One growth stock I’ve been itching to buy for my portfolio over the past decade is Space Exploration Technologies (aka SpaceX).

Unfortunately, the reusable rocket pioneer has chosen to stay private. That’s because founder Elon Musk didn’t want its ultimate mission — to establish interplanetary life for the first time in 4bn years of Earth’s history — to be distracted by Wall Street’s myopic quarterly targets.

However, that looks set to change soon, with reports saying that SpaceX is looking to go public in June. Apparently, this would coincide with Jupiter and Venus appearing exceptionally close together in the night sky, as well as Musk’s 55th birthday.

So will I buy SpaceX stock once it lists? Let’s discuss.

Do I understand the business?

To start, let’s briefly look at how SpaceX makes money. This should be the first thing long-term investors consider, because if the way a company generates cash is too complex, it’s usually better to move on.

As legendary investor Peter Lynch perfectly put it: “Know what you own, and know why you own it“.

SpaceX makes money from three main sources. Commercial satellite operators pay it to put their stuff in space via its Falcon 9 rocket. In 2025, the firm carried out an incredible 165 launches with this workhorse rocket, averaging out at roughly one every 2.2 days. This was more than the rest of the world combined!

SpaceX also has NASA contracts in place for the Artemis Moon Lander and restocking the International Space Station.

Thirdly, the company has a satellite internet business (Starlink). With around 9,500 satellites in orbit and more than 9m customers, Starlink’s the largest and fastest-growing segment. It’s now providing high-speed Wi-Fi for major airlines and cruise fleets, and is entering the UK broadband market.

Another part of Starlink is Starshield, a defence-related network for military communications and Earth observation.

Finally, if SpaceX gets its gigantic Starship rocket working reliably, this would be transformative for both satellite deployment and planetary exploration.

Astronomical valuation

According to reports, SpaceX generated around $15.5bn in revenue last year. I can’t find a reliable source about profit margins, though we know that the firm has been cash-flow-positive for some time.

SpaceX is reportedly looking for a valuation as high as $1.5trn! Even if the firm achieved its projected 2026 revenue target of $22bn-$24bn, that would suggest a massive premium on a price-to-sales basis.

Looking at these numbers, I fear the stock will be wildly overvalued, especially if it takes off after the IPO.

Alternative route

There are other ways to get exposure though, including through Schiehallion Fund (LSE:MNTN). This UK-listed trust invests in private companies, with SpaceX making up 14% of assets as of 15 December.

What I like here is that Schiehallion holds other unlisted businesses that could go public this year, notably Databricks. It also has stakes in high-quality stocks such as Wise and Affirm, as well as TikTok owner ByteDance. I find this diversification attractive.

That said, if SpaceX’s IPO was a flop, this could impact performance. And other portfolio holdings might disappoint along the way.

However, on balance, I think this fund is worth considering for those wanting SpaceX exposure. It’s currently trading bang in line with its underlying value, suggesting it’s not wildly overvalued.