ASTS, LUNR, FLY, SATS Rise Premarket: SpaceX IPO Pitch Calls Space Economy ‘Largest TAM In Human History’

• SpaceX called space and connectivity the “largest actionable” market opportunity in human history, estimating a total addressable market of $28.5 trillion.
• SpaceX outlined ambitions beyond rockets, including AI infrastructure, orbital data centers, Starlink mobile connectivity and Mars settlement plans.
• Starlink broadband and mobile alone represented a combined $1.6 trillion opportunity in the filing.

Shares of AST SpaceMobile (ASTS), Intuitive Machines (LUNR), Firefly Aerospace (FLY) and EchoStar (SATS) climbed in premarket trading on Thursday after SpaceX’s blockbuster IPO filing framed the space economy as the “largest actionable” market opportunity in human history.

ASTS and SATS stocks gained 2% and 1% respectively, in premarket trading, while LUNR and FLY shares gained marginally. 

SpaceX IPO Reveals $28.5 Trillion Space Opportunity

A long-awaited SpaceX filing published on Wednesday offered Wall Street its clearest look yet at Elon Musk’s vision for the company beyond rockets and satellites, positioning SpaceX at the center of massive opportunities in satellite broadband, direct-to-device mobile connectivity, AI infrastructure, enterprise software and orbital data systems. 

The company is reportedly targeting a valuation approaching $2 trillion and could raise up to $75 billion in the offering, potentially making it the largest initial public offering ever.

SpaceX said in the filing: “We believe we have identified the largest actionable total addressable market (“TAM”) in human history.” The company estimated the opportunity at $28.5 trillion.

A chart included in the filing broke the market down into a $370 billion opportunity directly from space-enabled services, $1.6 trillion in connectivity through Starlink broadband and mobile offerings, and a massive $26.5 trillion AI opportunity from infrastructure, subscriptions, digital advertising and enterprise applications. Enterprise AI applications alone represented an estimated $22.7 trillion market opportunity, according to the filing.

SpaceX Invests Aggressively In AI And Space 

In the filing, SpaceX outlined ambitions ranging from orbital data centers and space data centers to global mobile coverage through Starlink and future Mars settlement plans. The filing also revealed that Musk could receive up to 1 billion additional shares if the company hits a series of long-term milestones, including building a self-sustaining human settlement on Mars with at least one million inhabitants. 

Meanwhile, the filing also highlighted the enormous scale of spending to drive these ambitions. SpaceX reported a first-quarter net loss of $4.28 billion on revenue of $4.69 billion, compared with a net loss of $528 million on $4 billion in revenue during the same period last year.

Starlink Opportunity Takes Center Stage

A major focus of the filing centered on Starlink and the future of global connectivity. SpaceX estimated that Starlink broadband represented an $870 billion opportunity, while Starlink Mobile could address another $740 billion market by targeting underserved mobile coverage globally.

The company also said that future demand could stretch far beyond traditional broadband and mobile services as connectivity becomes infrastructure for autonomous systems, smart devices, enterprise operations and government communications. 

SpaceX said its Starlink Mobile satellites, combined with recently acquired EchoStar spectrum assets, will provide “high bandwidth and low latency connectivity directly to end user devices.” The filing also highlighted additional future opportunities for aviation connectivity, maritime broadband, in-orbit laser data transport and connected-device infrastructure.

Why ASTS, LUNR, FLY And SATS Matter

The filing reignited investor enthusiasm across publicly traded space stocks related to satellite connectivity, lunar infrastructure and the broader space economy. AST SpaceMobile drew particular attention after SpaceX explicitly identified the company as a competitor in satellite-to-mobile connectivity.

AST SpaceMobile has recently shipped its BlueBird Block 2 satellites to Cape Canaveral ahead of upcoming launches, with CEO Abel Avellan reaffirming plans to deploy 45 satellites this year and targeting launches “approximately every month.” Avellan also highlighted AST’s direct-to-device broadband capabilities, saying the company had demonstrated about 100 megabits per second of bandwidth from space to phones.

Meanwhile, Intuitive Machines gained momentum after securing new National Aeronautics and Space Administration lunar reconnaissance contracts and ending the first quarter with a record $1.1 billion backlog from lunar infrastructure and national-security programs. Firefly Aerospace has also continued building out its lunar data strategy ahead of the rollout of its Ocula imaging platform.

EchoStar remained one of the most closely watched SpaceX-linked names due to its financial relationship with the company. Last year, EchoStar and SpaceX struck a spectrum deal that later expanded to $20 billion and could eventually give EchoStar up to $11 billion in SpaceX Class A shares from Starlink’s direct-to-cell ambitions. 

Earlier this month, the Federal Communications Commission (FCC) approved the deal, while Wall Street has also called EchoStar a proxy trade for SpaceX ahead of the IPO.

How Do Retail Traders Feel About Space Stocks?

On Stocktwits, retail sentiment for SpaceX and SATS was ‘extremely bullish’ amid ‘extremely high’ message volume, while ASTS and FLY saw ‘bullish’ sentiment with ‘normal’ message volume. LUNR retail sentiment remained ‘neutral’ amid ‘normal’ message volume. 

Over the past year, SATS has surged 540%, ASTS has gained 256%, and LUNR has climbed 183%, while FLY has fallen 27%. 

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