SpaceX is one of the most anticipated initial public offerings (IPOs) in quite some time, with many believing it will be the largest in history. According to its S-1 Filing, SpaceX is targeting a $1.75 trillion valuation for its IPO, expected in June. Market analysts are predicting that the company could be valued at $2 billion (or higher) when the IPO executes.

Aside from insiders and employees who’ll likely receive nice paydays, two companies positioned to benefit a lot are Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) and EchoStar (NASDAQ: SATS).

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Alphabet first invested $900 million in SpaceX in 2015, giving it around a 7% stake in SpaceX when it was valued at around $12 billion. Alphabet’s stake has been diluted slightly over the years, but it’s still estimated to be around 5%. That winds up being a hefty $100 billion stake in the company if SpaceX ends up with a $2 trillion valuation.

EchoStar is a satellite communication company selling spectrum licenses to SpaceX and acquiring shares in the process, if the sale is approved by regulators. Its potential stake in SpaceX is a major reason its stock has risen by nearly 476% over the past 12 months (as of April 22).

In either case, if SpaceX fetches the valuation it’s aiming for, both companies could see their on-paper gains skyrocket. The major difference, though, is that EchoStar’s success is much more closely tied to SpaceX’s because many investors are drawn to the company simply for its relationship with SpaceX, and they need to wait for the deal with SpaceX to be approved. For Alphabet, its SpaceX interest is more of a nice-to-have bonus.

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