SpaceX’s public listing has prompted a wider reassessment of the commercial space sector, with supporters arguing the debut highlights the growing value of businesses built on cheaper and more reliable access to orbit. Commentary surrounding the IPO has increasingly centered not only on rockets and valuation, but on what SpaceX’s scale says about the markets its launch network enables, including satellite communications, in-space manufacturing and other services tied to orbital infrastructure. CNBC reported that SpaceX debuted on June 12 with a market capitalization above $2 trillion, while the stock later gave back part of its early surge and, as of Wednesday’s close, remained up nearly 17% from its debut.
John Abbott, chief executive of Satellite Applications Catapult, argued that the company’s significance extends beyond launch and that the IPO underscores how space infrastructure is being woven into mainstream industries. He cited forecasts from McKinsey and the World Economic Forum projecting the space economy could reach $1.8 trillion by 2035, and said applications already stretch from Starlink connectivity to satellite-enabled insurance payouts and orbital manufacturing. Abbott pointed to U.K. companies including Filtronic, Magdrive, AAC Clyde Space, Spire Global, Open Cosmos, SatVu, Space Forge and BioOrbit as examples of firms seeking to build commercial businesses around satellite networks, thermal imaging, propulsion and microgravity-based production.
SpaceX’s own financial profile has reinforced that argument for some investors. Abbott wrote that Starlink generated $11.4 billion of SpaceX’s $18.7 billion in 2025 revenue, or about 61% of the total, alongside $4.4 billion in operating profit at 63% margins, and said the company’s valuation reflected confidence in what launch capacity makes possible rather than in rockets alone. On Wall Street, analysts cited by Investopedia have also emphasized other growth pillars. Wedbush described Starship as central to the company’s long-term strategy, while Oppenheimer pointed to AI expansion and acquisition potential as additional upside. CNBC also said SpaceX has moved quickly into major indexes, including the Russell 1000, and is set to join the Nasdaq-100 on July 6 after the market close.
More skeptical assessments, however, have focused on volatility and the assumptions embedded in the stock. Investopedia reported that SpaceX shares fell 8% in one recent session to about $157.50 even as the average price target from three newly covering firms stood at $203. Wedbush warned that heavy cash burn could undermine the investment thesis if spending outruns proof of a durable business, while Susquehanna initiated coverage with a neutral rating and said the shares depended on premium valuation multiples and aggressive revenue and EBITDA growth expectations in markets that remain relatively unproven. Abbott similarly acknowledged that space investment carries long timelines and that not every business model will scale, even as he urged more growth capital for U.K. space companies and noted that, under the Mansion House Accord, 17 pension providers have committed to allocating at least 10% of default funds to private markets by 2030.