The "Five Little Dragons," which generally recorded double-digit gains, may be a key entry point for understanding this round of revaluation in the commercial space industry. The most anticipated unicorn IPO in the US stock market this year seems to be just one step away. Sources revealed that SpaceX plans to secretly submit its IPO prospectus as early as this week or next week, aiming for a listing in June, and the commercial space and space-related sectors have responded accordingly. Just before this rally began, MSX listed five new commercial space US stock tokens on March 23: MNTS.M, SIDU.M, PL.M, BKSY.M, and YSS.M. These tokens generally recorded double-digit gains, with some individual stocks rising nearly 30% intraday, providing investors with a relatively ample window for entry. It is worth noting that SpaceX's fundraising scale may exceed $75 billion. If it ultimately goes through, this will not only significantly exceed the previously rumored target of approximately $50 billion, but will also far surpass Saudi Aramco's $29.4 billion fundraising record in 2019, becoming the largest IPO in history, bar none. This leads to the real question this article wants to discuss: besides the emotional catalyst of the SpaceX rumors themselves, what are the deeper underlying logics behind this round of gains in the commercial space sector? And does this revaluation have the foundation for further spread? I. SpaceX IPO: The Starting Gun for the Commercial Space Sector? Although SpaceX has never been listed, its influence on the secondary market has never been absent. To understand this, we need to understand SpaceX's position in the entire commercial space ecosystem. It is no longer just a rocket company, but an infrastructure provider supporting the operation of the entire commercial space industry chain, and the strongest "valuation anchor" for global commercial spaceflight—from launch capacity to Starlink communication, from orbital transportation to manned flight, every technological breakthrough by SpaceX reduces costs and increases efficiency for a number of small and medium-sized space companies downstream. Therefore, the current strength of space stocks is naturally inseparable from the catalyst of news that SpaceX may launch an IPO. The $75 billion financing target and the potential valuation of $1.75 trillion are there, which is equivalent to giving the entire commercial space sector a strong boost. Thus, we see that it's not just a single company performing strongly, but rather the entire space concept is heating up in tandem, creating a significant sector-wide resonance. The most obvious manifestation of this is the new "Five Little Dragons" of commercial spaceflight listed on the MSX: MNTS.M, SIDU.M, PL.M, BKSY.M, and YSS.M., each with solid fundamentals, representing a concentrated coverage of several core areas of the commercial spaceflight industry chain: MNTS.Momentus (M) is positioned as a "last mile" orbit transfer service for low Earth orbit. Its Vigoride spacecraft is planned to carry out its next mission aboard a SpaceX Falcon 9 rocket. Therefore, this is not just a simple launch, but more like a commercial validation, meaning that with the acceleration of global satellite networking, the demand for orbit transfer is changing from an "optional" to a "necessity." SIDU.M (Sidus Space) serves as a "stepping stone" into the defense system, having obtained a contract qualification from the Multi-Project Office of the US Missile Defense Agency (MDA), thus gaining a ticket to continuously compete in the defense procurement system. For early-stage aerospace companies, government contract qualification is the most direct trigger for valuation reconstruction and the most stable revenue anchor besides commercial orders. PL.M (Planet Labs) is the remote sensing leader with the most solid fundamentals in this round of market rally, and it is also the highest-valued target among the five US-listed tokens selected by MSX this time. It has a global satellite constellation, daily revisit capability, and a real-world commercial data subscription model. This makes it one of the few space companies that can be discussed using ARR and gross margin. Its backlog of orders increased by 79% year-on-year, approaching $900 million, and it achieved profitability for the first time—the significance of this turning point goes far beyond a single quarterly report figure. BKSY.M (BlackSky) is driving its transformation from a "satellite company" to an "intelligence service provider." Its core competitiveness comes from its closed-loop capabilities of high-frequency revisiting and AI analysis. For example, its third-generation (Gen-3) satellite constellation can provide commercial 35-centimeter (0.35-meter) resolution high-definition imagery, coupled with intelligence needs driven by geopolitical situations. From selling data to selling decision support, the premium potential of this positioning is undoubtedly far higher than that of a simple remote sensing data provider. YSS.M (York Space Systems) is a core supplier for the US Army's Proliferated Battlefield Space Awareness (PWSA) project, backed by the military. Military contracts provide a predictable cash flow foundation. As a recently listed IPO target, its institutional portfolio construction cycle is not yet complete, its shareholding structure is relatively clean, and it possesses high upside potential. Ultimately, MSX's five early listings are precisely aimed at covering core areas of the commercial aerospace industry chain. The significance of this portfolio isn't just about betting on a single event, but rather an attempt to proactively position itself around the theme of "commercial aerospace revaluation," strategically positioning itself across different beneficiary sectors. This is also the core factor behind MSX's early and successful prediction of a broad-based rally. II. A Revaluation from "Science Fiction" to "Hard Currency" Of course, simply attributing this surge to "news-driven" factors underestimates its historical context.Reviewing the logic behind MSX's successful stock picks before this surge, it's clear that MSX wasn't blindly chasing sentiment, but rather capturing two key signals: First, at the recently concluded NVIDIA GTC conference, Jensen Huang announced a strategic layout in the space industry, from dedicated space-grade computing chips to cosmic digital twins for orbital environments. This signifies that AI is no longer just a productivity tool on Earth; it's becoming the underlying architecture for satellite autonomous navigation and real-time low-Earth orbit data processing. Second, on March 23rd, SpaceX, Tesla, and xAI jointly announced the launch of the "TERAFAB" project, aiming to utilize AI and highly automated manufacturing capabilities to produce one terawatt of AI computing chips annually, primarily for space deployment. This essentially paints a massive picture of exponential growth for the secondary market. Based on a deep analysis of these two signals, the MSX investment research team decisively completed new coverage of the "Five Little Dragons" of commercial aerospace on the 23rd. As we all know, for a long time, the commercial space sector was considered a "white elephant" in the secondary market primarily because it was a "money-burning" game. But this time, things are changing. Starting in 2025, commercial spaceflight is no longer just about "launching rockets," but has gradually been broken down into a clearer and more easily understood real-world industry chain, especially beyond rocket launches, with more and more truly viable and sustainable business opportunities emerging. Looking further, three deeper logics are simultaneously unfolding behind this revaluation. First, the significant decrease in launch costs is changing the economic foundation of the entire industry. Second, commercial spaceflight is beginning to converge with broader themes of the times. Finally, the market is beginning to accept differentiated pricing within the commercial space sector. This means that the commercial space sector is gradually transitioning from thematic linkages to "tiered pricing across the industry chain," and once a sector enters this stage, it often means that it is no longer just a short-term concept, but has the foundation for long-term research and continuous trading. III. What Does This Surge in Space Stocks Mean for Investors? On the surface, this surge was indeed ignited by rising expectations surrounding SpaceX. However, at a deeper level, what truly drives the market to reinvest is that commercial spaceflight is transforming from a long-term narrative sector into a "priceable sector" with industry stratification. This is the underlying logic behind the capital market's willingness to seriously price assets. But after the initial hype, how far the market can go will ultimately depend on the fundamentals.MSX Research believes that after the short-term emotional catalyst, the depth and sustainability of this market rally will truly depend on several key variables: the substantial progress of SpaceX's IPO, the pace of the US defense and aerospace budget's implementation, and the cash reserves and financing capabilities of various companies. Regardless of short-term developments, one thing is becoming increasingly clear: SpaceX's IPO will not be the end of this industry story; more likely, it will be the starting point for the entire commercial aerospace industry chain to truly enter the mainstream capital market's view. Over the past decade, the story of this sector has mostly remained at the PowerPoint and conceptual level, with capital primarily pricing in "imagination." In the coming years, however, the market will increasingly use real revenue, implemented contracts, and verifiable profit milestones to re-evaluate the value of these companies. This presents both opportunities and demands for investors. Window opportunities for sector resonance are rare, but only a select few can truly weather the cycles. [Written by: Frank, MSX Research]