SpaceX Targets $2 Trillion IPO — Morgan Stanley’s ‘Space 60’ Highlights Where Investors Should Look Next
NVIDIA Corporation NVDA | 0.00 | |
MP Materials MP | 0.00 | |
Almonty Industries Inc. ALM | 0.00 | |
Freeport-McMoRan, Inc. FCX | 0.00 | |
Alcoa Corporation AA | 0.00 |
The global space economy is entering a new phase of acceleration—and investors are rushing to position early.
According to Bloomberg, SpaceX has confidentially filed for an IPO, targeting a valuation of over $2 trillion, with a potential listing as early as June. At the same time, Amazon is reportedly in acquisition talks with satellite operator Globalstar, aiming to strengthen its position against SpaceX’s Starlink network.
Together, these developments are reinforcing one key message:
The space economy is no longer speculative—it’s scaling.
Institutional View: A Structural Growth Story
A recent report from Morgan Stanley highlights just how fast the industry is expanding:
- Objects launched into space (2020–2025): ~20% CAGR
- Successful launches: ~25% CAGR
- U.S. Space Force budget proposal: +77% increase to $71 billion
This combination of private capital + government spending is creating a powerful, multi-decade growth engine.
Investor Insight: Follow the “Picks and Shovels”
While attention is focused on headline names like SpaceX and Amazon, Morgan Stanley emphasizes a different strategy:
The most reliable opportunities may lie in infrastructure and supply chain players—the “picks and shovels” of the space economy.
To capture this, the bank introduced its “Space 60” list—covering the full value chain from raw materials to satellite services.
The Space Value Chain — Key Stocks to Watch
Below is a structured breakdown of all companies mentioned, organized by segment.
1. Raw Materials & Mining (Foundation of Space Hardware)
| Ticker | Key Role |
|---|---|
| MP Materials(MP.US) | Rare earth magnets (critical for satellites & defense) |
| Almonty Industries Inc.(ALM.US) | Tungsten (rocket nozzles, heat shields) |
| Freeport-McMoRan, Inc.(FCX.US) | Major global copper supplier (~5% global output) |
| Alcoa Corporation(AA.US) | Aluminum + gallium (semiconductors) |
| Teck Resources Limited Class B(TECK.US) | Copper, zinc, germanium |
These firms benefit from rising demand for specialty metals, a bottleneck in satellite and launch manufacturing.
2. Special Materials & Alloys (Extreme Environment Engineering)
| Ticker | Key Role |
|---|---|
| Carpenter Technology Corporation(CRS.US) | Titanium & nickel alloys |
| ATI Inc.(ATI.US) | High-performance aerospace alloys |
| Materion Corporation(MTRN.US) | Beryllium (precision optics) |
| Hexcel Corporation(HXL.US) | Advanced composites, heat shields |
| Corning Inc(GLW.US) | Space optics (NASA missions) |
| Park Aerospace Corp.(PKE.US) | Composite & rocket components |
These companies produce mission-critical materials that must withstand extreme temperature and stress—high barriers to entry.
3. Propulsion & Fuel (Launch Economics Driver)
| Ticker | Key Role |
|---|---|
| Linde plc(LIN.US) | Supplies gases for majority of U.S. launches |
| Air Products and Chemicals, Inc.(APD.US) | Liquid hydrogen supplier to NASA |
| AIR LIQUIDE(L')(AIQUY.US) | Full-spectrum propulsion gases |
| NewMarket Corporation(NEU.US) | Solid rocket fuel & hydrazine |
Fuel accounts for 85–90% of launch mass, making this segment essential as launch frequency rises.
4. Electronics & Semiconductors (Brains of Satellites)
| Ticker | Key Role |
|---|---|
| Analog Devices, Inc.(ADI.US) | Radiation-hardened chips |
| STMicroelectronics NV Sponsored ADR RegS(STM.US) | RF chips for LEO terminals |
| INFINEON TECHNOLOGIES AG(IFNNY.US) | Space-grade semiconductors |
| Microchip Technology Incorporated(MCHP.US) | Radiation-hardened FPGA |
| Qorvo, Inc.(QRVO.US) | RF & satellite communications |
| Mercury Systems, Inc.(MRCY.US) | Processing subsystems |
| TTM Technologies, Inc.(TTMI.US) | PCBs & RF components |
| Broadcom Limited(AVGO.US) | Optical & RF components |
| Coherent Corp.(COHR.US) | Laser communication links |
| Lumentum Holdings, Inc.(LITE.US) | Photonics & optical comms |
| NVIDIA Corporation(NVDA.US) | Orbital AI computing platform |
This is one of the highest-value segments, enabling AI in orbit, real-time data processing, and satellite intelligence.
5. Components & Subsystems (Mission-Critical Parts)
| Ticker | Key Role |
|---|---|
| Teledyne Technologies Incorporated(TDY.US) | Imaging & sensing |
| RBC Bearings Incorporated(RBC.US) | Structural components |
| Parker-Hannifin Corporation(PH.US) | Valves & thermal systems |
| AMETEK, Inc.(AME.US) | Precision instruments |
| Amphenol Corporation Class A(APH.US) | Data & connectivity |
| Aptiv PLC(APTV.US) | Wiring & software |
| Moog Inc. Class A(MOG.US) | Motion control systems |
| Graham Corporation(GHM.US) | Thermal & propulsion systems |
| Karman Holdings Inc.(KRMN.US) | Payload protection |
| Honeywell International Inc.(HON.US) | Satellite & aerospace systems |
A single failed component can destroy an entire mission, giving these suppliers strong pricing power.
6. Spacecraft & Launch Systems (Core Builders)
| Ticker | Key Role |
|---|---|
| Redwire Corp(RDW.US) | Space infrastructure |
| Rocket Lab(RKLB.US) | Launch + satellite manufacturing |
| Boeing Company(BA.US) | SLS, Starliner |
| Northrop Grumman Corp.(NOC.US) | Launch systems & satellites |
| MDA Space Ltd(MDA.US) | Robotics (Canadarm3) |
| York Space Systems, Inc.(YSS.US) | Mass satellite production |
| Lockheed Martin Corporation(LMT.US) | Orion spacecraft |
| Kratos Defense & Security Solutions, Inc.(KTOS.US) | Satellite ground systems |
| Firefly Aerospace(FLY.US) | Lunar lander |
| Voyager Technologies(VOYG.US) | Space stations |
| Intuitive Machines(LUNR.US) | Lunar missions |
| RAYTHEON TECHNOLOGIES CORPORATION(RTX.US) | Defense + space systems |
These are the direct beneficiaries of launch demand, but often already well-recognized by markets.
7. Satellite Operations & Services (Revenue Layer)
| Ticker | Key Role |
|---|---|
| Amazon.com, Inc.(AMZN.US) | Project Kuiper (3,200 satellites) |
| Gilat Satellite Networks Ltd.(GILT.US) | Ground equipment |
| ViaSat, Inc.(VSAT.US) | Satellite internet |
| AST SPACEMOBILE INC(ASTS.US) | Direct-to-phone connectivity |
| Iridium Communications Inc.(IRDM.US) | Global LEO network |
| Globalstar, Inc.(GSAT.US) | Apple SOS satellite service |
| Planet Labs PBC(PL.US) | Earth observation |
| BlackSky Technology Inc Class A(BKSY.US) | Real-time satellite analytics |
| Spire Global(SPIR.US) | Weather & RF data |
| Telesat(TSAT.US) | LEO constellation |
| Eutelsat | GEO + LEO integrated operator |
| SES | Global satellite fleet |
This is where recurring revenue models emerge—communications, data, and analytics.
Final Takeaway for Investors
The potential IPO of SpaceX and strategic moves by Amazon are acting as catalysts, but the real story runs deeper.
Morgan Stanley’s core message is clear:
- The space economy is becoming industrialized
- Growth is supported by both government and private capital
- The most overlooked opportunities lie in the supply chain