SpaceX IPO pace and scale both exceeded expectations, Shenjian Shares temporarily hit two consecutive limit-ups

(Source: Caijing)

          SpaceX’s fundraising scale may exceed $75 billion, higher than the previously estimated $50 billion. This IPO is expected to become the largest initial public offering in history, with a target valuation of $1.75 trillion.            

On March 27, the commercial aerospace concept surged, with Shenjian Co., Ltd. (002361.SZ) hitting the daily limit, once achieving two consecutive boards, while Shunhao Co., Ltd. (002565.SZ), Western Materials (002149.SZ), and Galaxy Electronics (002519.SZ) also experienced gains.

In terms of news, the U.S. aerospace company SpaceX has made key progress in its IPO process. According to public reports, SpaceX plans to submit its initial public offering prospectus to regulators later this week or next week, aiming to complete its listing by June this year. SpaceX’s fundraising scale may exceed $75 billion, higher than the previously estimated $50 billion. This IPO is expected to become the largest initial public offering in history, with a target valuation of $1.75 trillion. Previously, SpaceX acquired xAI, a company owned by Musk, and after the merger, the overall valuation of the company reached $1.25 trillion.

Additionally, the 2026 government work report first listed aerospace as an “emerging pillar industry,” with the National Space Administration establishing a Commercial Aerospace Department and releasing the “Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027).” The improvement of top-level policy design marks that commercial aerospace has been fully incorporated into the national strategy.

Guosheng Securities pointed out that although the commercial aerospace sector has experienced short-term fluctuations due to external factors such as conflicts in the Middle East, breakthroughs in industrial technology and the commercialization process are still accelerating. Based on this, Guosheng Securities recommends investment layouts closely tied to the core value segments of the industry, focusing on four main lines: first, rockets and the upstream industrial chain, emphasizing breakthroughs and industrialization of core technologies such as reusable rocket engines, lightweight heat-resistant materials, and 3D printing; second, satellite manufacturing and core components, seizing opportunities brought by batch production of satellites, and laying out key subsystems such as phased array TR components and laser communication payloads; third, satellite communication applications and services, exploring terminal scenarios that realize industrial value; fourth, overseas advanced industrial chains, prioritizing upstream suppliers that have provided stable support to leading global customers, sharing technology spillover and market growth dividends.

Huatai Securities believes that since 2025, the economic and social value of commercial aerospace has achieved a “breakthrough,” entering mainstream investment visibility from specialized fields, with significant warming of capital market investment and financing activities. Meanwhile, industry participants have become more diverse and deep, with more private enterprises and cross-border technology companies strategically entering satellite manufacturing, rocket launching, and other areas, while some local governments are also prioritizing commercial aerospace as a key future industry, providing support in policy and project forms. The internal driving force of the industry, along with external capital and policy support, is forming a positive cycle, injecting crucial momentum for the industry to transition from research and development to large-scale commercialization.

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