Space Exploration Technologies Corp (NASDAQ:SPCX) — aka SpaceX — is a company I’ve wanted in my Stocks and Shares ISA for a long time. Unfortunately for me, the rocket pioneer remained private for the first 24 years of its existence.

But that all changed on 12 June when SpaceX made history with its record-breaking IPO. Suddenly, I could buy all the shares I wanted, money and ISA allowance permitting.

However, in my experience, new listings tend to fall below their IPO price within a few months, giving me a better price to invest later on, if I’m still interested. So I normally hold off. In this case though, I’ve broken with tradition and added SpaceX to my ISA. Here are three reasons why.

A 40% pullback

SpaceX stock went public at an IPO offer price of $135, but shot up to $225 within days. Now, it’s back around $140. So one attraction is that I’ve invested near the IPO price, around 40% lower than June’s peak.

Of course, this shows how incredibly volatile the stock is — the sort that could give you whiplash if you watched it too closely!  I’m strapped in for a wild ride.

Dual monopoly

The second reason I’ve invested is that SpaceX essentially has two monopolies. Not only is it the world’s dominant launch firm, but it also has a global connectivity utility in the shape of Starlink.

The figures illustrate just how far ahead of the competition SpaceX is. Last year, it carried out 165 orbital missions, averaging a launch roughly every 2.2 days. It lofts between 80% and 90% of all payload mass to orbit every year.

Meanwhile, the Starlink internet mega-constellation recently reached 11,000 satellites. No other satellite operators come anywhere close to this.

To put SpaceX’s dominance into perspective, it has roughly seven times more satellites in orbit than the next four largest constellations combined, according to KeepTrack data from July.

Starlink, which now has more than 12.5m subscribers, is already generating very strong recurring revenue and margins. But it’s still very early days for this business, which has multiple future growth avenues available:

• Direct-to-cell (connecting to smartphones).
• In-flight connectivity (Southwest, Virgin Atlantic, Iberia, and Aer Lingus activated Starlink in Q2).
• Maritime and commercial shipping.
• Defence and government communications (Starshield).

Terrestrial AI utility potential

Finally, SpaceX has a truly unique AI opportunity. That’s because the AI revolution has run into a power supply constraint here on Earth, whereas compute infrastructure in orbit could be powered by near-continuous solar power.

FTSE 100 investment trust Scottish Mortgage, which has SpaceX as its top holding, compellingly puts the investment case like this: “SpaceX is not just building a connectivity business. It is positioning itself at the intersection of launch, energy, and AI in a way that no other company on Earth can replicate“.

Of course, a $1.9trn valuation already reflects how special the company is. If revenue doesn’t skyrocket over the next five years as Wall Street expects, then this investment might be a bitter disappointment.

To my mind, there’s also massive key person risk in the shape of CEO Elon Musk, whose vision and drive is literally irreplaceable. However, due to the rareness of this company, and its enormous competitive advantages, I’m willing to take on the risk. Investors might want to research SpaceX further.

Should you invest £5,000 in SpaceX right now?

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Ben McPoland owns shares of Scottish Mortgage and SpaceX.