Rocket stocks rise as Elon Musk’s SpaceX eyes share sale

The stocks of space-related firms experienced a surge in the US market after a report surfaced indicating that Elon Musk's SpaceX might soon apply to have its shares publicly traded.

Companies like Firefly Aerospace and Rocket Lab saw their stock prices increase by over 10%, as other space companies also enjoyed gains.

It's speculated that SpaceX will go public this year with a valuation estimated at approximately $1.75 trillion (£1.31 trillion), as detailed by technology news source The Information. This could potentially become the largest initial public offering ever witnessed.

SpaceX, with its ventures in building and launching rockets, might potentially amass over $75 billion through the stock sale.

Several industry peers also witnessed a boost on Wednesday, including Intuitive Machines, which soared nearly 15%, while Earth-imaging company Planet Labs' shares increased by more than 10%.

Satellite manufacturer Sidus Space saw a rise of nearly 19%, and AST SpaceMobile shares went up by 10%.

Originating in 2002, SpaceX was established by Musk, the wealthiest individual globally, who also leads other entities such as electric car pioneer Tesla, social media network X, and brain interface company Neuralink.

In recent years, SpaceX has grown into a dominant force in aerospace, earning billions through US government deals and space ventures.

Among its affiliates are enterprises like xAI, which manages the social media site X and artificial intelligence (AI) company Grok.

SpaceX additionally owns satellite internet provider Starlink, offering services on a global scale.

The proposed share sale could elevate Musk to become the world's first trillionaire.

Presently, his wealth exceeds $820 billion, as per Forbes, which monitors the fortunes of the wealthiest individuals globally.

By 2025, Musk became the inaugural individual to attain a net worth exceeding $500 billion.