The SpaceX IPO Could Be Weeks Away. Here Are the 2 Tech Stocks That Will Benefit Most.

SpaceX is planning to go public this summer, and the initial public offering (IPO) will almost certainly be the biggest of all time. The company is targeting a $1.75 trillion valuation and a listing size of $70 billion to $75 billion.

Considering the immense hype and the high valuation baked into that market cap, SpaceX shares will be a risky investment — even for those retail investors who are able to join the big players and get them at the IPO price. But there are two tech stocks trading at more reasonable prices that also stand to benefit from the IPO.

Alphabet: An early investor

Alphabet (GOOG 2.06%)(GOOGL 2.18%), the company that owns Google, invested in SpaceX during its Series F funding round in 2015. It paid $900 million at a $12 billion valuation, giving it about a 7.5% stake in the space company.

SpaceX has held multiple funding rounds since then and issued additional shares, diluting Alphabet’s position. However, it still had a 6.11% stake at the end of 2025, according to a regulatory filing. If that hasn’t changed and SpaceX goes public at a $1.75 trillion valuation, Alphabet’s position will be worth about $107 billion.

Alphabet stock has been on a fantastic run lately, surging by 140% over the last 12 months (as of May 15) and adding trillions to its market cap. Its SpaceX position isn’t exactly a game changer, but it does add extra upside to Alphabet’s strong core businesses. And at 28 times forward earnings, Alphabet doesn’t trade at an expensive valuation, particularly given it’s one of the top tech stocks on the market.

Nvidia: The chip supplier

Nvidia (NVDA 0.49%) didn’t have as much to gain from the SpaceX IPO until February, when the space company acquired xAI, which was also controlled by CEO Elon Musk. In the wake of that acquisition, SpaceX now owns xAI’s Colossus data center, which houses over 220,000 Nvidia graphics processing units (GPUs). SpaceX rents out Colossus capacity to artificial intelligence (AI) companies, including Anthropic.

That’s not xAI’s only connection to Nvidia. Last year, xAI became the first customer for a Saudi Arabian data center that features about 600,000 Nvidia GPUs.

Because of xAI, SpaceX will need still more chips, and a $75 billion initial stock sale will provide it with cash to continue expanding its AI infrastructure. Nvidia is currently SpaceX’s main chip supplier, and based on Musk’s comments, that arrangement is staying in place. Musk has said that he’s a “huge admirer” of Nvidia CEO Jensen Huang and that SpaceX and Tesla will both continue to buy large quantities of Nvidia chips.

Nvidia has also grown rapidly over the past year, up about 63% to a market cap of $5.4 trillion. But like Alphabet, its valuation is lower than you might think. It trades at 26 times forward earnings, so it’s not too late to buy Nvidia stock, especially with the potential for even larger orders from SpaceX after it goes public.