SpaceX IPO hype boosts US space stocks as investors bet on sector growth

SpaceX filed its S-1 IPO prospectus with the SEC in mid-May, targeting a Nasdaq listing under the ticker SPCX by June, with ambitions to raise up to $80 billion at a valuation exceeding $2 trillion.

The rising tide lifting all rockets

Since the filing dropped, US space stocks have been on a tear. Intuitive Machines surged over 13%. Rocket Lab and Planet Labs posted double-digit gains. AST SpaceMobile climbed 7%, and even Virgin Galactic jumped more than 10%.

Space-themed ETFs, including offerings from VanEck, have seen record inflows tied to the IPO anticipation.

What the S-1 actually reveals

SpaceX reported 2025 revenue of approximately $18.67 billion, driven primarily by its Starlink satellite internet business and its dominant position in the commercial launch market. The company is still posting net losses.

The real surprise in the S-1 was the pivot toward AI infrastructure. SpaceX is positioning itself as a provider of data-center-in-space capabilities, wanting to process AI workloads in orbit and leveraging the thermal advantages and scalability of space-based computing.

The filing disclosed that SpaceX holds 18,712 BTC, valued at roughly $1.45 billion, placing it among the largest corporate Bitcoin holders in the world.

Republic has launched a tokenized exposure vehicle called rSPAX, offering retail investors a crypto-native way to gain indirect access to SpaceX before shares begin trading.

Why crypto investors should care

SpaceX holding nearly 19,000 Bitcoin is not just a treasury management decision. When a company valued at over $2 trillion treats Bitcoin as a meaningful reserve asset, it normalizes the practice for every CFO watching from the sidelines.

Space-themed ETFs experiencing record inflows is one data point. The creation of tokenized SpaceX exposure vehicles is another. Together, they suggest that the space economy and the digital asset economy are converging into a single investment narrative.

For traders, the immediate implication is volatility. Space stocks that rallied 10-14% on an IPO filing alone could easily give back those gains if the listing gets delayed or if the $2 trillion valuation proves too rich for institutional appetites.