SpaceX's historic public debut puts the spotlight on the next generation of potential space innovators
The commercial space industry reached a defining moment this month as SpaceX made its long-awaited public market debut. In just days, the company became one of the world's most valuable publicly traded corporations, surpassing Amazon in market capitalization and cementing its position as the dominant force in the modern space economy.1 The firm’s record-breaking IPO raised approximately $75 billion and initially valued SpaceX at nearly $1.8 trillion before investor enthusiasm pushed its valuation above $2.6 trillion as of June 16.2
The milestone serves as a validation of an industry that, until just a few years ago, was viewed by some, including its founder Elon Musk, as a high-risk segment of the broader tech ecosystem.3 But SpaceX has demonstrated that private companies can build durable businesses around launch services and exploration after going from near-bankruptcy in 2008 to securing multi-billion-dollar governmental and corporate contracts.4
As with any company that evolves from an ambitious startup into an industry-defining leader, success often inspires new entrants. In the wake of SpaceX’s landmark public debut, private market investors may increasingly look to the next wave of space innovators poised to benefit from the industry’s continued growth.
With that backdrop in mind, two businesses that have the potential to grow within the sector are Blue Origin and Impulse Space, ones we’ve provided highlights on.
Blue Origin, a space and lunar exploration company
Founded by Amazon founder Jeff Bezos, Kent, Washington-based Blue Origin has spent years building the infrastructure necessary to support multiple segments of the aerospace industry.
Once popular for its tourism flights, including some high-profile celebrities like William Shatner, Katy Perry and Wally Funk, the company has shown signs of investing heavily in communications-related orbital transportation and lunar exploration. In fact, earlier this year, Blue Origin suspended its tourism flights in lieu of focusing on returning humans to the moon. It was reported in January that NASA awarded Blue Origin a $3.4 billion contract to develop a spacecraft with lunar landing capabilities as part of its Artemis II “return to the moon” program. Ironically, out of the three rocket-lunar vehicles NASA has contracted, the first two are being developed by SpaceX, while the final is manufactured by Blue Origin.5 If the program is successful, it will be humans’ first return to the moon in more than 50 years.
At the same time as Artemis was announced, Blue Origin introduced its satellite communications network, TeraWave, to the world, a likely competitor to SpaceX’s Starlink. TeraWave consists of more than 5,000 optically connected orbital satellites providing enterprise-grade wireless services worldwide. According to the company, the global service will reach underserved rural and low-reach areas.6
Founded in 2000, the aerospace company has been primarily funded by Jeff Bezos, who has reportedly poured billions of dollars into the private company. As of May 2026, Bezos was weighing the potential of bringing on outside investors to Blue Origin.7
Impulse Space, focusing on interspace transportation
While Blue Origin focuses on scale of space exploration, Redondo Beach, California-based Impulse Space represents a different type of opportunity.
Founded by former SpaceX propulsion leader Tom Mueller, Impulse Space is developing in-space transportation systems designed to move satellites and payloads once they reach orbit. The company is focused on solving an important challenge in the next phase of commercial space development: efficient mobility beyond the launchpad.
Most recently, the company raised a Series D round of $500 million, which put its post-money valuation at $4.26 billion. The round signals the increasing investor appetite for companies poised to power the backbone of space exploration services. According to Impulse Space, launch services have been solved, and technology-enablement now shifts to interspace transferability.8
Impulse Space’s flight products include “Mira,” already operating in orbit, and “Helios,” a model designed for larger payload transport, slated to be in service by 2027. According to the firm, millions of dollars in corporate contracts have already been secured.9
Founded in 2021, Impulse Space’s price-per-share is $80.96 as of its latest funding round in June 2026. Its notable investors include Founders Fund, Valor Equity Partners, 137 Ventures and Lux Capital.
Investor Takeaway
SpaceX’s rise from startup rocket manufacturer to one of the world’s most valuable corporations demonstrates how quickly disruptive businesses can reshape entire industries.
For private market investors, it is natural to look at other privately held companies within industries similar to SpaceX. However, other companies are building alongside the valuable now-public firm, making up the landscape of the overall space economy. Blue Origin and Impulse Space are two such companies that may prove worthy of watching.
