It’s starting to look more likely that SpaceX will go public.

Last week there were reports of a possible IPO at an $800B valuation. Now there are rumors of a $30B raise at a $1.5T valuation. If those numbers are even close, it would be the largest IPO in history. It would have a major influence on how the entire space sector.

A valuation anywhere near $1T would change the way investors look at other space-related companies. It could lead to a wave of re-pricing across the sector over the next few months.

There’s also growing momentum outside of SpaceX. Several major announcements over the past week point toward space becoming a critical area for both technology and national strategy. Everyone’s talking about data centers in space and satellite infrastructure.

• Sam Altman explored creating a competitor to SpaceX to build data centers in space.

• Sundar Pichai said Google plans to build data centers in space starting in 2027.

• Elon Musk said data centers in space are inevitable.

Taken together, these developments make it clear that space is becoming a more serious theme with accelerated momentum, both in business and in technology.

Hence, it will be one of the key themes for me personally to watch right now. Here’s a good visual overview and make sure to check out the thematic portfolio.

My top watch in that sector right now is RocketLab ($RKLB).

Rocket Lab began with the goal of building low-cost rockets for small satellites.

Today, it has grown into a full aerospace company. In addition to launches, it now develops advanced space technology for defense and government missions. And the next major project is its Neutron rocket.

Neutron is a powerful, partially reusable medium-lift vehicle designed to carry up to 13 tons to low Earth orbit. It’s built to serve growing markets like satellite constellations, national security, and even future deep space missions. And it’s expected to launch this year.

Rocket Lab stands out as one of the few space companies already generating significant amount of revenue from both launches and satellite components. While it isn’t profitable yet, the company is investing heavily in new technology and long-term growth.

It’s one of the few public companies with a real shot at competing in the multibillion-dollar space industry. And it’s at a $30B valuation 50x less than what’s reported for the SpaceX IPO. So, there’s a lot of upside potential.