[Edaily Reporter Kim Hyun-ah] As the initial public offering (IPO) of SpaceX, led by Elon Musk, comes into view, the global space industry is reaching a new turning point.

The market views this listing not merely as a major IPO, but as the “NVIDIA moment for the space industry,” which will reshape valuation standards across the entire sector.

According to an in-depth report published by Finlit Research Center on the 2nd, SpaceX is pursuing a Nasdaq listing under the ticker symbol "SPCX," with a market valuation estimated at $1.75 trillion to $2 trillion (approximately 2,400 trillion to 2,700 trillion won). The expected IPO size is also projected to be between $50 billion and $75 billion, making it one of the largest deals in the history of global capital markets.

The reason SpaceX is drawing attention is that it is no longer viewed merely as a rocket launch company. It is evaluated as presenting a new growth model for the space economy by evolving into a next-generation platform company that combines the low-Earth orbit satellite communication network Starlink with AI infrastructure and data businesses.

From a Rocket Company to a 'Space Infrastructure Platform'

The report defines SpaceX not as a traditional space transportation company, but as

a

'global space infrastructure platform.'

Founder Elon Musk is expected to retain 85.1% of total voting rights even after the IPO through a dual-class stock structure (Class B). This strategy aims to secure substantial funding while maintaining stable management control over long-term business operations.

SpaceX’s competitive edge lies in its vertically integrated structure across three core business pillars: Space, Connectivity, and AI/Data.

The space transportation division has effectively dominated the global launch market by leveraging the reusable technology of the Falcon 9 and Falcon Heavy. As of 2025, it accounts for 80.5% of global orbital cargo transport volume, and launch costs are projected to drop by an additional 90% or more once the next-generation launch vehicle, Starship, is fully commercialized.

The core business driving current performance is Starlink. As of March this year, Starlink had secured 10.3 million subscribers across 164 countries, and the number of operational satellites exceeded 9,600. It is the company’s primary cash cow, accounting for 61% of total revenue.

Recently, the company has been expanding its business scope into Direct-to-Cell (D2C) services, which connect smartphones directly to satellites, and the Internet of Things (IoT) sector. Once the next-generation V3 satellites are fully deployed, network capacity is expected to increase by more than 20 times compared to current levels.

The AI business is also cited as a future growth engine. SpaceX completed its acquisition of xAI earlier this year, integrating the AI business as a core pillar within the group. In the long term, the company is pursuing the “Starcloud” project to build data centers in space. The plan is to utilize the cryogenic environment of space as a cooling system to drastically reduce data center operating costs.

The Center of Gravity in the Space Industry Shifts from Manufacturing to Data

The global space economy is also growing rapidly.

The report forecasts that the global space economy will expand from $463.7 billion in 2024 to $1.0556 trillion in 2035. The average annual growth rate is expected to be around 8.0%. In particular, the Asia-Pacific region is expected to see the fastest market expansion, with an average annual growth rate of 11.3%.

Above all, the changing structure of the industry is noteworthy.

While the space industry was previously a hardware-centric sector focused on launch vehicles and satellite manufacturing, downstream sectors such as satellite communications, data analysis, and Earth observation services are expected to drive future growth.

In particular, the “space data intelligence” market—which analyzes satellite data using AI for applications in defense, agriculture, logistics, and disaster response—is expected to grow at an average annual rate of 20%. This implies that the core competitive edge in the space industry now lies not in rocket launch capabilities, but in the ability to effectively monetize data.

Furthermore, as space emerges as a core infrastructure for national security, demand in the defense sector is also growing rapidly. Last year, defense and security-related budgets accounted for 54% of global government space budgets.

K-Space Companies Also Expected to Be Re-evaluated

In South Korea, expectations for

a re-evaluation

are rising across the entire space value chain.

#Satrec-i is a leading domestic satellite company that is expanding its business scope beyond satellite manufacturing to become an imagery data platform provider. It recently demonstrated its growth potential by securing overseas orders worth 283 billion won.

#Contech is a Ground Station as a Service (GSaaS) company operating 16 ground stations across 11 countries worldwide. Through its recent acquisition of AP Satellite, it has established a vertically integrated system covering everything from satellite manufacturing to ground station operations and data processing.

#Intellian Tech is recognized as a global leader in the field of antennas for low-Earth orbit (LEO) satellite communications. It has secured global clients such as OneWeb and Telesat, and its profitability is improving significantly as the proportion of high-margin defense-grade antennas in its portfolio expands.

#InnoSpace is a leader in the domestic private launch vehicle market and is pursuing entry into the commercial launch market based on its proprietary hybrid rocket technology.

#HVM has established a competitive edge in the field of special alloys for space launch vehicles, while Fiberpro, Kencoa Aerospace, and Lumir are also cited as companies set to benefit from the growth of the space industry.

The Finlit Research Center analyzed that "the next competitive edge in the space industry lies not in rockets but in data," adding that "a process of separating the wheat from the chaff will take place, focusing on companies with actual revenue, cash flow, and the ability to recoup large-scale investments."