To The Moon

Space Rocket and Data Centre ?

Walk Down Memory Lane.

In the past 5 years, popular US “it” stocks were a direct proxy for what was happening in real life.

For instance, at the height of covid pandemic, when everyone had to work, learn, and even socialize from home - $Zoom(ZM)$, Moderna, and Pfizer surged as US market rewarded these “must‑have” infrastructures of remote life and virus control.

As the world reopened, a new wave of enthusiasm (along the theme of “remoteness”) shifted to the metaverse and NFTs.

Zuckerberg was so cocksure that he even rebranded Facebook to $Meta Platforms, Inc.(META)$, funneled easily $70 - $80 billions into Reality Labs, turning the metaverse into the flagship narrative.

And ultimately into one of the most expensive flops in recent tech history, with little to show in profits and brutal stock‑price punishment.

In late 2022, OpenAI unveiled ChatGPT, that effectively launched the new AI era on Main Street and Wall Street alike, unleashing a multi‑year rally in AI‑chip leaders, $NVIDIA(NVDA)$, AMD and (even) pulling INTC back into the franchise as an AI‑acceleration and foundry story.

Around the same time, quantum computing went from PowerPoint to portfolio, sending stocks dabbling in quantum hardware and software into speculative orbit, even though real‑world monetization remains distant.

Over this sequence of cyclical theme rotations, from Zoom‑driven remote life to metaverse & NFT hype, to AI‑chip dominance, to quantum computing and now Wall Street has its latest “craze”.

By the end of 2025, the cycle rotated toward the new Space Race, with capital flowing into satellite and aerospace stocks like $Rocket Lab USA, Inc.(RKLB)$ or $Globalstar(GSAT)$ as commercial space infrastructure became the latest tangible frontier.

The US stock market not only reflected each wave of disruption but also kept re‑investing capital into the next frontier, turning one boom‑and‑bust cycle into a continuous engine of innovation that looks far from exhausted.

This momentum has been festering for a while and it is now hitting a fever pitch as the private sector’s most dominant force (SpaceX) prepares for its public debut.

The prospect of a $1.75 trillion valuation for Musk’s aerospace giant is stirring a level of enthusiasm not seen since the early days of the AI boom.

This has even prompted a "buy-everything" mentality across satellite and launch-related equities.

You can also read my latest post on AMZN bids $9 Billion for GSAT, AAPL how ?

SpaceX - Project Apex.

SpaceX’s blockbuster IPO, codenamed Project Apex is poised to redefine US capital markets with what could be the largest IPO in history.

As of April 2026, the aerospace giant has reportedly filed confidentially for a June 2026 listing, targeting a staggering valuation of approximately $1.75 trillion.

Key details (must-know):

• Reports suggest SpaceX aims to raise between $50 billion and $75 billion.

• At $1.75 trillion, SpaceX would debut as one of the top 5 most valuable public companies in the U.S., surpassing giants like Meta & $Berkshire Hathaway(BRK.B)$ .

• In a rare move for a mega-IPO, SpaceX is expected to allocate up to 30% of shares to retail investors, significantly higher than the standard 5% -10% seen in institutional-heavy debuts.

Valuations and Drivers.

• Valuation is heavily anchored by Starlink, that surpassed 10 million subscribers in early 2026 and is projected to generate $24 billion in revenue in 2026. (lofty estimates, no?)

• Recent private valuations hit $800 billion in December 2025 tender offers, jumping to $1.25 trillion post-xAI merger in February 2026.

• Starlink's mega-million users, reusable rockets, and government contracts underpinning growth, are contributors (supposedly) to projected 2026 revenue.

Nasdaq Involvement.

Even Nasdaq is not letting up on this event to drum up its relevancy in the 21st century.

It updated its Nasdaq-100 Index methodology to enable faster inclusion of large-cap IPOs (like SpaceX), slashing the post-IPO observation period from 3 months to as little as 15 trading days for “top-ranked” firms (whatever that means).

The changes, approved in February 2026 (after consultation), announced on 30 Mar 2026 - eliminated the strict 10% minimum free-float requirement (previously a barrier for low-float giants) and adjust low-float weights to 3x their float for eligibility.

Justifications cited:

Preventing the "Tesla Delay":

• Exchanges are eager to avoid a repeat of the Tesla situation, where the company reached a massive valuation long before it was added to major indices.

• This has caused extreme volatility when passive funds were eventually forced to buy in at much higher prices.

Competitive Edge:

• The revised move gives Nasdaq a competitive advantage over the NYSE, that has historically been the home for mega-listings but maintains different eligibility cycles.

All the positive vibes positioned by Nasdaq has been met with push back from iconic investor like like Michael Burry, flagging them as favouring insiders by (a) rushing passive fund inflows and (b) potentially inflating valuations without full price discovery.

Do you think Mr Burry has a point or two points there ? I feel so !

As of April 2026, the aerospace giant has reportedly filed confidentially for a June 2026 listing.

If all goes according to plan, the roadshow timeline should be as such: (see below)

• May 2026 - expected release of the formal IPO prospectus.

• 8 Jun 2026 - tentative start date for institutional roadshow.

• 11 Jun 2026 - specialized event for approximately 1,500 retail investors.

Lead Banks

$Morgan Stanley(MS)$, $Bank of America(BAC)$ , $JPMorgan Chase(JPM)$ and $Goldman Sachs(GS)$ head the syndicate, with 16 others covering retail and international.

This retail-heavy structure marks a departure from tradition, amplifying hype for the largest IPO ever.

Fall Out Benefits

Besides satellite and aerospace stocks benefiting from the space race euphoria, one “space” ETF - $Procure Space ETF(UFO)$, is set to enjoy the spillover effects as well.

How ? Well, UFO stands to gain from a successful SpaceX IPO, despite lacking direct holdings in the private company as of late March 2026.

This is because the fund tracks the S-Network Space Index, positioning it for post-IPO SpaceX inclusion with substantial weighting due to its dominance in launch services, Starlink, and space infrastructure.

Halo Effect

A SpaceX debut would create sector-wide momentum, lifting UFO's current portfolio of satellite operators, launch firms like Rocket Lab, and defense contractors through investor enthusiasm.

This "halo effect" has already driven UFO to +103% YoY gains and a +24.42% YTD as of 09 Apr 2026, outpacing even the S&P 500. (see below)

As of 09 Apr 2026 end day

Index Inclusion Catalyst

Post-listing, SpaceX's scale makes index eligibility highly likely, potentially (i) transforming UFO's composition and (ii) amplifying returns in the mid-double digits at minimum.

With 93% market-implied odds of a 2026 IPO, this setup fuels optimism for another strong year, although recent pullbacks in holdings like $AST SpaceMobile, Inc.(ASTS)$ temper guarantees.

My viewpoints: (mine only)

I hate to say it but all “space” related articles nowadays are overtly optimistic that its almost unbearable.

Stripped of all the positive trappings, what is the real valuation proposition that the space race brings to listed companies ?

Is it a sustainable utility providing global connectivity and defense, OR just another speculative frontier where capital burns as fast as rocket fuel?

Is this an investment for the long-term visionary, OR simply too volatile for the faint-hearted?

Buying into UFO ahead of the SpaceX IPO offers a high-risk, high-reward tactical play centered on the "halo effect" of the world’s largest aerospace debut.

Speculators may justify a "buy" case in the potential for a pre-IPO run-up, fueled by retail enthusiasm but risk of a "sell“ the news" event post-listing remains high.

This play is strictly for those with a high tolerance for sector-specific volatility. Agree ? For myself, I don’t think I want to risk it when what is at stake is high.

Remember to check out my other posts. (See below). Help to Repost ok, Thanks.

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• Do you think ETF UFO makes a good “space” valuation long-term investment ?

• Do you think US market will rotate out of the “space” related sector anytime soon?

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