SpaceX has just hit the public markets with a high profile IPO, a P/S multiple above 111x based on 2025 sales, 33% revenue growth from 2024 to 2025, and a planned $60b all stock acquisition of AI start up Anysphere. That mix of lofty expectations, upcoming earnings and dilution risk is now rippling across aerospace and defense stocks that investors follow closely. This article looks at 3 stocks from our Aerospace and Defense screener that appear positively exposed to the SpaceX IPO story and related news, and explains what to watch before making any moves.

Intuitive Machines (LUNR)

Overview: Intuitive Machines is a Houston based space infrastructure company that designs and operates lunar landers, space drones, and data networks to transport satellites, scientific payloads, and cargo to and around the Moon for NASA, the U.S. Department of Defense, commercial customers, and international agencies.

Operations: Intuitive Machines generates all of its reported US$334.3 million in revenue from Aerospace & Defense activities in the United States.

Market Cap: US$4.25b

Intuitive Machines is positioned in the emerging commercial Moon economy, with Nova-C and Nova-D lunar landers, reconnaissance contracts, and Near Space Network work tying the company directly to NASA’s Artemis program and recent interest surrounding the SpaceX IPO. At the same time, the stock involves notable risk factors, including ongoing losses, reliance on government awards, regular capital raising, and insider selling that may concern some investors. The combination of a NASA relationship, a backlog of lunar logistics and data contracts, and Simply Wall St’s view that the shares trade below its estimated cash flow value has made Intuitive Machines a closely watched name in the lunar infrastructure space that some investors may still be assessing.

Intuitive Machines sits at the crossroads of lunar contracts, government funding, and a P/S heavy sector, but the real tension is between its cash flow valuation and those ongoing losses, so investors watching the SpaceX effect may want to see the DCF valuation analysis for Intuitive Machines

Amprius Technologies (AMPX)

Overview: Amprius Technologies develops and sells silicon anode lithium ion batteries under its SiCore and SiMaxx platforms, supplying high energy density power solutions for aviation uses such as drones, unmanned aerial systems, and high altitude pseudo satellites. Founded in 2008 and based in Fremont, California, Amprius focuses on batteries that help aircraft fly longer and carry more payload than conventional graphite based cells.

Operations: Amprius generates all of its reported US$90.3 million in revenue from its Battery Business, with sales spread across EMEA, North America, and Asia Pacific.

Market Cap: US$1.79b

Amprius Technologies is closely associated with the SpaceX IPO story, supplying high energy batteries for drones and other aerospace platforms at a time when interest in space enabled defense and commercial applications is growing. The company is still reporting losses and has a history of share dilution. Analysts have noted rising orders from drone and defense customers, expanding manufacturing capacity in the U.S. and South Korea, and policy support for NDAA compliant supply as potential supports for future profitability. With guidance pointing to higher 2026 revenue, an elevated P/S multiple, and customer concentration risk in aviation, investors tracking Amprius now are weighing whether its technology and demand pipeline justify the current valuation or whether execution, funding, and competition risks will dominate the story.

Amprius Technologies sits where high energy batteries, drone demand, and an elevated P/S multiple intersect, but the missing piece is how the story stacks up against the full risk reward profile in the 3 key rewards and 3 important warning signs

nVent Electric (NVT)

Overview: nVent Electric provides equipment that connects and protects electrical and data infrastructure, supplying enclosures, cooling, power distribution and connection systems used in data centers, industrial sites, energy projects and commercial buildings worldwide.

Operations: nVent Electric generates about US$3.0b of revenue from its Systems Protection segment and US$1.3b from Electrical Connections, with sales primarily in the Americas and additional contributions from EMEA and Asia Pacific.

Market Cap: US$24.6b

nVent Electric is drawing attention from investors following the SpaceX IPO because it supplies the electrical and connectivity backbone that helps keep AI heavy data centers, satellite infrastructure and advanced defense systems running. Revenue and earnings growth forecasts are strong, net margins have improved to 11.1%, and analysts remain constructive, helped by record orders, a large backlog and growing demand for liquid cooling and modular data solutions. At the same time, the stock trades on a high P/E multiple, relies heavily on external funding, and is exposed to swings in AI and data center spending, with recent insider selling adding a further question mark. The key consideration for investors is how this mix of growth, capital intensity and concentration risk fits within their own risk tolerance and portfolio objectives as conditions evolve.

Accelerating AI and data center demand is putting nVent Electric under the spotlight, but the real story sits in how growth, margins and concentration risk fit together in the analysis report for nVent Electric

The three aerospace and defense stocks in this article are just a starting point. The full Aerospace and Defense screener uncovers 44 more companies that carry equally compelling narratives around space, defense and mission critical infrastructure. Use Simply Wall St to identify, analyze and filter for the specific catalysts and narratives that matter to you so you can focus on the highest conviction opportunities in this sector.

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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.