New sources say the SpaceX IPO deal is now running around two times oversubscribed, with investor demand estimated at $150 billion against a planned $75 billion raise. In fact, the searches for “SpaceX IPO oversubscribed” have jumped by 2,050% over the past 7 days, reflecting the increasing attention paid to the stock as the listing date draws closer.
Yet beneath the headline demand, experts at BrokerChooser are warning that expectations may have run well ahead of fundamentals. While SpaceX is set to debut at a valuation near $2 trillion, the company remains loss-making, reporting a $4.4 billion loss in 2025 and a further $4.3 billion loss in Q1 2026.
Balazs Faluvegi, Senior Broker Analyst at BrokerChooser warns:
“SpaceX’s core businesses, Starship and Starlink, are still in heavy reinvestment phases, meaning a large share of capital raised could go toward long-term infrastructure buildout rather than near-term profitability. If that IPO valuation turns out to be stretched, the risk is not necessarily an immediate collapse but a more gradual form of disappointment – slower revenue acceleration, missed monetisation timelines and ultimately valuation compression as expectations reset.
What investors often underestimate in mega-IPOs is the second-order liquidity cycle. Early gains are frequently sustained by scarcity, portfolio rebalancing and FOMO positioning, but once that initial wave stabilises, the absence of near-term earnings support becomes more visible. That’s typically when stocks either go sideways for years or drift lower even without a dramatic sell-off.
Expert shares 4 stocks you can buy to ride the SpaceX IPO wave
“Investors can play the SpaceX IPO wave without actually owning the stock at listing by looking at suppliers and partners that are already public. What you’re really doing here is getting indirect exposure to the same ecosystem, which can feed through into what we call second-order demand effects across the supply chain. The appeal is that they’re already liquid, already listed and give you a more immediate way to express that view without dealing with early price discovery risk. However, it’s important to know that these are not insulated plays either and can see sentiment shift quickly as wider space trade cools,” says Balazs Faluvegi.
1. Velo3D (VELO)
Velo3D specialises in high-end metal 3D printing used to produce complex components more efficiently and at faster turnaround times. For SpaceX, time is key, as waiting for any part of complex equipment can make or break any mission. VELO’s revenue is getting more diversified, but SpaceX remains its number one customer and partner, so the stock price will likely reflect the roller coaster ride of SpaceX in the coming weeks and months.
2. CPS Technologies (CPSH)
CPS Technologies develops advanced materials used in high-performance environments where strength, heat resistance, and weight reduction are essential, particularly in aerospace applications. While CPS does not disclose its customers, it is considered an open secret that their number one buyer is SpaceX.
3. MACOM Technology Solutions (MTSI)
MACOM designs and manufactures semiconductor solutions used across defence, telecoms and aerospace infrastructure, creating the brain and the nervous system of the Starlink satellite internet service. While only a relatively low percentage of MACOM’s revenues come from SpaceX, it is a strategic enabler of the wider satellite communications ecosystem.
4. Echostar (SATS)
EchoStar operates in satellite communications and wireless infrastructure and has a more structurally visible link to SpaceX through the sale of certain spectrum rights. In return, the company received not only cash but also an equity stake of roughly 2% in SpaceX, which has a significant impact on the valuation of its own shares.
