Recently, there has been a big news - the global commercial aerospace leader SpaceX has officially entered the regulatory quiet period before its IPO, aiming to complete its listing in the second half of 2026. This fundraising scale will exceed $30 billion, with a valuation target of up to $800 billion to $1.5 trillion, which will definitely create a new global IPO record.

How will the funds be used? The focus is mainly on three directions: the high-frequency launches of Starship, the deployment of space AI data centers, and the Mars mission. The core reason why Musk went from initially opposing an IPO to actively promoting it now is actually because the "space AI" vision behind it requires massive funding support.

As an industry benchmark, SpaceX's IPO actions will set a valuation standard for the entire commercial space industry, which is a significant opportunity for relevant domestic companies.

**Direct suppliers are the toughest players**

Western Materials (002149) has a special identity here - the only niobium alloy supplier in the country, exclusively supplying special niobium-tungsten alloys for the combustion chamber of the Starship Raptor engine, which will directly benefit after the engine is mass-produced.

Zaiseng Technology (603601) is also very competitive. There are only 3 qualified manufacturers in the world, and it is one of them, supplying thermal insulation materials for SpaceX's rockets and thermal layers for Starlink, with stable monthly supply.

Xinwei Communication (300136) can be said to be the exclusive supplier of Starlink ground terminal connectors. The related revenue is expected to reach 1.5 billion yuan by 2025, with SpaceX's orders accounting for 70% of the share.

Parker New Materials (605123) has passed NASA certification and provides core forgings for Falcon 9 and Starship. It is expected to contribute 800 million to 1 billion yuan in revenue by 2026.

Srey New Materials (688102) holds the only relevant technology in the country and supplies thrust chamber materials for starship engines. Calculating it, the supporting value of a single rocket can reach 5 to 10 million yuan.

**Don't overlook indirect routes**

Lio Holdings (002131) is one of the few companies in A-shares that has explicitly tried to invest in SpaceX. Although the investment ultimately did not succeed, it has also invested in several aerospace companies, and there is a lot of flexibility in cooperation.

Jintuo Co., Ltd. (603211) supplies amplifiers for Starlink base stations through its subsidiary Taiyang Technology, which accounts for 30% of the base station costs. If Starlink continues to expand, it will have opportunities.

BaoTi Corporation (600456)'s aerospace-grade titanium alloy has been certified by NASA and has already entered SpaceX's upstream supply chain.

**Synergistic Growth Effects of the Industry Chain**

China Satellite (600118) is the only listed platform for satellite complete machine manufacturing in the country, with an annual production of 300 satellites, and shares a high technological similarity with SpaceX.

Aerospace Electronics (600879) provides power management systems for Starlink, and in the third quarter of 2025, its revenue grew by 100% year-on-year, which is no joke.

Guangqi Technology (002625) provides metamaterial structural components that can reduce the weight of satellites by 30% and has received dual orders from both domestic and international markets.

Aerospace Development (000547) provides satellite communication interference protection services, and the related revenue is expected to exceed 500 million yuan by 2025.

SpaceX's IPO will reshape the entire industry pattern, strengthening the recognition of the "reusable rockets-satellite constellations-data operations" business closed loop, and thus driving the valuation increase of the A-share commercial aerospace sector.

Of course, we also need to recognize the risks. The progress of the IPO may be affected by various factors such as the market and technology. The performance of concept stocks ultimately relies on the actual fulfillment of orders, and we must remain vigilant against risks such as technical certification not meeting expectations.