This Space Stock Could Make You Rich (Hint: It's Not SpaceX)
SpaceX relies on a key supplier for many of its growth initiatives.
Overview
Space Exploration Technologies (NASDAQ: SPCX) has finally completed its groundbreaking initial public offering (IPO). The IPO officially raised around $86 billion, with another $25 billion in capital expected via an upcoming bond issuance.
Potentially armed with more than $110 billion in cash, expect SpaceX to go on a spending spree. And if history is any indication, this spending should directly benefit another Elon Musk business that most people don't yet think of as a space stock.
Details
Tesla (NASDAQ: TSLA) is an electric vehicle (EV) stock, right? Think again. The company's auto sales have declined for several years in a row, yet the business has an impressive $1.2 trillion valuation. That's because the market no longer values the company strictly as an auto stock. Instead, Tesla is increasingly viewed as an artificial intelligence (AI) business. And soon, it may be viewed as a space stock, too.
Source
Originally published at www.fool.com.