SpaceX’s record US$85.7b IPO and the early jump in its share price have pushed capital markets’ attention firmly toward the plumbing behind large scale space and AI infrastructure. When a single listing highlights how much money is chasing orbital AI data centers and related hardware, it can reshape how investors think about the suppliers, software platforms, and backbone systems that might benefit or face tougher expectations. This article highlights 3 stocks from an AI Infrastructure Enablers screener that appear positively exposed to this news, helping you decide whether they deserve a closer look or a place on your watchlist.

Wall Street's queuing for one rocket. While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab's valuation page.

Equinix (EQIX)

Overview: Equinix runs a global network of interconnected data centers that host and connect the cloud platforms, networks and enterprises powering digital services and AI. By offering colocation and high speed interconnection, it helps customers move data quickly and securely across regions, clouds and partners.

Operations: Equinix generates about US$9.5b from designing, building out and operating its IBX data centers, with revenue spread across the US, EMEA, Asia-Pacific and the rest of the Americas.

Market Cap: US$104.1b

Equinix sits at the heart of the AI infrastructure build out, providing colocation and interconnection capacity that hyperscalers, neoclouds and AI model providers rely on, with 8 of the top 10 AI model providers and 4 of the top 5 neoclouds expanding on its platform. Earnings growth, stronger margins and a stock price that sits below one DCF based estimate may appeal to investors who care about both quality and price. At the same time, a high P/E, debt that is not well covered by operating cash flow and recent insider selling mean expectations are already high and leverage needs watching. The key question is whether Equinix’s role in AI focused data centers justifies those risks and the current valuation premium.

Equinix’s AI data center footprint and global interconnection platform are only half the story. The other half is in how its valuation stacks up against future expectations in the DCF valuation analysis for Equinix

Snowflake (SNOW)

Overview: Snowflake runs a cloud based data platform that lets organisations bring all their data into one place, analyse it, build applications on top of it and plug in AI tools to solve business problems without moving information between multiple systems.

Operations: Snowflake generates about US$5.0b from internet software and services, with around US$3.8b coming from the United States and the rest spread across EMEA, Asia-Pacific and Japan, and other Americas markets.

Market Cap: US$80.7b

Snowflake sits right where AI, big data and cloud infrastructure meet. This is a key area for capital allocation as projects such as orbital AI data centers grow in ambition and size. Its AI Data Cloud, deepening partnerships with AWS and OpenAI, and a large base of committed customers give it meaningful leverage to enterprise AI workloads, even as competition from Databricks and others keeps pressure on execution. The company is still reporting losses and trades on a high P/S multiple, so investors are paying upfront for that AI and data growth story and need to be comfortable with funding risk and volatility. The key consideration is whether Snowflake’s position in high value AI data pipelines justifies those trade offs over time.

Snowflake’s AI story is powerful, but the real tension is between its high P/S and ongoing losses. Get the full picture in the analysis report for Snowflake

Dell Technologies (DELL)

Overview: Dell Technologies builds and supports a wide range of hardware and services that sit at the core of corporate IT, from AI ready servers, storage and networking in data centers to laptops, desktops and peripherals used by employees every day.

Operations: Dell generates about US$79.5b from its Infrastructure Solutions Group, around US$53.1b from its Client Solutions Group, and roughly US$1.4b from corporate and other activities.

Market Cap: US$256.4b

Dell may be worth considering if you are looking for companies tied directly to the build out of AI data centers, with AI optimized servers, storage and networking sitting alongside large government and enterprise contracts and a sizeable AI backlog that may support revenue visibility. At the same time, the business still leans on a cyclical PC segment and high debt, while AI hardware can pressure margins even when sales are strong, so funding risk and profitability trade offs matter. SpaceX’s record AI focused IPO has pulled fresh attention to the companies supplying that infrastructure, and Dell’s mix of AI infrastructure growth potential, leverage to large scale projects and balance sheet complexity means the real story is in the detail of its risks and rewards.

AI infrastructure demand and a sizeable backlog could be accelerating Dell’s story, but the real tension is how that growth lines up with its leverage and profitability trade offs in the 3 key rewards and 3 important warning signs

The three stocks in this article are only a small sample. The full screener highlights 2,516 more companies in the AI infrastructure value chain that each carry their own potentially compelling narrative in the AI Infrastructure Enablers screener. Use Simply Wall St to identify and analyze the specific catalysts, financial traits and business stories that matter to you so you can focus on the highest conviction ideas across that universe.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.