📡 SpaceX eyes $1.5T IPO—and why space is the next big bet

Good morning.

SpaceX is reportedly prepping for one of the biggest IPOs in history—targeting up to $30 billion raised at a $1.5 trillion valuation in 2026.

That's not a typo. $1.5 trillion. That would make SpaceX worth more than Walmart, JPMorgan, and Visa combined.

Elon Musk confirmed the plans, tying the move to rising AI demand and space-based data center opportunities. The company needs tens of billions to finish Starlink's global coverage, build orbital data networks, and fund lunar infrastructure.

This isn't just about rockets anymore. Space is becoming the next major investment category—and most people aren't paying attention yet.

Elon Musk confirmed the plans, tying the move to rising AI demand and space-based data center opportunities. The company needs tens of billions to finish Starlink's global coverage, build orbital data networks, and fund lunar infrastructure.

This isn't just about rockets anymore. Space is becoming the next major investment category—and most people aren't paying attention yet.

Hey there,

Alberto here.

For years, space was a government-funded science project. Then SpaceX proved it could be profitable.

Now space is transitioning into infrastructure—satellites, data centers, logistics, and eventually manufacturing. And the capital requirements are massive.

Today I'm breaking down SpaceX's coming IPO, why space investments are heating up, what opportunities exist beyond SpaceX, and why early investors in space infrastructure could see returns that rival early internet investors.

Let's go.

SpaceX is targeting a 2026 IPO that could raise up to $30 billion at a $1.5 trillion valuation, according to Bloomberg.

That would make it one of the largest public offerings in history—bigger than Alibaba's $25B IPO in 2014.

Elon Musk confirmed the plans, linking the move to AI demand and opportunities for space-based data centers.

Why now?

SpaceX generates serious cash from Starlink launches. But it's nowhere near the tens of billions needed to:

An IPO gives Musk the capital to scale from profitable rocket company to civilization-scale space infrastructure provider.

Why it matters: This is the moment space transitions from niche to mainstream investment category.

If SpaceX goes public at $1.5T, every institutional investor will need space exposure. Pension funds, sovereign wealth funds, and asset managers will allocate billions.

That capital will flow to the entire space ecosystem—not just SpaceX.

For decades, space was research. Governments funded NASA, ESA, and other agencies to explore.

SpaceX changed that by proving space could be profitable. Reusable rockets cut launch costs by 90%. Starlink showed that satellite internet has massive commercial demand.

Now space is transitioning into infrastructure:

Satellites: Communications, internet, GPS, weather, imaging. Thousands of satellites already in orbit. Tens of thousands more coming.

Data Centers: AI models need compute. Space-based data centers solve energy and cooling constraints. Musk explicitly cited this as part of the IPO thesis.

Logistics: Moving materials, equipment, and eventually people between Earth, Moon, Mars, and orbital stations.

Manufacturing: Zero-gravity manufacturing for pharmaceuticals, materials, and semiconductors that can't be made on Earth.

Mining: Asteroid mining for rare earth metals. Sounds like sci-fi but companies are already fundraising for it.

This isn't speculative anymore. It's happening. And it requires trillions in capital.

Three forces are converging to make space a serious investment category:

1. Launch costs collapsed.

SpaceX's reusable Falcon 9 rockets cut launch costs from $10,000/kg to ~$1,500/kg. Starship targets $100/kg.

Cheaper launches unlock business models that weren't economically viable before. Satellite constellations, orbital manufacturing, space tourism—all become profitable at $100/kg.

2. AI needs compute and energy.

Training AI models requires massive compute and energy. Earth-based data centers are hitting constraints—energy grids can't support them, cooling is expensive, and land is limited.

Space solves all three: infinite solar energy, natural cooling (vacuum of space), and unlimited room to expand.

Musk isn't guessing. He's connecting SpaceX's infrastructure to AI's biggest bottleneck.

3. Governments are writing checks.

NASA's Artemis program is funding lunar infrastructure. The U.S. Space Force has a $30+ billion annual budget. China, India, and Europe are racing to build their own capabilities.

Government contracts provide baseline revenue. Commercial opportunities (Starlink, data centers, manufacturing) provide upside.

Space investments used to be pure venture capital—high risk, binary outcomes, long timelines.

That's changing. Space is maturing into an asset class with:

Predictable revenue: Satellite internet subscriptions (Starlink has 4+ million customers), government contracts, commercial launches.

Infrastructure value: Satellites, launch platforms, and orbital stations have long useful lives and generate recurring revenue.

Scarcity: Only a handful of companies can launch rockets, build satellites at scale, or operate constellations. Supply is limited.

Growth trajectory: Space economy is projected to grow from ~$500B today to $1.8T by 2035 (Morgan Stanley estimate).

Hedge against Earth constraints: As AI, manufacturing, and population grow, Earth-based resources hit limits. Space provides expansion room.

SpaceX going public legitimizes space as institutional-grade infrastructure. Once it's public, every major fund will need exposure.

SpaceX isn't the only opportunity. The space economy has multiple layers:

Launch providers: SpaceX, Rocket Lab, Blue Origin, Relativity Space. Launch is the foundation—everything else depends on cheap access to orbit.

Satellite operators: Starlink, OneWeb, Planet Labs, Maxar. These companies operate constellations and sell data or connectivity.

Space infrastructure: Axiom Space (orbital stations), Astroscale (debris removal), Redwire (manufacturing in space).

Ground systems: Viasat, Iridium, SES. Companies that connect satellites to Earth-based networks.

Enabling tech: SpaceX suppliers, propulsion companies, materials science firms building components.

Most are still private. But as SpaceX IPOs, expect a wave of space SPACs, direct listings, and venture rounds.

Early investors in this ecosystem could see returns that mirror early internet infrastructure plays—Cisco, Oracle, Akamai. Those companies provided the pipes; space companies will provide the orbital infrastructure.

Space isn't risk-free. Here's what could go wrong:

Regulatory constraints: Governments control launch licenses, spectrum, and orbital slots. Policy changes could slow growth.

Capital intensity: Building satellites, rockets, and orbital infrastructure is expensive. Companies that can't raise capital will fail.

Technical failures: Rockets blow up. Satellites malfunction. Space is hard. Failure rates are higher than terrestrial businesses.

Competition: China is aggressively building space capabilities. If they dominate manufacturing or mining, Western companies could lose.

Valuation risk: $1.5T for SpaceX is aggressive. If the IPO disappoints, it could chill investor appetite for the sector.

But if you believe AI will keep growing, if you believe humanity needs more resources and compute, and if you believe launch costs will keep falling—space is the logical next infrastructure layer.

If SpaceX goes public at $1.5T in 2026, here's what happens:

1. Institutional capital floods in. Every major fund allocates 1-3% to space. That's hundreds of billions flowing into the sector.

2. Space SPACs and IPOs accelerate. Rocket Lab, Planet Labs, and others get easier access to capital. More space companies go public.

3. Venture funding surges. Startups building space tech, components, and applications raise massive rounds. Early-stage valuations rise.

4. Secondary markets open up. Private investors who own SpaceX shares pre-IPO get liquidity. That capital recycles into new space investments.

5. Retail investors get access. For the first time, everyday investors can own SpaceX. That democratizes space investing beyond VC and PE.

The IPO isn't just about SpaceX. It's the moment space becomes a mainstream asset class.

Founderscrowd Premium: Join hundreds of investors accessing weekly private market opportunities—early-stage startups, alternative assets like space infrastructure, and secondaries in companies like SpaceX, Stripe, and OpenAI. Beta access is $40/month (normally $120).

Apply here.