SpaceX IPO: How Hong Kong Investors Can Capitalize on the SpaceX Listing Opportunity

Content Summary

With reports that Elon Musk's space empire, SpaceX, has secretly filed for an IPO, this super unicorn valued at up to US$1.75 trillion has become the focus of global attention. This article, from the perspective of Hong Kong investors, dissects the "Galactic Core" business ecosystem it forms with Tesla and xAI. If Hong Kong investors are optimistic about SpaceX, they can participate in its investment through the following three main methods:

• Direct Subscription

  Participate in the SpaceX IPO and use Futubull's powerful "Trailing Stop Limit Order" feature to say goodbye to staying up late and automatically lock in new stock gains.

• Concept stock deployment

  Analyze the synergy between concept stocks EchoStar (SATS), partner Planet Labs, and potential competitor Rocket Lab.

• Industry ETF

  Diversify your investments through ARKX, ITA, and the high-premium channel DXYZ, while remaining vigilant about the risk of "valuation compression" in certain channels following an IPO.

This guide will provide an in-depth analysis, from a financial perspective, of SpaceX's investment appeal, the progress of its IPO, and the strategic allocation options currently available to Hong Kong investors.

Latest Updates on SpaceX's IPO

According to a CNBC report, sources reveal that Elon Musk's SpaceX has secretly filed an IPO application with the U.S. Securities and Exchange Commission, bringing the rocket company one step closer to what could be a record-breaking initial public offering.

Bloomberg was the first to report on SpaceX's confidential documents, citing sources familiar with the matter who said the company may seek a $1.75 trillion valuation and aim to go public around June.

Why Should Hong Kong Investors Pay Attention to SpaceX?

SpaceX is a U.S.-based private aerospace and artificial intelligence company headquartered in Starbase, Cameron County, Texas. Founded in 2002 by entrepreneur Elon Musk, the company aims to reduce the cost of space transportation and ultimately establish a human presence on Mars. To date, SpaceX has developed the reusable Falcon launch vehicle family and the Dragon spacecraft, and is currently working on the Starship and Starlink programs.

Elon Musk's "Holding Empire"

$Tesla (TSLA.US)$Together with SpaceX, Tesla is the "twin star" of Musk's business empire. In a previous interview, Musk hinted at launching a new initiative called "Galaxy Mind," aimed at integrating the core capabilities of SpaceX, Tesla, and xAI to deploy solar-powered AI satellites into deep space. Specifically, the realization of this blueprint depends on clear division of labor and collaboration among the three companies:

SpaceX: Provides mature rocket launch and spacecraft manufacturing capabilities, responsible for deploying AI satellites into deep-space orbits. Tesla: Leveraging its expertise in solar and battery technologies, it offers efficient and long-lasting energy solutions for satellites. xAI: Is responsible for developing cutting-edge artificial intelligence models that can run at scale on satellites.

Space Economy Investment

In the past, investors who wanted to participate in the space economy often had no choice but to opt for relatively small launch service providers like Rocket Lab or satellite communication companies upstream and downstream in the supply chain. SpaceX's IPO will directly provide the secondary market with a "space dominant player" worth trillions. With the monopolistic launch capability of the Falcon 9, the future potential of Starship, and the robust cash flow generated by Starlink, SpaceX's listing is bound to trigger a global revaluation of the entire space industry chain.

SpaceX IPO Investment Strategy

Since SpaceX has not yet been officially listed on the NASDAQ or NYSE, it is currently not possible to directly purchase its shares through Futu. However, if Hong Kong investors are optimistic about SpaceX, they can make early arrangements through the following three methods:

Strategy One: Direct Participation in the SpaceX IPO

This is the most direct way to capture the maximum potential upside. As soon as Musk announces SpaceX's IPO, investors should be ready to apply for the offering on the U.S. stock market right away.

For IPO subscriptions in the U.S. stock market, you may consider choosing Futu Securities. Futu isU.S. Stock IPO SectorIt enjoys a very high market share and has previously been deeply involved in the underwriting and distribution of popular U.S. stocks such as Gemini, Figure, Circle, and Medline. The following chart shows the increase in listed U.S. stocks in 2025.

Hong Kong investors often cannot monitor U.S. stock trading around the clock due to time zone differences; yet new shares frequently experience sharp price swings on their first day, making it easy to miss opportunities or fail to execute stop-loss orders in a timely manner. By using trailing stop-limit orders, you can set a "drawdown percentage" to manage significant volatility.

If SpaceX's stock price surges on the first day due to heightened market enthusiasm, the system will automatically adjust the trigger price to prevent you from missing out on gains. Once the stock price falls back from its peak into the preset range, the system will automatically execute a sell order to lock in losses and protect your capital. Even while you're asleep, the system ensures precise profit protection, preventing any erosion of your gains.

Suppose the IPO stock X is priced at $80, and on its first day of trading it surges 25% to $100, exhibiting strong upward momentum with an uncertain pullback timing. In this scenario, we can place a trailing stop-limit order with a trailing amount of $5 and a trigger price spread of $1.
Scenario 1: When the stock price rises to $110, the stop-loss level will automatically move up to $105, effectively locking in a floating profit of $105 – $80 = $25. If the stock price subsequently falls back to $105, the system will automatically submit a limit sell order at $104 ($105 minus the specified spread of $1), thereby preventing the realization of the floating profit.
Scenario 2: If the stock price continues to rise to $120, the stop-loss level will automatically adjust upward to $115, continuously locking in more gains. The entire process requires no manual intervention, effectively mitigating the risk of "selling too early" while reasonably capping potential downside losses.

Strategy Two: Allocate to "SpaceX Concept Stocks"

• Partners: SpaceX's IPO is a "shot in the arm" for its partners, meaning they will have more cash on hand and stronger履约 capabilities.

$EchoStar(SATS.US)$: In September 2025, SpaceX acquired EchoStar Communications' AWS-4 and H-band spectrum licenses for satellite and mobile communications. The payment structure of this deal was unique, involving up to US$8.5 billion in cash and US$8.5 billion worth of SpaceX stock. At the time, with SpaceX valued at approximately US$400 billion, this equity stake represented about 2% of SpaceX's total shares. In addition, SpaceX agreed to assume approximately US$2 billion in debt interest owed by EchoStar Communications through November 2027.

$Planet Labs PBC(PL.US)$: The relationship between Planet Labs and SpaceX can be summed up in one phrase: "a long-term, deeply embedded partnership—like that of a passenger and a driver." Planet Labs operates the world's largest constellation of Earth-observation satellites, comprising hundreds of spacecraft, each with a relatively short operational lifespan of about 3 to 5 years, necessitating frequent replenishment and on-orbit upgrades. As one of SpaceX's most loyal commercial launch customers, Planet Labs' business continuity is heavily reliant on the timely launches of SpaceX rockets.

• Key competitors: As SpaceX's valuation rises, its rivals may benefit from the "industry hype"; however, in the medium to long term, the scarcity of these companies could also diminish. If SpaceX goes public, capital may shift away fromRocket Lab (RKLB.US)AndAST SpaceMobile (ASTS.US)Withdrew from China and turned to embrace SpaceX.

$Rocket Lab(RKLB.US)$: Widely regarded by the market as "the little SpaceX" and affectionately dubbed "the little rocket" by investors, it is currently one of only two private aerospace companies worldwide capable of conducting routine, high-frequency successful launches. Leveraging the exceptional reliability of its small Electron launch vehicle, the company has not only established a solid foothold but has also successfully transformed itself into an end-to-end provider spanning satellite manufacturing, software development, and launch services through its "Space Systems" business. It is the sole U.S.-listed space leader with consistently strong financial performance and the most稀缺 "SpaceX substitute" status. Its under-development medium-lift, reusable Neutron rocket is seen as the key trump card that could eventually break SpaceX's monopoly on the Falcon 9.

$AST SpaceMobile(ASTS.US)$: Seen by the market as the "space AT&T" or the leader in the "direct-to-cell satellite" sector, its core vision is to build the world's first space-based cellular broadband network, using mega low-Earth-orbit satellites as "space base stations" so that ordinary terrestrial smartphones can connect directly to satellite signals without hardware modifications or the need to purchase dedicated equipment (such as dish antennas). Despite fierce competition from SpaceX's Starlink, thanks to its deep partnerships with industry giants like AT&T, Verizon, Vodafone, and Google, as well as its patent barriers, it has become the most explosive—and also the most volatile—pure-play stock on the U.S. stock market for betting on the trillion-dollar communications transformation of "eliminating signal dead zones."

Strategy Three: Invest in a Space Industry ETF

Gain exposure to the growth of the space economy through ETFs while reducing single-company risk:

$ARK Space & Defense Innovation ETF(ARKX.US)$: Managed by "Wood Sister" Cathie Wood, it holds more than 17% of the shares in the SpaceX/xAI merger entity (Source:Morning Star）

$Ishares Trust U.S. Aerospace & Defense Etf(ITA.US)$: Long-term holdings of substantial private-equity stakes in SpaceX. The ETF's name is a direct nod to Elon Musk's core investment thesis: its strategy focuses on companies that deliver "disruptive innovation" and can optimize costs at the fundamental physical and technological levels.

$Destiny Tech100(DXYZ.US)$: This is currently the "premium channel" through which individual investors can purchase SpaceX shares in the secondary market. Their business model involves "hoarding scarce private equity and reselling it to individual investors at a markup."

It is important to note that this represents a devastating "valuation kill" for DXYZ. Although the stock price may surge on hype in the run-up to the IPO, once SpaceX officially lists, investors will be able to buy the underlying shares directly, and no one will be willing to pay DXYZ's current premium of over 100%. At that point, DXYZ's share price will experience a sharp correction—falling from the premium back to net asset value—thereby losing its scarcity.

In summary, SpaceX's IPO is undoubtedly the most anticipated financial event of our generation, yet its timeline remains shrouded in Elon Musk's vision for Mars. For the broader investing community, the optimal strategy at this juncture is to exercise patience and stay closely attuned to the company's progress—particularly the rollout and profitability of its Starlink business.

Rather than anxiously awaiting an uncertain launch date, use this time to do your homework: gain a deep understanding of the potential of the space economy, assess your own risk tolerance, and develop a clear investment plan. Whether you're preparing for SpaceX's IPO itself or choosing to invest in its suppliers or related ETFs, getting ahead now will give you a competitive edge in the investment wave of the space age. Remember: opportunity always favors the prepared.