Breaking News! Comprehensive Overview of SpaceX Going Public (Timeline + Industry Chain + A-Share Targets)

The biggest IPO in history is coming: SpaceX secretly files with the SEC, officially kicking off the listing process. The two main storylines behind it—space + AI—will directly drive a breakout across the global commercial space industry supply chain. This article lays out its listing timeline, core industry chain, breaks down the A-share direct-supply and investment-chain target companies, clarifies each company’s core position and competitive moat, and delivers pure, no-fluff information tailored to TaoXia investors’ preferences. [Taoguba]

1. An Epic-Scale IPO: SpaceX Listing Timeline (Fully Updated and Organized)

SpaceX’s listing process has attracted global capital attention. From valuation “warm-ups” to the secret submission, every step affects market nerves. Combining the latest disclosed information, the complete timeline is as follows:

December 2025: Musk first hinted publicly that SpaceX plans to launch its IPO in 2026. The market entered a valuation warm-up phase, and at that time, the market estimate valued the company at about $800 billion, sparking widespread interest from investors.

February 2026: SpaceX completes a full stock merger with Musk’s AI company xAI. After the merger, the entity’s valuation reaches $1.25 trillion, officially forming a “space + AI” dual-engine business structure, laying the foundation for an IPO valuation boost.

April 2, 2026: SpaceX officially and secretly submits its IPO application to the U.S. Securities and Exchange Commission (SEC), kicking off the push for what could be the largest IPO in history. This move allows discussion with regulators to optimize the prospectus before public disclosure, reducing the risk of market disruption.

April 3–5, 2026: The valuation sparks heated market discussion. Bloomberg reports that its target valuation may be raised to $2 trillion. Musk immediately refutes the report on the social platform X as “nonsense,” clarifying that the current core target valuation is $1.75 trillion, and the planned fundraising amount could be as high as $75 billion—far exceeding the global IPO record set earlier by Saudi Aramco.

Expected June–July 2026: It will officially list on an exchange. The company has already formed a top underwriting syndicate consisting of five leading institutions in the U.S., including Bank of America, Citigroup, and Goldman Sachs. The plan is to allocate 30% of the new shares from the IPO to retail investors—far higher than the typical 5%–10% in U.S. IPOs. At the same time, it is negotiating anchor investment with Saudi Arabia’s Public Investment Fund.

Core significance: This IPO is not only the largest initial public offering in the history of human capital markets, but also marks that global commercial space is fully moving from the technology validation stage into a phase of large-scale deployment. The “space + AI” narrative will be one of the strongest branches of the 2026 tech year.

2. Full Industry Chain Picture: Three Core Segments Covering the Entire Chain

SpaceX’s core business covers three segments: reusable rockets, the Starlink satellite internet, and space AI. Together they form an end-to-end industry chain—from upstream raw materials, to midstream components, to downstream launch operations—driving the global commercial space industry chain to surpass $12.5k in scale. A-share companies are deeply embedded in its supply-chain ecosystem.

1. Reusable Rocket Segment (Core Foundation, Cash-Flow Support)

Centered on Falcon 9 and Starship (Starship), it accounts for about 90% of Earth-orbit launch missions worldwide. In 2025, it completed 165 launches. The core demand concentrates on: raw materials (niobium alloy, titanium alloy, stainless steel) → structural parts (precision forgings, fasteners) → engines (investment castings, hot-end components) → thermal protection (ultra-high-temperature insulation materials). In this setup, reusable technology reduces per-launch cost to 1/10 of the traditional model, building an absolute cost moat.
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2. Starlink Satellite Internet Segment (Valuation Core, High-Growth Engine)**

The plan is to deploy 42k satellites in low Earth orbit. As of March 2026, the satellites in orbit have already exceeded 10k. Global active users exceed 10 million, covering more than 150 countries and regions. In 2025, the company contributed more than two-thirds of its revenue. Core demand is: satellite components (star tracker sensors) → ground terminals (connectors, WiFi antennas) → RF devices → inter-satellite communication modules—these support the core momentum behind SpaceX’s trillion-dollar valuation.

3. Space AI Segment (Future Increment, Source of Valuation Premium)

Born from the merger with xAI, the core layout is space AI data centers, breaking through the physical bottleneck of ground-based computing power. Core demand focuses on areas such as compute hardware and communication links. Even though it is currently in an early stage, it brings significant valuation premium to the company, and is also one of the company’s key directions for future fundraising.

3. A-Share Core Targets Breakdown (By Tiers, Clarifying Position + Moats)

We screen A-share companies that directly supply, have deep cooperation, and exhibit strong competitive moats. They are organized into tiers based on “direct supply priority + moat strength,” clarifying each company’s core positioning in SpaceX’s industry chain. We remove targets based on unsubstantiated market rumors to ensure the information is accurate and referable (all data come from publicly disclosed information and brokerage research reports).

[A-Share Core Targets (By Tier, Condensed Version)]

We screen A-share targets that directly supply, have deep cooperation, and face no disputes. They are divided into three tiers by “certainty + upside,” with no repeats and no redundancy, for quick reference (all data come from public disclosures and brokerage research reports).

1. First Tier: Direct Supply · High Moat · Performance Certainty (Strongest Certainty)

ReSheng Technology (603601)
Position: Among the world’s only three companies, and China’s only company that can provide SpaceX with ultra-high-temperature thermal insulation materials. Its products are mainly used for thermal protection of rocket engines and Starlink terminals. Since 2020, it has started bulk supplying SpaceX and is one of the company’s core thermal protection suppliers. Both sides signed a long-term supply agreement effective until 2028, ensuring stable supply reliability.
Core moat: The product can withstand extreme temperature differentials from -50°C to 150°C, fully suited for space environments. The thermal protection material usage per single Starship can reach 50 kg, with no alternative supplier offering the same capability. Technically, it controls ultra-fine fiber purification processes; product purity and high-temperature resistance far exceed the industry average. Global market share exceeds 30%.

Western Materials (002149)
Position: China’s only company capable of scaling niobium alloy production. It specifically provides high-temperature alloy materials for SpaceX’s Raptor engines. It is a core supplier of hot-end components for rocket engines. Since 2022, it has continuously supplied SpaceX, with a stable cooperation relationship.
Core moat: It masters the core technology of niobium alloy purification. Product purity reaches aerospace-grade standards and can withstand temperatures above 1500°C. The value of niobium alloy used per Raptor engine exceeds 5,000 yuan. Only three companies worldwide can achieve scaled production, and the company holds 70% of global niobium alloy aerospace-grade supply shares.

Sunway Communications (300136)
Position: A core supplier of SpaceX’s Starlink terminals and rocket communication modules. It uniquely provides connectors and antenna components, covering all Starlink terminals and rocket communication equipment. In 2025, revenue from related businesses accounted for more than 70% of the company’s total revenue—its core profit engine.
Core moat: Products have passed 4 years of strict certification and can withstand space radiation and extreme temperature differentials, with stability far higher than similar products in the industry. It uniquely controls miniaturized communication module technology, shrinking the module volume by 30%, fitting the miniaturization needs of Starlink terminals, with no equivalent alternative suppliers.

Luxin Technology (002281)
Position: Provides SpaceX with optical modules for inter-satellite communication and ground terminals, serving as a core supplier for Starlink signal transmission and space data centers. Products have a transmission rate of 100Gbps and fully meet the high requirements of space communications.
Core logic: The number of Starlink satellites continues to expand (targeting 42k). Data transmission demand between satellites and between space and Earth surges. As a core transmission component, optical modules’ usage grows in sync with the number of satellites, giving strong order certainty.

Tianyin Electromechanical (300342)
Position: A core supplier for Starlink satellites and rocket attitude control. It provides SpaceX with attitude sensors for all of its satellites and rockets. It is a key support for precise positioning of Starlink satellites and stable flight of rockets. It has continued supplying from the first generation through the third generation, with very deep cooperation.
Core moat: Sensor positioning accuracy reaches 0.01°. It passes dual certification from NASA and SpaceX. Product yield remains stable at over 99.8%. It controls core miniaturized sensor technology; compared with industry competitors, its products are 40% smaller in volume and 50% lower in power consumption, fully suited for extreme space environments.

Tongyu Communications (002792)
Position: A core supplier of SpaceX ground terminals and Starlink ground receiving equipment. It mainly provides WiFi antennas and signal amplification modules. Its products cover all Starlink ground terminal models. In 2025, its supply volume increased by 80% year over year from 2024. It is a core support for ground terminal communications.
Core moat: Product costs are 30% lower than industry-similar products. In addition, after passing SpaceX’s strict signal transmission testing, it can achieve full coverage of star-to-Earth signals with no blind spots, adapting to the complex environments of space communications, with very strong cooperation stickiness.

2. Second Tier: Tier-1 Supplier · Order Volume Expansion · High Elasticity (Secondary Core)

Chaojie Co., Ltd. (301005)
Position: Officially entering SpaceX’s supply chain in 2026. Its core is high-strength fasteners for Falcon 9 and Starship, covering key connection components such as bolts and nuts. It is a key component supplier for reusable rockets. The company has already completed small-batch supplies and is pushing for large-batch mass production cooperation.
Core logic: Each time a reusable rocket is reused, some fasteners need replacement. As SpaceX increases its launch frequency (estimated 150 launches in 2026), demand for fasteners rises in parallel. The company’s products have passed certification by SpaceX’s secondary suppliers. Its cost-performance is far better than imported products. The fastener value used per rocket exceeds 2,000 yuan, and orders are already scheduled through 2027 Q2.
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Yingliu Co., Ltd. (603308)**
Position: Core casting component supplier for SpaceX’s Raptor engines. It supplies investment castings for key engine parts such as combustion chambers and nozzles—critical support for Raptor engine mass production. It has continuously supplied SpaceX since 2023, with stable cooperation.
Core logic: The Raptor engine is the core power source for Starship and Falcon 9. As Starship ramps mass production and launch counts increase, engine demand rises significantly, and casting orders expand accordingly. The company holds high-precision investment casting technology, with product qualification rates of 99.5%, far above the industry average.

Parker New Materials (605123)
Position: A core supplier of SpaceX airframe structural components. It provides precision forgings to Falcon 9 and Starship, including key parts such as the airframe outer shell and engine mounts. It is a core guarantee for rocket structural stability, certified by both NASA and SpaceX.
Core logic: With SpaceX’s estimated 150 launches in 2026, consumption and wear of airframe structural components will increase accordingly. The company’s capacity will prioritize meeting SpaceX demand. The share of related business revenue has already reached 45% of the company’s total revenue, with extremely stable order support.

MiaWei Co., Ltd. (300751)
Position: Provides HJT photovoltaic module equipment to SpaceX Starlink satellites. The electricity required for satellites to operate in orbit comes from this equipment. It is the core support for the long-term stable operation of Starlink satellites. The company has completed small-batch equipment deliveries and is pushing for large-batch supply.
Core logic: Starlink satellites in orbit require continuous power. HJT photovoltaic modules have high efficiency and a compact footprint, fitting the lightweight needs of satellites. As Starlink satellites expand, equipment demand rises in sync, with strong certainty in order growth.

3. Third Tier: Investment Chain · The Only Equity Stake (Scarce Target)

Leyi Co., Ltd. (002131)
Position: The only A-share listed company that indirectly holds equity in SpaceX. It indirectly holds a small stake in SpaceX through overseas subsidiaries. This is the only A-share target that can directly benefit from SpaceX’s IPO valuation upside. It does not require direct supply—only equity gains, which already offer high upside elasticity.
Core logic: After SpaceX’s IPO, the valuation is expected to double. The company’s indirect shareholding will gain a substantial valuation uplift. Meanwhile, the company’s pump-and-valve products can be used in SpaceX space data centers. In the future, there is potential to enter the direct supply system, giving it a dual-benefit logic.

4. Core Summary (Precisely Aligned with TaoXia Capital Logic)

1. Event core: SpaceX’s IPO will be the biggest global tech event in 2026. With $75 billion in fundraising and a $1.75 trillion valuation, its “space + AI” dual-mainline will open long-term space for the commercial space industry, driving a breakout across the entire supply chain. It is a core theme with strong certainty and upside imagination, matching TaoXia investors’ preference for hot events plus industry-chain targets.

2. Target selection logic: First prioritize the first tier (ReSheng Technology, Western Materials, Sunway Communications, Tianyin Electromechanical, Tongyu Communications). These have the strongest certainty and no substitution risk. The second tier (Chaojie, Yingliu, etc.) has more upside elasticity and can be tracked according to the order ramp-up timeline. The third tier, Leyi, has scarcity and is suitable for gambling on IPO valuation upside.

3. Market expectations: SpaceX’s IPO will become a global capital focus, driving ongoing trading interest in the commercial space industry supply chain. For core targets, performance delivery expectations are clear. Going forward, focus on tracking the listing process, Starlink user growth, and disclosed order details for the targets to seize opportunities across market waves.

Note: All targets in this article are based on information compiled from public sources and do not constitute investment advice. They are purely for industry-chain knowledge sharing. Welcome to exchange ideas and discuss.