The Space Race Primer
It sounds like SpaceX is going public. Which companies stand to benefit?
It’s clear that a SpaceX IPO is coming.
After what feels like years of Elon saying he didn’t think he’d want to take SpaceX public, we’ve been bombarded with news surrounding a SpaceX IPO over the last week or two.
Just last week we got news that SpaceX was considering an IPO at an $800B valuation and today we just got news that they’re actually considering raising $30B in a $1.5T IPO. This would be the biggest IPO in history by far and would have a major ripple effect across the market. If SpaceX could IPO at $1.5T, what could companies such as OpenAI, Anthropic, Anduril, Databricks, and Stripe get?
2026 is setting up to be potentially the biggest year of IPOs in history.
I’ll touch more on that in my 2026 preview but for now I’m going to stick on topic. If SpaceX is worth $1.5T or even just $1T, that means there are many Space stocks in the market today that could be worth much more looking even just a few months into the future.
Before we get into it, I also want to let you all know I’ve already started working on my 2026 year ahead preview. Last year’s was a huge success with the vast majority of themes and many of the names outperforming the market by a wide margin. In that preview I highlighted the risk of a major correction in H1 2025 tied to Trump volatility and tariffs that would end up being buyable, why I expected solar and China to outperform, and more. The 2026 preview will be posted exclusively here on Substack and as we get closer to the end of 2025, I’ll share a full recap of how the 2025 preview performed. A few of the picks included OKLO, KTOS, NBIS, TEM, EOSE, FSLR, and more. If you want to review the 2025 preview, you can find it here. I recapped the 2025 preview here as well. The 2026 preview will be far more in depth now that I finally have a space where I can break everything down properly.
Now, for this article. Some may be disappointed… I was planning to release my Robotics primer on Thursday but we’ve been getting so many headlines and so much Space related news that this needs to take precedent. Robotics is not a theme that looks like it’s going to take off imminently within the next week or so. Space on the other hand is moving right now and it makes no sense to sit on this when the conversation and the pricing catalysts are finally aligning in real time. Whether it’s data centers in Space, the SpaceX IPO, or government executive orders, it’s clear Space is “the” place to focus right now. In my view, it’s even becoming a national security issue.
We’ve had three massive headlines over the last week. It feels ready to discuss this theme at length.
Sam Altman was looking into starting a competitor to SpaceX so he can build data centers in space.
Sundar Pichai said Google will start building data centers in space in 2027.
SpaceX is in talks to IPO at a $1.5T valuation
If you missed my AI Power Grid Primer, you can find it here. This was by far my most popular post so if you missed it I suggest checking it out. I reviewed every AI energy name in the Space, which names I owned (yes, one was GEV who just had a big investor day today), and my thoughts on the sector moving forward. I plan to release sector/thematic primers for a variety of groups whether it’s solar, batteries, robotics, and many more.
In the remainder of this article I’m going to break down the Space economy, which stocks stand to benefit from the massive SpaceX IPO, my biggest focus names, and how the regulatory and geopolitical framing around Space that could force a complete rerating of the sector as people realize this is becoming a national security issue.
Let’s get into it.