SpaceX’s stock market debut is already stirring the usual Elon Musk wealth headlines.

But the more interesting question for investors may be which listed companies could gain alongside it.

If SpaceX does come to market at anything close to the valuations now under discussion, the clearest public-market beneficiary would be Alphabet, which already owns a stake in the company.

Nvidia, by contrast, looks more like a second-order bet.

The chip giant would benefit not from the listing itself, but from how aggressively SpaceX spends on artificial intelligence after it raises fresh capital.

That distinction matters because the size of the proposed offering is extraordinary.

SpaceX is targeting a $75 billion IPO and a valuation of up to $1.75 trillion, which would make it the largest listing in history.

Alphabet stock: The clearest winner

Alphabet has the strongest case as a direct beneficiary because it is not merely linked to SpaceX thematically, it is an actual shareholder.

Google and Fidelity invested about $1 billion in SpaceX and collectively own just under 10% of the company.

The exact size of Alphabet’s current stake is not public, but that early investment gives it genuine ownership exposure to any repricing that comes with an IPO.

The gains are already visible as Alphabet’s first-quarter profit was boosted by an $8 billion unrealized gain tied to an investment in a private company that a person familiar with the matter identified as SpaceX.

Nvidia stock is a supplier play

Nvidia’s link to a SpaceX IPO is less direct, but still worth watching.

The company does not own a slice of SpaceX, so it would not gain from the listing in the same way Alphabet could.

Its upside depends on whether SpaceX uses new capital to push harder into AI infrastructure, especially after merging with Musk’s xAI earlier this year.

Musk has repeatedly said that SpaceX AI and Tesla would keep ordering Nvidia chips “at scale,” a signal that Nvidia remains central to the computing backbone.

SpaceX’s business is no longer just about rockets and satellites.

The company, which generated about $8 billion in EBITDA on $15 billion to $16 billion in revenue in 2025, is also leaning into AI initiatives after the xAI combination.

Who gains beyond the IPO pop?

The broader significance of a SpaceX IPO is that it could reshape how public investors think about exposure to the Elon Musk ecosystem.

A listing would offer direct access to a company that dominates commercial launches and satellite internet through Starlink.

That in turn creates different layers of opportunity in the stock market, for Alphabet as a direct owner, and Nvidia as a supplier that could ride any post-IPO surge in AI spending.

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