Waiting to Buy the SpaceX IPO? Consider This Low-Earth Orbit Name Now
The Starfighters Space model bets on speed, flexibility and dedicated flights.
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Space investors finally have something real to point at.
SpaceX is running a Wall Street bake-off to pick banks for a possible IPO, and people are treating it like the opening act to the main show. They should. SpaceX didn’t just fly more rockets. It changed the cost curve, the tempo and the expectations for getting to orbit. That is why this offering could be one of the largest and most anticipated in years.
Big IPOs do not end a theme. They move it. After an icon lists, attention often spreads to the rest of the stack that makes the system work.
Space is no different.
While everyone waits for the SpaceX S-1, there’s a new ticker worth understanding on its own terms. Starfighters Space (FJET) wants to give customers dedicated access for small payloads with faster turnaround and more control over where those payloads end up.
FJET’s plan is straightforward, albeit unproven. Use piloted Lockheed (LMT) F-104 jets as a reusable first stage, then pair that with a small second stage to place nanosats and microsats into suborbital or low Earth orbits (LEO).
The company groups its operating business into existing “Historical Services,” such as training and in-flight testing, and “New Services,” which include its StarLaunch I and II concepts, and an airborne testbed for hypersonic research and development.
Obviously, no one is expecting flight training to move the needle. This company’s success hinges on its ability to launch micro and small sats into LEO successfully and to grow its hypersonic testing capabilities.
Management is pursuing an FAA launch license, which is hands-down the most critical next step for this company’s growth. Once all drop tests are performed and an authorization to launch is secured, the first commercial launches can be scheduled. None of this is science fiction, but it is also not yet a scaled business.
Location, Location, Location
Where a company lives matters in this field. FJET is based at NASA’s Kennedy Space Center. That puts the team inside the same operating environment as the biggest names in launch. It helps with range access, partnerships, talent and credibility. If you want to sell responsive access to orbit, being in that neighborhood is a feature.
SpaceX is about scale. It moves mass into orbit at a record frequency and at a record cost.
FJET is about precision. It’s targeting small satellites that need flexibility on cadence and location. These are not rivals fighting for the same customer. They are different tools in the same toolbox. One handles the heavy lifting. The other tries to solve for timing, destination and speed of execution.
As far as positioning is concerned, business risks may not matter to day traders, but if you’re an investor, you need to do your homework. There are real risks here.
FJET’s commercial model is unproven. The FAA license is a gating item. Customer adoption and repeat flights need to show up in the numbers. That’s why FJET is a name to watch rather than a foregone winner.
But the timing is exactly why traders care. The excitement around a SpaceX IPO confirms investor demand for more ways to play the space economy. A credible small-sat access story can catch a bid as that attention grows.
A SpaceX IPO would be a landmark. It won't close the book on the sector. It will widen the shelf. If you want scale and proven economics, you wait for SpaceX and read the S-1. If you want earlier-stage, high-beta optionality tied to on-demand small-sat access, keep FJET on your screen, track the licensing, and watch the first-mission cadence.
Two different paths that can both work if the space economy continues to compound.
At the time of publication, Byrne was long FJET warrants.
