SpaceX IPO may draw capital from Virgin Galactic

SpaceX filed an IPO prospectus on Nasdaq under the ticker SPCX, listing a floor valuation of $1.8 trillion and a planned $75 billion capital raise. The filing has coincided with buying in liquid space stocks viewed as proxies, including Virgin Galactic, Rocket Lab and Intuitive Machines.

Since the filing, Virgin Galactic shares have climbed more than 150% from their year-to-date low. Traders have cited the prospect of a publicly traded SpaceX and the resolution of two longstanding shareholder derivative lawsuits as drivers of recent buying in the stock.

The prospectus details Starlink serving about 10.3 million users across 164 countries. SpaceX reported roughly $3.26 billion in quarterly revenue and about $1.19 billion in quarterly operating profit from the unit, figures the company presented as recurring revenue and cash generation in the filing.

By comparison, Virgin Galactic posted a $65 million net loss in the first quarter of 2026 and included a going-concern disclosure in its 2025 annual report. The company is preparing flight testing of its Delta-class vehicle, with ground and suborbital testing planned for the third quarter and a target for rocket-powered spaceflight in the fourth quarter. Virgin Galactic reports roughly 650 ticket reservations and has resumed ticket sales at $750,000 per seat.

Market participants say the availability of a large, revenue-generating space company on public markets could shift capital away from smaller listed peers once SpaceX lists. Analysts expect significant institutional demand for SpaceX given the scale of Starlink’s users and cash flow, which could reduce inflows to proxy names.

If Virgin Galactic completes flight-test milestones and begins generating material operating revenue, its financial profile would change and could affect investor interest. The SpaceX prospectus creates a direct public-stock option for investors seeking exposure to a large, recurring-revenue space business and raises questions about how capital will be allocated across smaller public space firms.