SpaceX has had an extraordinary first few days as a public company.
Shares were issued at US$135 before beginning trade on the Nasdaq last Friday, closing their first session at US$160.95 before finishing Tuesday at US$201.80.
That leaves Space Exploration Technologies Corp (NASDAQ: SPCX) shares well above the IPO price after just four trading sessions.
Australian investors cannot buy SpaceX directly on the ASX. But two ASX-listed options may benefit directly from this momentum.
Image source: Getty Images
Why SpaceX's rally matters for ASX investors
Australian mining billionaire Gina Rinehart secured more than US$1 billion worth of SpaceX shares through Hancock Prospecting during the IPO.
That stake has already generated a significant paper profit million in under a week.
Rinehart described the investment as betting that the company "could become a major driver of demand for critical minerals and off-Earth infrastructure."
That scale of return, on that scale of investment, in that short a window, has put SpaceX firmly back in the spotlight for Australian investors searching for a way in.
Betashares Space Industry ETF (ASX: RCKT)
The Betashares Space Industry ETF is the most direct ASX-listed way to gain exposure to the rally.
SpaceX is likely soon to be included in RCKT thanks to the fund's fast-track inclusion feature. This would allow Australian investors to gain direct allocation to SpaceX through a single ASX trade.
RCKT already holds 28 companies across the global space economy, including Rocket Lab and AST SpaceMobile. Both of these have rallied alongside SpaceX as investor enthusiasm for the sector broadens.
RCKT launched at $14 per unit on 12 May 2026 and has had a volatile ride in the month since listing. This was largely due to the anticipation built ahead of the SpaceX listing.
With SpaceX up significantly since debut, the case for RCKT's eventual SpaceX inclusion has only strengthened.
Electro Optic Systems Holdings Ltd (ASX: EOS)
Electro Optic Systems Holdings (EOS) offers a different way to participate in the space economy momentum that SpaceX's rally has generated.
EOS operates a dedicated Space Systems division providing laser tracking and communications technology for satellite operators globally.
As the Starlink constellation grows toward the 42,000 satellites the company has regulatory approval to eventually deploy, the demand for precision ground infrastructure of the kind EOS provides continues to grow alongside it.
EOS chair Garry Hounsell confirmed at the company's AGM that 60% to 80% of its $726 million order book is expected to convert to revenue in 2026 and 2027. This has provided a solid earnings base independent of SpaceX-driven sentiment.
The risk worth remembering
SpaceX's current valuation leaves very little room for disappointment. The company has already pushed past US$2 trillion within hours of opening.
Hot IPOs often fail to outperform the market in their first few years as public companies, and a sharp pullback in SpaceX shares could quickly cool sentiment across RCKT and EOS as well.
Both stocks remain volatile and should be sized accordingly.
Foolish takeaway
SpaceX shares are up significantly. Australian investors cannot buy SpaceX directly, but RCKT ETF offers the closest ASX-listed proxy, with potential direct SpaceX inclusion on the horizon.
EOS on the other hand, provides exposure to the infrastructure growth that a larger Starlink constellation continues to demand.
For investors who believe the space economy momentum has further to run, both deserve a place on the watchlist.
