SpaceX Epic IPO Approaches, Which Low Earth Orbit Satellite Concept Stocks Are Worth Watching?

Rocket Lab ( RKLB ) As the world's third-largest rocket launch service provider, trailing only SpaceX and the China Aerospace Science and Technology Corporation, the company is transitioning from a small-satellite launcher into a vertically integrated space infrastructure giant, with its Neutron rocket nearing commercial operations. In the first quarter of 2026, revenue reached approximately $200 million, up 63.5% year-over-year, while its backlog totaled $2.2 billion.

Expectations for a SpaceX IPO are raising the sector's valuation ceiling, and Rocket Lab is drawing market attention as the "most direct publicly traded alternative to SpaceX." Since rumors of a listing first surfaced in late March, the stock has gained more than 57%, currently sporting a market capitalization of approximately $73 billion, which corresponds to a price-to-sales ratio of about 66x. Analysts have set a fair valuation range between 66x and 84x P/S.

Distinct from rocket launches, another primary investment theme focuses on satellite-to-cell services.

AST SpaceMobile ( ASTS ) Focused on satellite-to-cell technology, the company has partnered with nearly 60 mobile operators globally, including AT&T, Verizon, and Vodafone, covering over 3 billion users. In the first quarter of 2026, the company disclosed committed commercial contract revenue exceeding $1.2 billion, with $3.5 billion in cash on hand. Additionally, it has received approval from the U.S. Federal Communications Commission (FCC) to deploy its BlueBird constellation, consisting of 248 satellites.

ASTS trades at a staggering price-to-sales ratio of approximately 452x, far exceeding that of Rocket Lab. A SpaceX IPO would provide a valuation anchor for the industry, potentially putting pressure on ASTS to deliver on its sky-high expectations. Furthermore, ASTS relies on SpaceX's Falcon 9 for satellite launches; any changes in launch service pricing or reliability post-IPO could directly impact its deployment schedule.

Turning to the space infrastructure components sector.

Redwire ( RDW ) Specializing in critical components for space infrastructure, the company's portfolio includes avionics, sensors, RF systems, and space payloads. The company recently acquired Edge Autonomy for $925 million to enter the military drone market and participated in NASA's Artemis II crewed lunar flyby mission.

With a current price-to-sales ratio of only 5.7x, Redwire offers a compelling value proposition within the sector. As a SpaceX IPO boosts overall sentiment across the space industry, capital may rotate from high-valuation names into more reasonably priced stocks; Redwire is seen as the "cheapest entry point in the sector."

Planet Labs ( PL ) A leading provider of Earth observation data services, its business is deeply integrated into the defense and intelligence sectors. For fiscal year 2026, revenue reached a record $307.7 million with positive free cash flow and a backlog of approximately $900 million. Recently, at the request of the U.S. government, it suspended imaging of Iran and conflict zones indefinitely, highlighting the deep ties between its data business and national security.

Trading at approximately 38x P/S, Planet Labs (PL) is expected to benefit indirectly from a SpaceX IPO as it heightens institutional interest in the space theme. However, SpaceX's Starlink has its own long-term roadmap for data services; an accelerated expansion into Earth observation post-IPO could create competitive pressure for PL.

Viasat ( VSAT ) primarily provides satellite communication services; BlackSky ( BKSY ) secured a $99 million multi-year Earth observation contract from the U.S. military; both companies trade at price-to-sales ratios in the low double digits. A SpaceX IPO would provide a sentiment boost for both, though their fundamentals remain independent of the SpaceX ecosystem, making the impact relatively indirect.

Unlike the "shadow stock" rally in the U.S. market, LEO satellite concept stocks in the Taiwan market are mostly actual supply chain partners of SpaceX, offering a more direct upside logic.

Universal Microwave Technology (3491) is the core play with the highest purity in Taiwan's LEO satellite sector, primarily specializing in satellite-side filters and duplexers, and has entered the supply chains of four major players including SpaceX and Amazon Kuiper. In Q1 2026, EPS reached NT$3.68, with single-quarter revenue and profit hitting record highs for two consecutive quarters. LEO satellite revenue accounted for 80%, up 130.5% year-over-year, and order visibility extends to the end of 2026.

SpaceX's listing will accelerate Starship deployment and Starlink user expansion, directly boosting shipment volumes for Universal Microwave Technology.

Compeq Manufacturing (2313) is the global leader in LEO satellite PCBs, having specialized in space-grade PCBs for over a decade. Most space PCBs are exclusively or primarily supplied by Compeq, which has transitioned from project-based supply to long-term mass production supply chains. In Q1 2026, revenue was NT$19.55 billion and EPS was NT$1.26, both hitting record highs for the period. Annual satellite product revenue share is expected to rise to 24%-25%, with revenue and profit poised to challenge new highs.

Abundant capital after SpaceX's listing will accelerate LEO satellite launch density, driving continuous growth in high-spec PCB usage. As the core supplier of space PCBs for SpaceX, Compeq will directly benefit from the simultaneous growth in launch density and satellite numbers.

Wistron NeWeb (6285) has deep expertise in LEO satellite ground reception equipment and is benefiting from the doubling of Starlink's user base, with demand for ground terminals continuing to rise. Q1 2026 revenue was NT$29.156 billion, a record high for the period. The company supplies both SpaceX and Amazon Kuiper, with an annual revenue target reaching NT$125.5 billion.

SpaceX's listing will accelerate Starlink's expansion and drive volume growth in ground equipment. As a key supplier, Wistron NeWeb's dual-customer positioning reduces the risk of over-reliance on a single client.

In summary, the core logic for U.S. stocks is "valuation anchoring." Once SPCX is listed, it will become the valuation benchmark for the entire industry. Reasonably valued companies like Rocket Lab and Redwire are expected to benefit from sentiment boosts and sector rotation, while extremely overvalued stocks like ASTS, with a P/S ratio as high as 452x, will face severe pressure to deliver on earnings performance.

The logic for Taiwan stocks is more direct. SpaceX's enhanced capital strength after listing will accelerate Starship launches, Starlink user expansion, and Kuiper deployment. As core supply chain vendors, Universal Microwave Technology, Compeq Manufacturing, and Wistron NeWeb will benefit from both order volumes and revenue scale.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.