Odaily reported that CITIC Securities said SpaceX listed on Nasdaq at a valuation of $1.75 trillion and raised $75 billion. According to the note, SpaceX’s market capitalization exceeded $2 trillion on its first trading day, making it the world’s seventh-largest technology company and creating the largest IPO in history. CITIC Securities said the listing is reshaping the valuation system for the commercial space sector.
Starlink, reusable rockets and space AI form a commercial loop
The institution said SpaceX’s three major businesses — Starlink, reusable rockets and space AI — have verified a closed commercial loop and are accelerating the commercialization of the space economy. The business mix spans satellite communications networks, lower-cost launch capability and AI applications in space scenarios, serving as an important reference point for the commercial space industry chain.
On China’s domestic industry outlook, CITIC Securities said several liquid-fueled rockets in China are scheduled for intensive maiden flights and recovery tests in 2026. The institution said these developments are expected to significantly reduce launch costs and accelerate constellation construction. For investment opportunities, it suggested focusing on four areas: high-barrier rocket segments such as engines and rocket body structures; satellite segments including payloads, antennas and laser communication terminals; ground equipment such as civilian terminals and direct-to-phone technology; and operating service companies with scarce license qualifications.