Elon Musk’s SpaceX has dominated the news cycle lately ahead of a potential NASDAQ listing next month (June 2026).

The AIM-listed electronics firm Filtronic (LSE: FTC) is one of its key suppliers, yet despite an estimated £1bn valuation, is yet to join the FTSE 250.

Could that all change in the next reshuffle?

What’s driving Filtronic’s epic rise?

Filtronic has become a leading story on the London market this month, with its share price rallying 53%. But its partnership with SpaceX isn’t a new development.

In 2024, SpaceX bought a 10% stake in the company, back when its market cap was a mere £79m. It has since increased by over 1,000%, with some estimates putting it at a £1bn valuation.

The SpaceX connection

Filtronic supplies high-frequency power amplifiers and E-band modules used in SpaceX’s Starlink satellite constellation.

But it’s not just a supplier with a casual customer relationship. It has a multi-year strategic partnership with the company, which has already produced real orders and real revenue.

The first was an initial £15.8m production order, followed by a much larger £47.3m contract for gallium-nitride E-band satellite-comms hardware.

That matters because investors can see a clear line between the partnership and Filtronic’s growth. But the next question is: can that growth keep going?

Could a listing change the story?

A SpaceX IPO would almost certainly attract more attention to the companies linked to it, and Filtronic is one of the clearest UK names in that group.

Markets often re-rate suppliers when the customer is famous, growing fast, and tied to a big theme like satellite broadband.

Still, a listing would not guarantee more revenue on its own. The price can move on excitement, but the business still has to deliver.

So what does the current financial picture say?

Is it a buy?

Here is the simple case for and against Filtronic:

The valuation suggests strong momentum, but also a lot of optimism already priced in. Like many before it, Filtronic’s growth story shows incredible progress, but is almost entirely dependent on one customer.

If SpaceX falters – or changes its supplier – the share price could tank quickly. That’s the bit investors need to think about very carefully.

FTSE 250 contender?

So, will Filtronic join the FTSE 250? For now, that remains a probability rather than a certainty.