SpaceX IPO Spurs Interest in Space Stocks
SpaceX IPO speculation flagged by an XOVR ETF press release renewed focus on space stocks and prompted volatile flows into AST SpaceMobile and Rocket Lab.
KEY TAKEAWAYS
- XOVR said a SpaceX confidential IPO was under evaluation at roughly $1.75 trillion valuation.
- Musk plans up to 30% retail allocation, about three times a typical IPO slice.
- AST SpaceMobile and Rocket Lab reported strong Q4 results and sizable backlogs, amplifying sector interest.
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SpaceX's potential confidential IPO, disclosed as under evaluation in an XOVR ETF press release on March 30, 2026, reignited investor interest in the public space sector and coincided with volatile trading in AST SpaceMobile and Rocket Lab after their March 25 reports.
SpaceX IPO Filing and Organizational Integration
The XOVR ETF press release said SpaceX’s confidential IPO filing was under evaluation with a reported valuation near $1.75 trillion and a fundraising target around $75 billion. Elon Musk plans to allocate up to 30% of the offering to retail investors, about three times the typical retail share. The offering is expected to proceed via a confidential filing process, which delays public disclosure compared with traditional IPOs.
SpaceX recently integrated its artificial-intelligence unit xAI into its operations, folding in X (formerly Twitter) as part of that effort. All 11 xAI co-founders have departed, and the xAI division (excluding X) is believed to be incurring substantial losses similar to other large AI foundational-model projects that require heavy GPU resources. The effectiveness of these integrations remains uncertain.
Musk has not participated in an IPO since Tesla’s 2010 listing. The Securities and Exchange Commission’s enforcement posture toward him is described as more lenient than in the past, with indications that he and regulators are nearing resolution of an alleged 2022 securities-law infraction.
Space Stocks Earnings and Sector Trading
AST SpaceMobile reported fourth-quarter 2025 revenue of $54.31 million, beating consensus by about 29%, and full-year 2025 sales of $601.8 million, a 38% increase year over year. The company guides first-quarter 2026 revenue between $185 million and $200 million, targets deploying 45 to 60 satellites by year-end, and cites more than $1.2 billion in contracted commitments from telecom operators.
Rocket Lab entered the period with a record backlog of $1.85 billion, up 73% year over year and anchored by an $816 million Space Development Agency contract. Its first-quarter 2026 outlook implies about 57% revenue growth at the midpoint and a 44.3% expansion in non-GAAP gross margin. The company also holds a roughly $190 million U.S. Department of Defense HASTE launch award.
Following their earnings reports, shares of both companies initially rose about 12% before falling roughly 4% in a macro-driven risk-off move, then recovering. The strong earnings, guidance, and backlogs at AST SpaceMobile and Rocket Lab provide an independent bullish case. Meanwhile, SpaceX IPO speculation appears to have amplified short-term trading interest across the sector.
The large retail allocation and scale of the prospective SpaceX offering could broaden investor access and intensify demand for publicly traded space stocks, adding momentum to companies already showing revenue growth and sizable backlogs.
