SpaceX is expected to be one of the biggest share market stories of the month and possibly even the decade.
The space technology giant is due to IPO in the United States with a valuation of US$1.75 trillion later this week. That is an enormous number, particularly when compared with its consolidated revenue of US$18.7 billion in 2025.
There is no denying SpaceX's long-term potential. It has world-class technology, a powerful brand, and exposure to major opportunities across rockets, satellites, AI, defence, and communications.
But hype can be dangerous. At that valuation, investors may be paying a very high price for future growth.
A safer approach could be to look closer to home. The ASX has a number of high-quality technology stocks with proven business models, strong customer demand, and long runways for growth.
Here are two that could be worth considering right now:
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Life360 Inc (ASX: 360)
The first ASX tech stock to look at is Life360.
This location technology company has built a family safety platform that is used by around 100 million people across the world. Its app helps families stay connected through location sharing, driving safety features, crash detection, emergency support, and other services.
It provides peace of mind for families, which can make the product highly engaging and difficult to replace once it becomes part of daily life.
The company also has several ways to grow revenue. Subscriptions remain central, but advertising, connected devices, and new services could all help increase monetisation over time.
Privacy and trust will always be critical for a platform built around location data. But if Life360 keeps expanding carefully, it could become one of the ASX's best consumer technology businesses.
Xero Ltd (ASX: XRO)
A final ASX tech stock to consider instead of SpaceX is Xero.
Over the past decade, it has become a key financial platform for small businesses, accountants, and bookkeepers. Xero's software helps manage invoicing, payroll, bank feeds, payments, reporting, and compliance.
What arguably makes Xero powerful is the amount of work it can remove from small business owners. Admin is time-consuming, and tools that save time while improving visibility over cash flow can become very valuable.
The company's opportunity is to keep expanding from accounting software into a broader small business financial platform. That could include deeper payments, insights, automation, and adviser tools.
Xero still needs to execute well in large international markets, and technology valuations can move sharply. But compared with paying a blockbuster valuation for SpaceX shares, this ASX tech stock offers a more grounded way to invest in long-term software growth.
