SpaceX is expected to make its Nasdaq debut on June 12 in what could become the largest initial public offering in history.
The company is targeting a valuation of about $1.8 trillion, with the proposed ticker SPCX and an unusually large retail allocation.
That alone would be enough to stir a market frenzy. But some investors are already looking one step away from the listing itself.
Rather than chase SpaceX directly, they are buying publicly traded suppliers tied to its rockets, satellites and Starlink terminals.
SpaceX IPO: The gold rush is already on
SpaceX has become the dominant force in the US launch market as it accounted for about 87% of US space launches in 2025 and completed 170 orbital launches, or nearly one every other day.
That dominance is what makes the supplier trade interesting.
SpaceX is famous for building much of its technology in-house, partly because it struggled to source parts in its early years. As a result, the outside suppliers it does use can look especially valuable.
They are not casual vendors, but part of a carefully controlled supply chain supporting rockets, satellites and ground equipment.
The idea is an old one. During a gold rush, the companies selling picks, shovels and denim can sometimes do better than the miners.
In this case, the “picks and shovels” are extreme-temperature metals, specialty alloys and chips used across the SpaceX ecosystem.
Analysts are now pointing to three names that have caught the market’s attention: Materion, Carpenter Technology and STMicroelectronics.
Also read: SpaceX vs OpenAI: Which IPO could deliver bigger returns?
Three stocks riding SpaceX’s coattails
Materion has been one of the most dramatic movers. The Ohio-based advanced-materials company supplies niobium metal and other specialty materials used in extreme-temperature environments, according to TheStreet Pro analyst Ed Ponsi.
That makes it relevant to rocket-engine applications, where heat resistance is critical. Materion’s market value remains below $5 billion, giving it a smaller base than many aerospace suppliers.
Ponsi noted that the stock has gained about 180% over the past 12 months and projected a technical target of $275.
Carpenter Technology offers a different kind of exposure. The Philadelphia company has been around for 135 years and has roots in the US space programme dating back to Apollo.
Today, it supplies high-performance specialty metals used in Starship and other spacecraft. Its shares have gained about 93% over the past year and recently touched all-time highs.
Ponsi placed a $525 technical target on the stock, while disclosing that he is personally long Carpenter shares.
STMicroelectronics, listed in the US as STM, is the chip play.
The Geneva-based semiconductor group has supplied SpaceX for about a decade, including radio-frequency antenna chips, microcontrollers and secure elements used in Starlink terminals. It is also the sharpest momentum trade of the three, with shares up about 147% this year, according to Ponsi.
But there is a caveat as its relative strength index has flashed overbought for four straight weeks, and Ponsi suggested a more attractive entry could come on a pullback toward $56.50.
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