史上最大IPO来临，马斯克开始准备殖民火星了。 全球首富马斯克旗下的太空探索技术公司SpaceX正在全力筹备，可能在今年6月马斯克生日左右（6月 28日）进行首次公开募股（IPO）。届时SpaceX可能会融资至多500亿美元，目标估值高达1.5万亿美 元，创下全球IPO史上的最高纪录。 马斯克目前持有SpaceX超过43%的股份，如果按照这样的融资金额和估值规模，马斯克所持的股份价值 将超过6000亿美元。这意味着他不需要特斯拉的万亿美元薪酬计划，今年就能成为第一个身价万亿美元 的超级富豪。 在最近一轮内部股权交易中，SpaceX的估值已达到惊人的8000亿美元，较2025年7月的4000亿美元估值 翻了一番，超越OpenAI重新成为全球最具价值的非上市公司。这场备受瞩目的上市计划不仅将改写资 本市场历史，更标志着商业航天从小众科技探索转向主流投资标的的关键转折点。 从濒临破产到太空霸主 回顾SpaceX的创业历程，充满了戏剧性与传奇色彩。2001年，在PayPal失去掌控权后，马斯克抛售股份 套现了1.8亿美元，决定开始自己的新一段创业冒险。 他先是亲自飞到了俄罗斯，试图购买翻新的洲际导弹以推进他"火星绿洲 ...

Investment Rating - The aerospace technology industry is rated as attractive for 2026, with Rocket Lab (RKLB) and MDA upgraded from Equal Weight (EW) to Overweight (OW), while Iridium Communications (IRDM) is downgraded from OW to EW [1][4][7]. Core Insights - The aerospace industry is expected to continue benefiting from favorable trends that drove strong performance in 2025, including increased launch frequency, new product introductions, policy support, and market maturation [3][8]. - The report highlights significant growth in the space industry, with record launch activities in 2025, including over 315 successful launches, a year-on-year increase of over 20% [3][17]. - The report emphasizes the importance of government contracts and the integration of aerospace and defense markets, particularly in light of geopolitical dynamics and the U.S. government's support for commercial solutions [3][8][11]. Summary by Sections Launch Providers - Rocket Lab (RKLB) is expected to increase its launch frequency from 21 to 28 missions in 2026, with a target price (PT) raised from $67 to $105 due to recent contract wins [9][45]. - Firefly Aerospace (FLY) plans to launch its Alpha rocket in 2026, with a PT increase from $27 to $33, reflecting improved market conditions and expectations for increased launch frequency [9][38]. Aerospace Services - Iridium Communications (IRDM) has been downgraded to EW with a PT reduction from $37 to $24 due to increased competition and strategic shifts following the SpaceX-Echostar spectrum deal [10][62]. - Viasat (VSAT) has seen a significant stock increase of approximately 305% in 2025, driven by successful satellite launches and improved investor confidence in its defense business [57]. Key Trends - Direct-to-device (D2D) connectivity is expected to mature in 2026, with several new services anticipated to launch, including IRDM's NTN Direct [13]. - The report notes the potential for significant government contracts related to missile defense systems, with MDA upgraded to OW and a PT increase from $32 to $46 due to its favorable positioning in this market [11][16]. Market Dynamics - The report discusses the competitive landscape, highlighting the challenges faced by traditional satellite communication providers like IRDM and GOGO due to emerging competitors like Starlink [58][62]. - The aerospace industry is characterized by a mix of established players and new entrants, with varying performance based on specific market segments and competitive pressures [9][57].