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Every generation or so, a single event reshapes the investment landscape in ways most people don’t fully appreciate until long after the opportunity has passed.
The internet… the smartphone… the shale revolution… Each one created a new class of winners.
And in nearly every case, the biggest gains didn’t go to the companies leading the charge… but to the suppliers, partners, and infrastructure builders behind the scenes.
The SpaceX IPO will be the latest example.
SpaceX is about to enter the public market as something genuinely without precedent. Bloomberg has reported its target valuation at nearly $2 trillion – roughly 65 times larger than Google’s IPO and more than 3,000 times larger than Amazon’s.
But the more important number isn’t SpaceX’s valuation. It’s the size of the supply chain that valuation represents.
When a company goes public, it must disclose its suppliers, partners, and contractors for the first time. Every major bank on Wall Street then dispatches analysts to map that supply chain and identify the small companies feeding the giant.
That mapping exercise triggers capital flows – and those capital flows often hit small-cap suppliers harder and faster than they hit the original IPO itself.
We saw it when CoreWeave went public in 2025. After the IPO, its connection to Bloom Energy, a power supplier most investors had ignored for years, became impossible to ignore.
Bloom went from roughly $15 a share to over $230 in under 12 months.
But here’s the thing…
SpaceX is approximately 20 times larger than CoreWeave was at IPO. The wave behind it will be proportionally larger.
What makes SpaceX’s orbit unusually wide is that it has quietly become three distinct businesses under one roof.
There is the launch division, which now carries roughly 80% of all payload mass sent into orbit globally, generating over $4 billion annually.
There is Starlink, the satellite internet network. It’s amassed more than 9 million subscribers across 155 countries. And it’s generating over $10 billion in annual revenue – with Morgan Stanley projecting that figure could reach $48 billion by 2030.
And following the historic $1.25 trillion merger with xAI – the largest corporate merger ever recorded – there is now an artificial intelligence division. It’s powering the Colossus supercomputer in Memphis and planning data center satellites in orbit.
Three separate multibillion-dollar businesses. One supply chain. And Wall Street is only beginning to map it.
To identify the stocks best positioned inside that supply chain, The Oxford Club has assembled a joint research effort between two of its most experienced analysts.
Chief Investment Strategist Alexander Green, a 40-year veteran of the markets, applies his momentum framework to find the companies already moving in SpaceX’s orbit. He is constantly analyzing revenue growth, stock price acceleration, and news catalysts simultaneously to identify the best candidates.
And Macroeconomic Strategist Dr. Mark Skousen draws on his network of industry insiders, his 45-year track record in early-stage tech, and his proprietary framework for identifying “invisible income” – revenue already flowing that Wall Street hasn’t priced in yet.
This report includes the stocks each of them have identified as the best under-the-radar stocks in the SpaceX supply chain.
Alex Green’s Momentum Picks
My momentum system is built on one foundational observation: The best-run companies in the fastest-growing sectors tend to stay ahead.
Most investors wait for a stock to become obvious before they buy it. By then, the easy money is gone. My job is to identify the moment when three separate forces – revenue acceleration, price momentum, and news flow – all converge on the same company at the same time. When that happens, what follows is rarely subtle.
I’ve applied that framework to the SpaceX supply chain, and I’ve found three companies that fit it precisely.
Each one has a distinct relationship with SpaceX. Each one has specific catalysts in motion right now. And each one is small enough that the capital flows from the SpaceX IPO haven’t been priced in yet.
Wave-Rider No. 1: The Only Company That Has Landed on the Moon
Intuitive Machines (Nasdaq: LUNR)
SpaceX has never landed on the Moon.
That’s a fact that surprises most people. Yes, the Falcon 9 is the most reliable orbital rocket ever built. And Starship is the most powerful. But putting hardware softly onto the lunar surface – and keeping it there – requires a completely different engineering discipline.
Elon Musk knows this, which is why his most ambitious project yet, a permanent lunar base he calls Moonbase Alpha, depends on a company most of Wall Street has barely noticed.
Intuitive Machines, based in Houston, is the only private company in history to have successfully landed on the Moon. They’ve done it twice, both times launching on SpaceX’s Falcon 9. They carry NASA payloads, deploy scientific instruments, and operate the communications infrastructure that every Moon mission depends on for contact with Earth.
The contract that anchors their business is staggering for a company this size.
NASA’s Near Space Network Services award gives Intuitive Machines up to $4.82 billion to build and operate the communications backbone for American lunar missions going forward.
The Artemis program will involve the first American Moon landing since 1972. And it’s backed by nearly $4 billion in NASA contracts to SpaceX as the launch vehicle. And the astronauts on the Moon will depend on Intuitive Machines’ ground infrastructure to stay in contact with Earth.
In other words, Intuitive Machines is collecting a toll on every Moon mission that uses a SpaceX rocket to get there.
Management already projects nearly $1 billion in revenue this year, up from essentially nothing two years ago. McKinsey projects the lunar economy will reach $1.8 trillion by 2035. And LUNR’s market cap today represents a small fraction of what that opportunity implies.
The momentum signal I’m watching is straightforward. When SpaceX filed its IPO paperwork in March 2026, LUNR jumped nearly 15% in a single session. That was Wall Street beginning to trace the supply chain back through every Falcon 9 mission. The full mapping exercise has barely started.
The risk here is real. Lunar missions are technically demanding, timelines slip, and LUNR is pre-profitability. A mission failure or a NASA budget cut could weigh on the stock. But the five contracts already awarded, the communications infrastructure monopoly on American lunar operations, and the direct relationship with SpaceX’s own lunar ambitions make for a strong long-term investment case.
Recommendation: Buy Intuitive Machines (Nasdaq: LUNR) at market.
Wave-Rider No. 2: The Laser Inside Every Starlink Satellite
MACOM Technology Solutions (Nasdaq: MTSI)
Most people assume Starlink satellites communicate using radio waves. They don’t – at least not with each other.
The satellites in Starlink’s constellation talk to one another through an optical inter-satellite link. In other words, they communicate using lasers. And each connection moves data through space at billions of bits per second. That’s how Starlink delivers the kind of speeds that make conventional satellite internet look like a dial-up connection.
MACOM Technology Solutions makes the chips that drive those lasers.
The company’s Free Space Optics product line is purpose-built for exactly this application. On its most recent earnings call, CEO Stephen Daly confirmed that MACOM is now working with every major low-Earth-orbit satellite constellation in the world.
Starlink is the largest of those constellations by a significant margin. But the Starlink relationship is only half the story…
The same laser chip technology that transmits data between satellites is also used in data centers on the ground. The physics are identical, and in many cases the products are the same.
That means MACOM has a direct link to two major SpaceX initiatives – the satellite network above and the AI infrastructure below.
In February 2026, AMD, Nvidia, Cisco, and 10 other major semiconductor and networking companies formed a consortium to write the standards for the next generation of AI data center interconnects. They named MACOM co-chair, giving the company the ability to help set the rules that Nvidia’s chips will follow.
And here’s something else that should significantly impact MACOM’s revenue pipeline…
SpaceX has also filed with the FCC for permission to launch up to 1 million AI data center satellites. Each will require the kind of optical interconnects MACOM already makes.
Not to mention the new Terafab chip fabrication facility Elon is building in Texas, planned at a cost of up to $119 billion. That will need optical components throughout. As Musk said on the Dwarkesh podcast in February 2026, “In 36 months, probably closer to 30 months, the most economically compelling place to put AI will be space.”
That entire vision runs on parts MACOM already manufactures.
Now, it’s worth noting that MACOM competes against larger semiconductor companies with deeper resources. And satellite program timelines can shift. But its dominant position in Starlink’s optical architecture, the data center tailwind, and the AI satellite buildout creates a demand picture that I think is underappreciated at current prices.
Recommendation: Buy MACOM Technology Solutions (Nasdaq: MTSI) at market.
Wave-Rider No. 3: An Operating System for Space
Kratos Defense & Security Solutions (Nasdaq: KTOS)
Kratos Defense & Security Solutions operates the ground systems for 9out of every 10 American satellite missions.
It controls the software, the antennas, and the data architecture connecting those satellites to the people who use them – whether that’s the Space Force, the National Reconnaissance Office, or SpaceX’s own Starlink constellation.
Phil Carrai, president of Kratos’ Space, Training and Cyber Division, put it plainly in an interview with Breaking Defense: “Probably 90% of U.S. satellite missions use our technology in one form or fashion.”
Simply put, Kratos is the operating system for American space.
Its most recent contract makes the thesis concrete. In March 2026, the U.S. Space Force awarded Kratos $446.8 million to run the ground management and integration systems for America’s missile-warning satellites – the satellites that detect hypersonic and ballistic threats coming over the horizon.
Those satellites launch on SpaceX’s Falcon 9 rockets. Kratos built the ground infrastructure that keeps them talking to Earth.
Kratos also operates one of the largest commercial satellite monitoring networks in the world, tracking signal interference across seven International Telecommunications Union monitoring stations globally. As Starlink’s constellation grows, spectrum management becomes more complex and more valuable. Kratos is already positioned at the center of that problem.
What makes the setup particularly interesting right now is that Kratos’s ground-station business is largely invisible to generalist investors. Nobody sees the antennas. Nobody sees the software. They just see the rockets and the satellites.
That’s exactly why a company controlling 90% of American satellite ground operations trades at a fraction of the valuation that headline space companies command.
When SpaceX goes public and Wall Street begins tracing every dollar through every Falcon 9 mission, Kratos is one of the first names they’ll find.
AST SpaceMobile, another satellite communications company most investors had ignored, went from under $2 a share to nearly $130 within 24 months once the spotlight found it. That’s a gain of over 6,400%.
Yes, the businesses are different. But the dynamic is the same: a company doing essential work in American space, but overlooked by Wall Street (temporarily).
The one downside here is that a meaningful share of Kratos’ revenue flows through U.S. government programs. That means budget cycles and procurement delays can create volatility. But with 90% of American satellite missions running through their systems and a fresh $447 million Space Force award on the books, the competitive position is about as durable as it gets in the defense industry.
Recommendation: Buy Kratos Defense & Security Solutions (Nasdaq: KTOS) at market.
Dr. Mark Skousen’s Picks
“An investment in knowledge pays the best interest.”
– Benjamin Franklin (quoted in The Maxims of Wall Street, Page 122)
In that quote, Franklin was talking about education. But he’d have recognized the principle immediately in what I’m about to show you.
My framework for finding early-stage technology investments comes down to four things.
First, a technology that actually works in the real world – with revenue flowing and customers signing contracts. I don’t invest in slide decks and promises.
Second, smart, connected people backing it – ideally people I know personally.
Third, a major catalyst on the horizon forcing Wall Street to revalue everything around it.
And fourth, what I call “invisible income.” That is, money already coming through the door that the market hasn’t priced in yet.
The following three companies already satisfy all four conditions – with the SpaceX IPO being the catalyst that will trigger a revaluation for each stock.
I’ve spent 45 years finding situations like this. And the pattern is always the same: a real business, doing real work, for a real customer… that the market will eventually have to acknowledge.
These three companies fit that pattern precisely.
Wave-Rider No. 4: Elon’s Power Partner
Solaris Energy Infrastructure (NYSE: SEI)
When Elon Musk decided to build Colossus – the largest AI training facility in history – in Memphis, Tennessee, the local utility told him it would take 2 1/2 years to connect the facility to the grid.
Elon doesn’t operate on 2 1/2-year timelines. So he called a small Houston company that nobody on Wall Street had heard of.
Solaris Energy Infrastructure doesn’t sell power the way traditional utilities do. It shows up with self-contained mobile turbines, plugs them in, and starts delivering electricity within 90 days. A conventional gas plant takes two to three years from permit to power. Solaris does it in a single quarter.
For Colossus, Solaris delivered enough electricity to run a small American city. The whole facility was operational in 122 days. And when Elon decided to double it a few months later, Solaris pulled off the second buildout in 92 days.
But here’s the part that turned this from an interesting story into a compelling investment. When Musk decided to scale Colossus into the largest AI computing facility ever built, Solaris didn’t just sign a bigger contract. The two companies formed a joint venture. Solaris took 50.1% of the Stateline Power entity; xAI took the other 49.9%.
That means Elon cannot replace them without dissolving a company he co-owns. The relationship isn’t contractual – it’s structural.
Then the SpaceX-xAI merger happened. The largest corporate merger ever recorded, at $1.25 trillion, transferred xAI’s 49.9% stake in the power joint venture directly to SpaceX. Solaris is now in business with SpaceX itself. Every dollar SpaceX raises in this IPO that flows toward AI computing infrastructure goes into the buildout that Solaris is running.
The invisible income here is significant. Solaris holds the majority stake in a power plant that is the backbone of the most important AI facility in America. That revenue doesn’t show up prominently in consensus estimates yet – because most analysts are still thinking of this as a power equipment company, not as SpaceX’s permanent co-owner of Colossus.
The risk to be aware of: Solaris is a small-cap company in an energy infrastructure sector that can be sensitive to interest rates and commodity costs. And the xAI buildout, while already operational, could be subject to changes in SpaceX’s capital allocation priorities post-IPO. I’d treat this as a speculative position and size accordingly.
Recommendation: Buy Solaris Energy Infrastructure (NYSE: SEI) at market.
Wave-Rider No. 5: From the Moon to the Falcon
Hexcel Corporation (NYSE: HXL)
On July 20, 1969, Neil Armstrong stepped off the Apollo 11 lunar module and placed his boot on the surface of the Moon.
The very first piece of American hardware to rest on another world – the landing pad beneath him – was built from Hexcel honeycomb materials. That comes from the company’s own April 2026 investor presentation, placing Apollo 11 at the beginning of their heritage timeline.
That was 57 years ago. Today, Hexcel’s composites are inside the Falcon 9 rockets that SpaceX launches roughly once every three days.
Hexcel Corporation is the number one aerospace composites manufacturer in the world by sales and production capacity. They make the building blocks of every advanced aerospace vehicle built in America (including the fiber, the prepregs, the honeycomb core, and the structural assemblies).
They supply the F-35 fighter… the CH-53K helicopter… the Boeing 787… the Airbus A350… and the launch vehicles that carry American satellites, American astronauts, and American defense payloads into orbit.
Indeed, the composites inside a Falcon 9 don’t come from a dozen suppliers. They come from a handful of companies that have spent decades qualifying their materials for human spaceflight. Hexcel is at the top of that list.
Lucky for us, the stock is still relatively cheap.
Why? Because Wall Street has been staring at the wrong side of Hexcel’s business. Commercial aerospace – which is 62% of their revenue – got dragged down by Boeing’s production problems and Airbus’s supply chain delays. When those programs stumble, Hexcel stumbles with them.
The space and defense work kept growing quietly, but the headline number told a story of stagnation, and the stock priced accordingly.
That gap (between what the market thinks Hexcel is and what the company actually offers) is the invisible income I look for.
The commercial recovery is now underway. The combined Airbus and Boeing backlog stands at over 15,000 commercial aircraft, representing roughly $11 billion in future Hexcel sales. Analyst consensus shows deliveries accelerating through 2030. Management projects 2026 revenue to come in at $2.0 to $2.1 billion, with free cash flow of at least $195 million and adjusted EPS of $2.10 to $2.30.
The company is entering, in their own words, “a multi-year period of strong cash generation.”
And when Wall Street’s analysts begin mapping the Falcon 9 supply chain after the IPO, Hexcel’s name will appear early.
It appeared early at Apollo. It’s appeared in every major American flight program since. The space and defense side of this business is about to get a spotlight it has never had before.
TransDigm, another specialty aerospace parts maker, went from $30 a share in 2010 to over $1,400 today – a 4,000% gain. Howmet Aerospace, a structural metals supplier to the same aerospace customers, ran from $18 at its 2020 listing to over $190 – more than a 1,000% gain in five years.
Hexcel is in the same category as an essential, hard-to-replace supplier. It just hasn’t had its moment yet.
The main risk is that Boeing’s recovery takes longer than expected, or that Airbus hits further production delays. Either scenario would weigh on near-term revenue. But Hexcel’s space and defense business provides a solid foundation that’s growing independently of commercial aviation. And it’s getting stronger every day.
Recommendation: Buy Hexcel Corporation (NYSE: HXL) at market.
Wave-Rider No. 6: The Only American Factory Elon Can Use
GlobalFoundries (Nasdaq: GFS)
Almost every advanced semiconductor in a Starlink satellite, an iPhone, or an AI server is manufactured in Taiwan – approximately 100 miles off the coast of mainland China.
For a company like SpaceX, which launches satellites carrying America’s most sensitive defense technology, that dependence is a genuine strategic problem. The Pentagon has made clear it intends to solve it.
GlobalFoundries is part of that solution.
The company operates semiconductor fabrication facilities in the United States, Germany, and Singapore, with a major expansion underway in Malta, New York – a $16 billion buildout supported by CHIPS Act funding. Their U.S. facilities carry the Pentagon’s clearance for sensitive defense work, which means they are among the very few American fabs authorized to manufacture the chips that go into classified military satellite programs.
SpaceX’s Starshield program – the classified military version of Starlink, operating under roughly $2 billion in Pentagon contracts with hundreds more satellites planned – requires chips built on American soil in facilities the government trusts. GlobalFoundries is on that short list.
Gwynne Shotwell, SpaceX’s President and COO, rarely speaks publicly about suppliers. But she said that GlobalFoundries’ U.S. manufacturing expansion is “core to Starlink’s growth.”
Case in point, SpaceX is already an anchor partner behind that $16 billion New York expansion, with part of the new capacity scaled specifically to feed Starlink’s production requirements.
The invisible income I see here is the Starshield pipeline.
When SpaceX goes public, the details of those government contracts become public record. Every analyst at every major bank will spend the following year tracing the chip supply back to its source. The list of American fabs cleared for that work is short. GlobalFoundries is on it.
We’ve seen what happens to small chip companies when they get connected to the right ecosystem at the right moment.
Astera Labs went from $47 to over $216 in five months once Wall Street recognized its position in the AI buildout – a 358% gain. While Credo Technology ran from $30 to over $180 in under a year.
GlobalFoundries is larger and more established than either of those, which means the percentage move will likely be more measured. But the supply chain connection to SpaceX is stronger, and the government contract anchor is durable.
With that said, the company faces competitive pressure from larger foundries. And it carries a history of uneven earnings. But Starshield and the Pentagon’s domestic sourcing requirements provide strong tailwinds – and a formidable moat around GlobalFoundries’ business.
Recommendation: Buy GlobalFoundries (Nasdaq: GFS) at market.
Wave-Rider No. 7: The Machine Behind Every Machine
ASML Holding (Nasdaq: ASML)
Note From The Oxford Club Research Team: Alex and Dr. Skousen each discovered this stock independently. Alex was mapping the semiconductor supply chain behind Starlink and the AI buildout. Dr. Skousen was looking at what he calls monopoly economics – the rare companies that control 100% of an essential market. They arrived at the same name from completely different directions. So the writeup below was approved by each strategist.
There is a company in the Netherlands that controls 100% of the market for the most advanced chipmaking equipment on Earth. Not 90%. The entire market.
Their machines are called EUV lithography systems – Extreme Ultraviolet. They use light at wavelengths so short that the physics of manufacturing them required over 30 years of development and more than $10 billion in cumulative R&D.
Every semiconductor manufacturer on the planet that wants to build chips at the leading edge – Nvidia, TSMC, Samsung, Intel – buys these machines from one company. That company is ASML.
The AI revolution runs on chips. Those chips run on ASML’s machines.
It is, in Adam Smith’s terms, the invisible hand at the center of every advanced technology built today – the one you never see but on which everything else depends.
ASML’s connection to the SpaceX story runs through every layer of the portfolio.
Every Starlink satellite is loaded with advanced chips manufactured on ASML equipment. The Colossus supercomputer in Memphis runs on hundreds of thousands of Nvidia GPUs, all produced on ASML machines. The million AI data center satellites SpaceX has filed to launch will require the most advanced semiconductor manufacturing in history. And the Terafab chip plant Elon is building in Texas –intended to supply every corner of his empire from Starlink to robotics to self-driving cars – cannot be built without ASML’s equipment.
ASML’s intellectual property portfolio includes over 38,000 active patents. To say that’s a solid competitive advantage is a massive understatement.
China has spent tens of billions of dollars attempting to replicate the technology. They remain years behind.
So the 17 new semiconductor fabrication facilities currently planned or under construction in the United States – funded in part by the CHIPS Act – will all purchase from ASML. There is no alternative.
We’re recommending ASML as the anchor of this portfolio for a specific reason. It is the one company that benefits from every single development in this report – every satellite, every AI chip, every new fab – regardless of which specific manufacturer or program wins the next contract cycle.
When you own ASML, you own a royalty on the entire direction of advanced technology, including everything SpaceX is building.
Recommendation: Buy ASML Holding (Nasdaq: ASML) at market.