As the long-rumored SpaceX IPO edges closer (reportedly targeting a valuation north of $2 trillion), investors are increasingly asking a simple question. Who benefits from the space race boom?
Morgan Stanley, one of the lead underwriters of the upcoming IPO, believes the answer stretches far beyond rockets and satellites.
The bank’s “Space 60” framework maps the full value chain across seven categories. These include raw materials and mining, specialty materials and alloys, propulsion and fuels, electronics and semiconductors, components and subsystems, spacecraft and launch systems, and satellite operators and services.
While technology at the end of the list arguably captures most attention, Morgan Stanley argues the most critical—and potentially constrained—segment sits at the very beginning.
“Space is back in a big way,” the bank’s analyst Adam Jonas said in a recent note, citing a mix of technological progress and geopolitical urgency. However, his analysis starts from the ground up – or in this case, from below the ground.
“All space hardware begins in the ground,” he noted. “A single satellite can use dozens of specialty metals across structural, power, thermal, and communication systems.”
Five Mining Stocks Tied to the Space Race
Thus, the firm has outlined five mining companies it sees foundational to the space economy: MP Materials Corp. (NYSE:MP), Almonty Industries Inc. (NASDAQ:ALM), Freeport-McMoRan, Inc. (NYSE:FCX), Alcoa Corp. (NYSE:AA), and Teck Resources Ltd. (NYSE:TECK).
- MP Materials is central to U.S. efforts regarding rare-earth supply chains. Its Mountain Pass mine in California produces materials used in high-performance magnets critical for satellites and defense systems. The U.S. government is the company’s largest shareholder, having invested $400 million to support domestic expansion.
- Almonty Industries is one of the largest tungsten producers outside China, with operations spanning Europe and South Korea. Tungsten is an industrial metal famous for its use in weapons and munitions. However, its ability to withstand extreme heat makes it vital for rocket engines and radiation shielding.
- Freeport-McMoRan is a global copper giant with operations in the U.S., Chile, Peru, and Indonesia. Beyond copper, which is prized for its conductivity properties, the firm annually produces over 90 million pounds of molybdenum. It’s a critical refractory metal with a high thermal stability and a vital material for spacecraft tech.
- Alcoa is one of the largest aluminum producers in the world. As a lightweight, durable, and corrosion-resistant metal, aluminum is a part of nearly every spacecraft structure. Alcoa has an exceptionally diverse production base, operating smelters in the United States, Canada, Norway, Brazil, and Iceland.
- Teck Resources is a Canadian miner with exposure to copper and specialty metals like zinc and germanium, and indirect exposure to gallium used in advanced communications. The firm is currently in the process of merging with Anglo American, which will create Anglo Teck – one of the world’s largest critical mineral producers.
The space race may be won in orbit, but it will be enabled on Earth. As capital floods into launch systems and other latest tech, the sector might start competing for resources, outbidding even AI, the biggest market story of the 2020s. If that happens, supply chains for critical minerals could become the real bottleneck—and the real opportunity.
Photo by Artsiom P via Shutterstock
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