Following the record listing on Nasdaq, WisdomTree analyses SpaceX’s role as a catalyst for a broader ecosystem, from launch services to satellite connectivity.
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Article created by the editorial staff of ETFWorld.co.uk
Elvira Kuramshina, Associate Director, Quantitative Research at WisdomTree
SpaceX’s IPO, completed on 12 June 2026 on Nasdaq under the ticker SPCX, brings the leader of the space economy into the investable universe of public markets for the first time. According to Elvira Kuramshina, Associate Director, Quantitative Research at WisdomTree, the listing is a defining moment for investors in the sector, including through thematic ETFs: for years, investors have watched the milestones achieved by Elon Musk’s company without a direct channel of access. WisdomTree’s analysis examines the case for SpaceX and the companies building the rest of the space ecosystem.
The Numbers Behind the SpaceX IPO
The stock market debut set an all-time record. SpaceX priced its offering at 135 dollars per share, placing 555.56 million shares and raising 75 billion dollars, at a valuation of approximately 1.77 trillion dollars: the largest IPO in US history. The stock closed its first trading session at 161 dollars, up around 19% from the offering price, surpassing Saudi Aramco’s previous fundraising record.
The deal also had an unusual structure: 30% of the shares were reserved for retail investors, while Elon Musk retains 85.1% of the voting power through a dual-class share structure.
The Case for SpaceX: Operational Dominance and Reusability
In her commentary, Kuramshina sets out the reasons for the company’s central position. Through reusable launch systems, SpaceX has turned access to orbit from an infrequent, government-led activity into a commercial, scalable and increasingly routine capability.
The operational data cited by WisdomTree quantify this position: in 2025, SpaceX completed 165 orbital launches, accounting for more than 52% of the global total according to the firm’s figures, deployed approximately 85% of all satellites and delivered 2.23 million kilograms of spacecraft mass out of a global total of 2.7 million. The launch figures are consistent with independent tallies: BryceTech’s report confirms the 165 orbital launches in 2025, equal to roughly 51% of the global total, and the 85% share of satellites launched.
On the technology front, WisdomTree notes that SpaceX describes Starship as a fully reusable transportation system, designed to carry more than 100 metric tonnes to orbit in reusable configuration, while Starlink presents itself as the world’s most advanced low-Earth-orbit satellite constellation, with around 10,000 satellites.
One Company, Multiple Verticals of the Space Economy
For Kuramshina, SpaceX holds a unique position because it operates across several verticals of the sector at once: it is a launch company, a satellite operator, a communications infrastructure provider, a key NASA partner in lunar exploration, and the company most closely associated with the ambition of making human activity beyond Earth economically viable. In short, according to the analyst, SpaceX is helping define the direction of the space economy.
By making access to space cheaper, more frequent and more scalable, the company is opening up commercial opportunities across several areas: satellite connectivity, geospatial intelligence, defence space, in-orbit servicing, and emerging applications such as in-space manufacturing, space-based data centres, lunar infrastructure and space mining. For investors, Kuramshina observes, a key question is what other markets SpaceX is helping unlock and how best to capture the long-term growth potential of the commercialisation of space.
Investing in Space Beyond SpaceX: an Ecosystem Under Construction
If SpaceX defines the direction, the next question is who is building alongside it. According to WisdomTree, the real significance of SpaceX’s success lies in what it has made possible: by lowering the cost of access to orbit and increasing launch cadence, the company is enabling a wider ecosystem to develop new technologies, services and business models.
The commentary cites several players, both emerging and established, active at distinct layers of the value chain:
- Rocket Lab is expanding launch capacity and in-space services, positioning itself as a vertically integrated provider of launch, satellite components and mission solutions.
- Intuitive Machines is supporting the return to the Moon with lunar landers and infrastructure, contributing to the development of a future cislunar economy.
- Redwire focuses on space infrastructure and in-orbit manufacturing technologies, including advanced materials and production capabilities enabled by microgravity.
- AST SpaceMobile is targeting satellite-enabled connectivity delivered directly to devices, with broadband from space.
- MDA Space plays a leading role in satellite systems, robotics and geospatial intelligence, supporting both commercial and government missions.
Together, these companies show how the space economy is evolving into a multi-layered ecosystem spanning launch, infrastructure, connectivity, data, robotics and emerging applications.
Conclusions
For WisdomTree, SpaceX is the key catalyst, but the growth of the space economy will be driven by a much broader set of participants. The opportunity for investors, Kuramshina concludes, extends beyond owning the sector leader: it also involves exposure to the companies building the infrastructure, services and applications of the next phase of the space economy. With SPCX now listed and an expanding ecosystem of public companies, the theme is accessible to portfolios through single stocks and diversified instruments such as thematic ETFs.
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