SpaceX $1.75T IPO: 3 Space Stocks to Watch

SpaceX filed to go public confidentially on April 1 and expects to publish a public S-1 document in late May, ahead of a roadshow and a listing targeted for late June or early July. The S-1 will disclose SpaceX’s launch revenue, launch costs and Starlink subscriber and margin figures for the first time.

Rocket Lab is the closest publicly traded company that builds launch vehicles and spacecraft in-house. The company reported first-quarter revenue of $200.3 million, up 63.5% year over year, a backlog of $2.2 billion and more than $2 billion in liquidity. Rocket Lab issued guidance for second-quarter revenue around $235 million. The company’s stock pulled back after a large year-to-date gain and the quarter’s results; traders are expected to compare Rocket Lab’s launch economics and margins with the figures SpaceX provides.

AST SpaceMobile operates a U.S. satellite network designed to connect standard smartphones and lists AT&T, Verizon and FirstNet as partners. AST SpaceMobile’s BlueBird 7 satellite failed to reach orbit on April 20, placing its target of 45 satellites by year-end at risk. The company scheduled a Falcon 9 launch in mid-June for BlueBird 8–10, a timing that overlaps with SpaceX’s roadshow period. AST SpaceMobile shares closed at $65.35 on May 7, down 7.54% that day and about 51% from a February high.

Intuitive Machines builds lunar landers and operates part of NASA’s Near Space Network. The company guides 2026 revenue of $900 million to $1 billion and expects positive adjusted EBITDA in 2026. Intuitive Machines reported roughly $582.6 million in cash at the end of 2025 and a backlog near $943 million as of February. The company reported fourth-quarter revenue of $44.8 million, below an estimated $56 million, and scheduled first-quarter results for May 14. Intuitive Machines’ stock traded lower in early May ahead of those results.

The S-1 is expected to provide a common set of metrics for investors, including Starlink subscriber counts, revenue per user and margins, plus SpaceX launch revenue and costs. Those figures will allow direct comparisons of unit launch costs and satellite broadband economics across companies that provide launch services, build satellites or sell components to SpaceX.

Market participants will watch the S-1 disclosure and the timing of the roadshow and listing, which are set for a period of heightened investor attention in late June and early July. Specific company results and the S-1 disclosures are likely to be used as reference points when assessing peers and suppliers in the space industry.