Thannop Chumnansil, CFP®, Vice President of Investment Solution at Maybank Securities (Thailand), stated that the listing of Space Exploration Technologies Corporation (SpaceX) marks a major event attracting global investor attention.
SpaceX, the world’s leading aerospace business under the leadership of Elon Musk, has entered the capital market with an outstanding market capitalization of $1.75 trillion, making it the sixth-largest listed company in the U.S. stock market—surpassing Meta and Tesla. This underscores investors’ confidence in the potential of the space and future technology sectors.
Thannop added that investment in SpaceX should be approached with a comprehensive consideration of both opportunities and risks. In particular, short-term share price volatility can be expected due to elevated valuation levels. The IPO is priced at a price-to-sales (P/S) ratio of around 90–95 times, higher than most other space tech and related businesses, while the price-to-book value (P/BV) stands at around 40 times, the highest in the industry.
Additionally, about 5 percent of IPO shares are available for trading immediately from day one, even though most IPO stocks remain under a lock-up period of around six months, potentially leading to early profit-taking pressures at the start of trading.
For Thai investors wishing to invest in SpaceX, currently, the XSpring Space Innovator Equity Fund (X-SPACE) directly invests approximately 7% of its portfolio in SpaceX as of June 10, 2026. Additionally, investors can track depositary receipts (DRs) referencing Nasdaq 100 index ETFs such as NDX01 and QQQM19, which are expected to start including SpaceX after its addition to the Nasdaq 100. The A-JEDI and LHSPACE-A funds are also likely to gradually raise their allocation to SpaceX during 3Q26.
In the short term, Maybank adopts a cautious view towards SpaceX’s share price, as market expectations have largely been priced in. However, the long-term view remains positive due to technological advantages, particularly reusable rockets that set SpaceX apart from competitors, and the Starlink satellite internet business, which supports consistent cash flow and serves as a key source of company revenue. Furthermore, the development of orbital data infrastructure could pave the way for global AI infrastructure and data systems in the future.
