CITIC Construction Investment: SpaceX's record IPO reshapes the valuation system, continuing to be optimistic about investment opportunities in commercial aerospace

According to Jinshi reports, CITIC Construction Investment pointed out that SpaceX landed on NASDAQ with a valuation of $1.75 trillion, raising $75 billion, and its market value surpassed $2 trillion on the first day, becoming the seventh largest technology company in the world and creating the largest IPO in history. Its three major businesses: Starlink, reusable rockets, and space AI validate the commercial closed loop, accelerating the commercialization process of the space economy. In 2026, several liquid rockets in our country will have intensive maiden flights and recovery tests, which are expected to significantly reduce launch costs and accelerate constellation construction. It is recommended to pay attention to:

1) Rocket segment: high-barrier fields such as engines and rocket body structures;

2) Satellite segment: payloads, antennas, and laser communication terminals;

3) Ground equipment: civilian terminals and mobile direct connection technology;

4) Operational services: companies with scarce license qualifications.