CICC: SpaceX Sets Record with IPO, Reshaping Valuation System, Continues to See Favorable Business Space Investment Opportunities.

Citic Securities pointed out that SpaceX landed on Nasdaq with a valuation of $1.75 trillion, raising $75 billion, and its market value exceeded $2 trillion on the first day, making it the seventh largest technology company in the world, creating the largest IPO in history. Its Starlink, reusable rockets and space AI businesses validate the commercial closed-loop and accelerate the commercialization process of space economy. In 2026, China's multiple liquid rockets will have intensive maiden flights and recovery tests, which are expected to significantly reduce launch costs and accelerate constellation construction. It is recommended to focus on: 1) rocket sector: high barrier areas such as engines and rocket structures; 2) satellite sector: payloads, antennas and laser communication terminals; 3) ground equipment: civil terminals and direct mobile technology; 4) operation services: companies with scarce license qualifications.