The SpaceX IPO is coming. Here’s how ASX investors can benefit from the excitement

SpaceX filed its S-1 registration document with the SEC on 20 May 2026 and is preparing to kick off its investor roadshow on 8 June.

Trading on the open market is anticipated to start in late June under the ticker SPCX.

The company is targeting a valuation of between US$1.7 trillion and US$2 trillion.

If it prices anywhere near that range, the deal would surpass Saudi Aramco’s 2019 listing as the largest IPO in history by a wide margin.

Goldman Sachs is leading the deal, and retail investors are earmarked for 30% of the float, three times the standard mega-cap norm.

For Australian investors, unfortunately, SpaceX will not be available on the ASX.

The question for ASX investors is how to participate in the excitement the SpaceX IPO is generating from within the Australian market.

Two options stand out.

The SpaceX S-1: what the numbers actually show

Before diving into the ASX plays, it is worth understanding what SpaceX has disclosed about its own finances.

SpaceX generated $18.7 billion in total revenue for full-year 2025, up 33% year-on-year, with Starlink contributing $11.4 billion, or 61% of total revenue.

On an adjusted EBITDA basis, the company reported $6.6 billion in profit for 2025, however SpaceX posted a GAAP net loss of $4.94 billion for full-year 2025. This was driven by stock-based compensation, depreciation on the Starlink constellation, and AI infrastructure capex.

In Q1 2026, that trend accelerated with a net loss of $4.28 billion in a single quarter alone. That is an important caveat for investors who will be tempted to buy SPCX on day one.

SpaceX is a remarkable and transformative business but is not yet a conventionally profitable one.

That makes the two ASX alternatives potentially more attractive on a risk-adjusted basis.

Betashares Space Industry ETF (ASX: RCKT)

The Betashares Space Industry ETF is the most accessible way for Australian investors to participate in the SpaceX IPO excitement without buying SpaceX directly.

RCKT units floated at $14 on 12 May 2026 and have gained approximately 12% since launch. The underlying Solactive Space Industry Index has returned 249% over the twelve months to 31 May 2026.

RCKT tracks the Solactive Space Industry Index, which holds 28 companies across the global space economy, with its two largest positions being Rocket Lab USA and AST SpaceMobile at 12.6% each.

Rocket Lab has risen significantly over twelve months and AST SpaceMobile has surged on confirmation of its first commercial satellite communications service with major US carriers.

Importantly for ASX investors, SpaceX would need to meet index inclusion criteria after listing before RCKT could hold it, a process that could take months.

However, as the roadshow generates headlines this week and next, RCKT is likely to keep attracting investor attention.

Electro Optic Systems Holdings Ltd (ASX: EOS)

The second ASX option is less obvious but equally interesting.

Electro Optic Systems Holdings is primarily known as a defence stock. The stock having risen approximately 550% over the past twelve months on the back of a record contract pipeline in counter-drone and directed energy systems.

What fewer investors appreciate is that EOS also operates a dedicated Space Systems division. This division provides laser tracking and communications technology for satellite operators around the world.

At its AGM, EOS chair Garry Hounsell confirmed the company’s turnaround phase is now complete and that 60% to 80% of its $726 million order book is expected to convert to revenue in 2026 and 2027.

SpaceX’s Starlink constellation now has more than 10,300 satellites in orbit. Moreover, the company has filed applications to deploy up to 42,000 in total.

Every satellite launched creates demand for the precision tracking and communications infrastructure that EOS provides through its Space Systems division.

As the SpaceX IPO draws global attention to the space economy, EOS offers Australian investors a way to participate that is backed by contracted revenue rather than pre-IPO speculation.

The risks

Both RCKT and EOS carry meaningful risk.

RCKT’s top holdings are pre-profit companies whose valuations reflect enormous future potential.

If the SpaceX IPO disappoints or the broader technology sector rotates lower, RCKT units could give back a significant portion of recent gains quickly.

EOS carries its own risks: contracts are lumpy, defence spending can be reprioritised, and the space division remains a small part of overall revenue.

Neither is suitable for investors who cannot tolerate volatility.

Foolish takeaway

The SpaceX IPO is coming soon, and the excitement is already moving markets.

Australian investors cannot buy SPCX directly on the ASX, but RCKT and EOS each offer a distinct way to participate in the space economy boom that SpaceX is generating.

For investors who believe the commercial space economy has years of growth ahead, both deserve a place on the watchlist.

The post The SpaceX IPO is coming. Here’s how ASX investors can benefit from the excitement appeared first on The Motley Fool Australia.

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Motley Fool contributor Mark Verhoeven has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.