CITIC Securities declared that SpaceX’s record-breaking IPO on the Nasdaq has redefined the valuation landscape in the commercial space sector, adding that it remains optimistic about investment opportunities in the field of commercial spaceflight.
The firm’s analysis estimates that SpaceX began trading on Nasdaq with a valuation of $1.75 trillion and raised $75 billion during the IPO process. On its first day of trading, the company’s market capitalization surpassed $2 trillion, elevating it to the position of the world’s seventh-largest technology company. This IPO also went down in history as the largest IPO ever.
CITIC Securities think that SpaceX’s business models in the areas of Starlink, reusable rockets, and space artificial intelligence form a commercially self-sustaining cycle and are accelerating the commercialization of the space economy. They think SpaceX’s IPO sets a new benchmark not only in terms of the company’s size but also regarding how companies in the commercial space sector are valued.
According to the report, 2026 will see an intensive schedule of first flights and re-entry tests for numerous liquid-fueled rockets in China. These developments are expected to significantly reduce launch costs and accelerate the construction of satellite constellation projects.
CITIC Securities identified four key investment themes in the commercial space sector:
- Rocket segment: Areas with high entry barriers, such as engines and rocket body structures
- Satellite segment: Payloads, antennas, and laser communication terminals
- Ground equipment: Civilian terminals and technologies enabling direct connection to mobile phones
- Operational services: Companies holding rare licenses and certifications
Meanwhile, the smooth completion of SpaceX’s first trading day on the Nasdaq was viewed as a significant test for Wall Street. Although the company’s IPO was nearly three times the size of the largest IPO ever recorded on U.S. stock exchanges, brokerage firms, exchanges, and market makers’ trading systems successfully processed millions of customer orders without a hitch.
It is reported that Morgan Stanley played a critical role in managing the opening process through its “stabilizer” role. Citadel Securities, meanwhile, noted that the SpaceX IPO saw the highest level of individual investor order activity in IPO auction history.
Nasdaq CEO Adena Friedman also said that coordination among all parties was strong, preparations were thorough, and the transactions proceeded “flawlessly.”
