Space Exploration Technologies Corp. (SpaceX)

Why I invested

I like to invest in companies I see as pioneers building the future, and for me SpaceX is about as “future” as it gets. Reusable rockets have changed the cost of getting into space, and Starlink is bringing internet to places that never had it. I think space launch and satellite connectivity could become a huge part of the world economy over the coming decades.

It’s a newly listed and very volatile share, so I’m treating it as a long-term, higher-risk holding.

What does SpaceX do?

SpaceX, run by Elon Musk, does three main things (it reports them as three segments):

• Space: designs, builds and launches reusable rockets (Falcon 9, Falcon Heavy and the giant Starship) for companies, governments and NASA.
• Connectivity: Starlink, satellite broadband used by homes, ships, planes and the military in many countries, including the UK.
• AI: a newer segment; SpaceX said it would use part of its IPO money to expand its AI computing infrastructure.

From private to public

For more than 20 years SpaceX was a private company, so ordinary investors couldn’t buy its shares. That changed in June 2026:

• 11 June 2026: IPO priced at $135 per share.
• 12 June 2026: shares started trading on Nasdaq (and Nasdaq Texas) under the ticker SPCX.
• 15 June 2026: the IPO closed, raising about $85.7 billion. The offer also included a UK public offering.

The shares have been a rollercoaster since: they jumped above $200 in the first few days, fell to $108 by early August, and were back around $146 by mid-October.

How is it doing? (the simple version)

• Revenue is growing fast: about $23bn over the last 12 months, more than double the year before.
• But it’s loss-making: a net loss of about $8.9bn over the same period, partly due to heavy spending on Starship, satellites and AI.
• Next results: Q3 2026 results expected around 20 October 2026 (date not yet confirmed by the company as of mid-October).

What’s a “lock-up”? After an IPO, employees and early investors usually can’t sell their shares for a set time. When those lock-ups end, lots of new shares can hit the market at once, which can push the price around. Several more SpaceX lock-ups end in late 2026, including a large one shortly after the Q3 results.

What do analysts say?

According to StockAnalysis.com, the 38 analysts it tracks rate SpaceX “Buy” on average, with an average 12-month price target of $222.71 (as of 16 October 2026). As a brand-new listing it has a short track record, so treat forecasts with extra caution.

Things that could go wrong

• Very high valuation (around $2 trillion) for a company that’s currently making losses.
• More shares becoming sellable as lock-ups end.
• Rocket failures, delays to Starship, or government/regulatory issues.
• Reliance on Elon Musk; speculation about a possible merger of Tesla and SpaceX adds uncertainty.