This summer, SpaceX is set to carry out its initial public offering (IPO), which is expected to be the largest in history. The company plans to raise $75 billion at a valuation of $1.75 trillion. This massive influx of cash will enter the company’s balance sheet, giving it an opportunity to significantly increase capital expenditures, thereby benefiting multiple enterprises. At the same time, the frenzy surrounding SpaceX’s IPO has spilled over to other aerospace stocks, boosting the entire industry.

Several companies could emerge as winners from SpaceX’s IPO. The following three stocks are worth close attention from investors this summer.

1. Alphabet

Alphabet (GOOG) (GOOGL) invested $900 million in SpaceX in early 2015. Although its stake has been diluted due to equity incentives and the merger between SpaceX and xAI, Alphabet still holds a considerable share in the company. As of the end of 2025 (prior to the merger with xAI), Alphabet held 6.11% of SpaceX. Currently, its stake in the merged entity is likely around 5%.

Based on the IPO valuation of $1.75 trillion, Alphabet’s stake is worth approximately $87.5 billion. After the IPO, Alphabet will likely face a lock-up period, requiring it to hold the shares for several more months, but it can partially cash out afterward. Additionally, benefiting from the rising enthusiasm for aerospace stocks, Alphabet also holds significant stakes in satellite manufacturer Planet Labs and satellite telecommunications company AST SpaceMobile. The former is a partner in Alphabet’s orbital data center plans.

For Alphabet, the SpaceX opportunity is purely based on stock value. While it is unlikely to liquidate $100 billion worth of shares all at once, the ability to sell a portion and reinvest the proceeds into high-return projects (such as AI data centers) remains a positive factor. Currently, Alphabet’s forward P/E ratio is just 27 times, making its valuation attractive.

2. Intel

Intel (INTC) is a key partner in Terafab, a joint venture between Elon Musk’s SpaceX and Tesla. Terafab aims to enhance chip supply capacity to meet the growing chip demands of SpaceX and Tesla. The $75 billion raised from SpaceX’s IPO could serve as a primary source of financing for this project. According to filings in Texas, the total cost of the project over several years could reach as high as $119 billion.

Terafab will utilize Intel’s 14A process node, bringing a major customer to Intel’s next-generation process. This is a significant win for Intel—about a year ago, the company considered shutting down its foundry business if it could not find a major customer. SpaceX and Tesla bring substantial capital, while Intel gains a stable customer, helping it expand its foundry business over the long term and diversify its customer base.

Since Musk announced Intel’s involvement in Terafab, Intel’s stock has risen sharply. However, the stock’s forward P/E ratio currently stands at a hefty 111 times. Even with major customers like SpaceX and Tesla, the valuation remains high, and investors may need to wait for a better entry point.

3. Linde

Linde (LIN) is the leading industrial gas supplier in the U.S. rocket launch sector, with a market share of 65% to 75%. The company has a close relationship with SpaceX, having opened a $100 million facility in Texas earlier this year to support SpaceX’s Starbase operations.

SpaceX is currently testing the third version of its giant spacecraft, Starship, a fully reusable launch vehicle. Compared to the currently used Falcon 9 rocket, this means shorter launch intervals and significantly greater payload capacity. More frequent launches and larger rockets translate into higher fuel demand, and Linde will be the supplier. If SpaceX effectively utilizes capital to expand its Starship fleet, Linde stands to benefit greatly.

Investors should note that Linde is a large industrial gas supplier, and its aerospace business remains a relatively small part of its overall operations. However, management noted in the most recent quarter that the gas business in this sector achieved strong double-digit growth, driving a 5% overall increase in its manufacturing end market. As SpaceX’s launch frequency increases, Linde is poised for steady revenue growth and margin expansion. However, with a forward P/E ratio of 28 times, investors may find a better buying opportunity after the aerospace stock frenzy triggered by SpaceX’s IPO subsides.

Summary

SpaceX’s IPO will not only transform its own capital structure but also have far-reaching implications for companies along the related industrial chain. As an early investor, Alphabet primarily benefits from equity appreciation. Intel, through its partnership in the Terafab project, gains a key customer that could help revitalize its foundry business. Linde, with its close supply relationship with SpaceX, directly benefits from increased demand for rocket launches. However, investors should note that, aside from Alphabet, both Intel and Linde are currently trading at high valuations, making near-term chasing risky. The industry hype sparked by SpaceX’s IPO may gradually fade, at which point more reasonable entry opportunities may emerge.