How ASX investors can benefit from the long-term growth opportunities arising out of the SpaceX’s largest IPO in history

SpaceX is set for what could be the biggest and most closely followed stock market listings in history as it submitted its S-1 registration statement to the U.S. Securities and Exchange Commission on 20 May 2026. It is expected to begin its investor roadshow on 8 June 2026 before a possible late June listing under the ticker SPCX.

Reports suggest that it has aimed for a valuation of about US$1.75 trillion and the share offering is expected to consist entirely of newly issued shares which means all funds raised will go directly to SpaceX rather than existing shareholders. Goldman Sachs is leading the deal and retail investors are expected to receive about 30% of the float which is well above the allocation normally seen in major IPOs.

Investor enthusiasm around the listing is easy to understand as SpaceX has grown into one of the world's most influential technology companies. It operates leading launch services and is also building the Starlink satellite internet network which is changing global connectivity.

A high growth business but not yet consistently profitable

SpaceX in 2025 generated US$18.7 billion in revenue which represented growth of 33% compared to the previous year. Starlink contributed US$11.4 billion of that total and showed how important the satellite internet segment has become for the business.

The company on an adjusted EBITDA basis generated US$6.6 billion in profit during 2025 but investors should note that SpaceX remains unprofitable under traditional accounting measures. The company reported a GAAP net loss of US$4.94 billion in 2025. This was mainly due to stock-based compensation expenses along with depreciation related to the Starlink satellite network and substantial investment in artificial intelligence infrastructure.

The same pattern continued in 2026 as during the first quarter alone SpaceX recorded a net loss of US$4.28 billion. Many investors may not view this as a major issue because of the company's dominant market position and significant long-term opportunities but it helps explain why the IPO could face substantial volatility after listing as investors work out an appropriate valuation.

How Australian investors can gain exposure

SpaceX shares will not be listed on the ASX which limits direct access for Australian investors. Some investors may be able to buy shares through international brokerage accounts but here is an opportunity that stands out.

Betashares Space Industry ETF (ASX: RCKT)

The Betashares Space Industry ETF is the most direct option for Australian investors as it will offer diversified exposure to businesses across the global space economy and provides a simple way to participate in the interest generated by the SpaceX IPO.

RCKT follows the Solactive Space Industry Index and currently holds 28 companies involved in satellite communications, launch services, aerospace technologies and related sectors. Its two largest positions are Rocket Lab USA and AST SpaceMobile. Both companies have performed very well in recent periods. 

SpaceX itself will not automatically become part of the ETF immediately after listing. The company must first meet the index provider's inclusion requirements before being added to the benchmark. That process could take several months.

The media attention surrounding the SpaceX IPO is likely to keep investor interest focused on the broader space sector while the expense ratio is 0.57% per annum.

Investors should still acknowledge the risks

The RCKT ETF includes several high-growth businesses that remain unprofitable and whose valuations rely heavily on future execution. Government spending priorities may also change. The Space Systems division still represents a relatively small share of total group revenue.
For investors who are comfortable with higher volatility, RCKT is a compelling way to gain exposure to the growth in global space economy. 

(Source: Company Announcements)