Investment caseListed June 12, 2026 in the largest IPO in history ($1.75T, $135 issue price) — the space economy's principal became directly investable, and premium-to-NAV proxies lost their reason to exist the same day.
Size / market cap$1.75T at IPO; traded below the $135 issue price after listing.
Scarcity / moatThe principal asset of the space economy, now investable without a proxy.
CompetitionRKLB in launch services; premium-to-NAV vehicles such as DXYZ.
RiskPeak at listing: high of $225.64 in mid-June, then roughly -45% and below the issue price. At $1.75T this is a ballast valuation, not an elastic one.
Research framework, not investment advice. Specific levels, stops and sizing are Pro content.