SpaceX IPO? “We Find Other Publicly Listed Space Companies More Interesting” With a valuation of $1.8 trillion or more, Elon Musk’s SpaceX intends to go public in roughly two weeks and raise $75 billion — more than any other company before it. Via ETFs, the stock will quickly find its way into circulation and soon land in the portfolios of retail investors too — whether they want it or not. Audun Wickstrand Iversen, portfolio manager at DNB Asset Management, however, sees more exciting SpaceTechs on the market, as he analyzes in this guest contribution. Artificial intelligence has its first stock-market phase behind it. The obvious winners are well known, and many valuations reflect that. The second phase will now be more interesting: Who delivers the memory chips, optical networks, cooling, sensors, batteries, satellite links, and autonomous systems without which AI cannot scale? In 2019 we spoke of the coming “decade of disruption.” Today that thesis has become an investment cycle. What matters is no longer whether AI is being used productively, but where it requires real capacity. The next stage of disruption is not happening only in the data center. It is showing up in factories, underwater, and in orbit. That is precisely where we look for opportunities: at companies that don’t just talk about AI, but deliver the infrastructure, components, and systems without which AI cannot scale in the physical world. The S-Curve as an Investment Compass When selecting companies, we work heavily with so-called S-curves. They help us understand where a technology stands in its adoption cycle. At the beginning is the innovation phase. Young companies have to prove their technology and their business model. Many of them sit in the “Valley of Death”: they burn capital, have no stable cash flows yet, and depend on banks or