SpaceX IPO Nears: Is the Capex Story Bigger Than the Listing?
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With SpaceX set to debut on the Nasdaq on June 12 under SPCX at USD 135 per share, the market's focus is shifting from the listing itself to the scale of the business behind it. According to Goldman Sachs estimates, SpaceX could spend as much as USD 360 billion in capital expenditure through 2028, a figure that reframes the company as a multi year infrastructure build rather than a one off IPO event.
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The real question is not whether the debut pops. It is who captures that spending. Capex of that magnitude flows through a wide supply chain of aerospace, components, and satellite connectivity names, and appetite is already visible: the NASA ETF drew USD 2 billion of inflows in May alone.
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Risks remain in play. The reported valuation near USD 1.75 trillion sits well above some independent estimates, and a market that just saw crypto and chips pull back may not reward richly priced new listings. Both the upside of a generational franchise and the downside of a stretched entry price are on the table for investors. 📊
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