中信建投：SpaceX创纪录IPO重塑估值体系，继续看好商业航天投资机会

Odaily Planet Daily reports that China Securities Co., Ltd. (CSC) pointed out that SpaceX's record-breaking IPO on Nasdaq at a valuation of $1.75 trillion raised $75 billion. On its first trading day, its market cap surpassed $2 trillion, making it the world's seventh-largest tech company and creating the largest IPO in history. Its three core businesses — Starlink, reusable rockets, and Space AI — have validated its commercial model, accelerating the commercialization of the space economy. In 2026, multiple Chinese liquid-fuel rockets are expected to conduct intensive maiden flights and recovery tests, which could significantly reduce launch costs and accelerate constellation construction. Investment focus areas include:

1) Rocket components: high-barrier segments such as engines and rocket structures;

2) Satellite components: payloads, antennas, and laser communication terminals;

3) Ground equipment: civilian terminals and direct-to-cell technology;

4) Operations services: companies with scarce licensed qualifications. (Jin Shi)