SpaceX IPO raises questions about how Wall Street values strategic tech

SpaceX is set to begin trading on Friday, and its public debut is drawing attention because the company does not fit neatly into one sector. It combines launch services, satellite internet, and work tied closely to government and national security needs. The company says it was a major U.S. launch provider in 2025 and that a large share of its revenue came from federal agencies. Its Starlink network has also grown quickly, with millions of subscribers and a large satellite footprint in lowEarth orbit. The article argues that investors may need to think about SpaceX as a kind of "strategic tech" company, where value comes not only from growth but also from how hard it may be for customers to replace its services. It compares SpaceX with companies such as Palantir, and notes that this category could also include firms like Anduril, OpenAI, and Anthropic. At the same time, the piece says the same importance that can support a higher valuation may also bring more government oversight, procurement rules, cybersecurity obligations, and regulatory pressure over time.