial public offering is about to test whether Wall Street needs a new playbook
Summary
The company, which starts trading on Friday, has a business that doesn't cleanly fit into the categories investors usually use. The better way to understand SpaceX may be as private geopolitical infrastructure: A company with products that are embedded in how governments, militaries, airlines, remote communities and AI workloads operate. In its IPO filing, SpaceX said it was the primary launch provider for the U.S. government in 2025, launching 11 of 12 National Security Space Launch medium and heavy-lift missions and all five U.S. crew and cargo missions to the International Space Station for NASA. A traditional valuation can miss that kind of essential role in government operations.