SpaceX to file for IPO as early as this week, a complete overview of A-share beneficiaries

Reporter | Lin Jianmin

Editor | Ye Yingcheng

On March 25, the commercial aerospace sector fluctuated and rose sharply. As of 14:00, Runbei Aerospace Technology, Jiangshun Technology, and Zaisheng Technology hit the daily limit; Changguang Huaxin led the gain, up more than 15%.

On the news front, according to Caixin Media, an insider said SpaceX plans to file its initial public offering prospectus with regulators sometime later this week or next week. The company’s latest valuation is $1.25 trillion, and the actual amount to be raised, as well as the final valuation, will be determined in the weeks leading up to the IPO.

It is understood that this secret filing will formally lock in the IPO plan for the rocket and communications company under Elon Musk. The goal is to list on the market in June. This IPO will test investors’ subscription enthusiasm for what could become the largest IPO in U.S. history, with a scale far exceeding previous deals. The insider said that advisers involved in the preparations expect the company may plan to raise more than $75 billion in the IPO, higher than the $50 billion estimate reported earlier.

It is worth noting that, according to a reporter from 21st Century Business Herald, based on Tonghuashun iFind data, the largest amount raised in a prior U.S. IPO was Alibaba, with a total amount raised of $21.8 billion. SpaceX’s fundraising this time is more than three times Alibaba’s; in terms of total market value, $1.25 trillion would also allow SpaceX to enter the top ten in U.S. listed stocks in one move.

CICC Huafu Securities said that overseas commercial aerospace-related industries represented by SpaceX continue to progress beyond expectations. Previously, a certain domestic leading heterojunction equipment manufacturer expected to ship to SpaceX in the first week of May; as of March 21, SpaceX had launched 36 times, and the number of satellites confirmed to be working in orbit had reached 10,047, with a speed that is unmatched. To better track relatively definite directions for industry trends, it is recommended to pay attention to Lans Technology, Yujing Shares, MAIWEI Shares, and Liancheng Numerical Control.

On the domestic front, Aijian Securities believes that China’s private rocket companies are still in the early stage of industry growth and valuation evolution. Referring to SpaceX’s development path, the core catalysts for valuation increases in China’s commercial aerospace sector are: first, reusable rockets enabling large-scale low-orbit satellite networking; second, building on reusability, by tying in long-term large-scale batch missions with low-orbit constellations to move launches from customized to standardized; and third, after high-frequency and scale effects are realized, rocket launches will upgrade from project-based products to space transportation capacity infrastructure and technology services, and the valuation logic of commercial aerospace companies will shift from a manufacturing-driven model to a platform-based, infrastructure-based technology enterprise model, covering diverse long-term space mission needs such as crewed flights and deep-space exploration.

Aijian Securities pointed out that rocket engines are the core part of launch vehicles, with main technical barriers concentrated in key components such as thrust chambers and turbine pumps; the value of satellite manufacturing is mainly concentrated in communication payload (TR) components. It is recommended to focus on related sectors such as power systems, satellite communication systems, materials and structural components, and testing and verification stages.

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Editor: Gao Jia