SpaceX IPO filing lifts European space stocks
By Gianluca Lo Nostro
European Space Stocks Surge Following SpaceX IPO News
May 21 (Reuters) - European space stocks jumped on Thursday after Elon Musk's SpaceX filed for a stock market listing, raising hopes that a landmark debut could lift valuations across the sector.
Market Reaction and Stock Performance
French satellite operator Eutelsat rose 20% to its highest in more than a year. German satellite maker OHB gained 15% while Luxembourg-based SES added 3.7%. If completed at the reported valuation, SpaceX's listing would be the first U.S. market debut initial public offering worth above $1 trillion.
Industry Perspectives
"I don't think there will be capital flight. Generally speaking, big IPOs are good for the market. There’s interest, and there are opportunities," OHB CEO Marco Fuchs told Reuters.
Growth Outlook for Space Sector
"SpaceX indicates substantial growth of the total addressable market from space-enabled solutions in the coming years. This is exactly in line with OHB’s assessments: We are at the beginning of a real space boom!"
Analyst Insights and Valuation Expectations
The move extended a strong week for the sector, with Eutelsat and OHB each up about a third as analysts said investors were looking for a re-rating, or higher market valuation, for European satellite companies.
ODDO BHF analyst Stéphane Beyazian said SpaceX's IPO was expected to command valuation multiples well above those of SES or Eutelsat.
Investor Sentiment and Market Trends
"Some investors have appetite to have exposure to this segment and hope for a possible re-rating of European valuations," he said.
ING analyst Jan Frederik Slijkerman said sentiment toward European satellite operators had improved after a weak 2025, when investors feared low-Earth orbit constellations would disrupt the market and create overcapacity, especially for geostationary assets.
Shifting Narratives in the Satellite Industry
"More recently, the narrative has shifted," he said, though he declined to comment on SpaceX specifically.
SpaceX Market Potential
SpaceX said in its filing that its total addressable market was $28.5 trillion, including $1.6 trillion for Starlink.
(Reporting by Gianluca Lo Nostro and Danilo Masoni; Additional reporting by Gregor Stuart Hunter; Editing by Matt Scuffham)
