SpaceX has officially filed its S-1 prospectus with the SEC, confirming plans to list on the Nasdaq under the ticker SPCX, with pricing expected on June 11 and public trading beginning as early as June 12, 2026. The offering aims to raise up to $75 billion at a valuation of approximately $1.75 trillion, which would make it the largest IPO in Wall Street history. (Link: SpaceX IPO: What You Need to Know)
The market's reaction has been somewhat predictable as investors are rushing into anything with a satellite dish or a rocket on the logo. SpaceX's IPO filing, made public on May 20, 2026, has increased day-to-day volatility for names seen as indirect exposure to SpaceX valuation. A broad basket of space and satellite-adjacent stocks has been swept up in the enthusiasm, with many trading more on headline momentum than on underlying business merit.
But not every name in this cohort deserves the same treatment. Gilat Satellite Networks ( GILT), Satellogic ( SATL), and EchoStar ( SATS) stand out from the pack. Unlike the frothier speculative plays, these companies have real businesses, improving fundamentals, and top Zacks Ranks to back up the price action. Here's what investors should know about each.
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Gilat Satellite: A Broadband Infrastructure Stock with Real Momentum
Gilat Satellite Networks is a global provider of satellite-based broadband communication solutions, operating across three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. The company designs and manufactures ground-based satellite communications equipment, with a portfolio that spans cloud-based satellite network platforms, very small aperture terminals, amplifiers, modems, on-the-move antennas, ESA antennas, and transportable terminals.
The business has been firing on all cylinders. In 2025, Gilat's revenue reached $451.66 million, an increase of nearly 48% compared to the prior year, reflecting the company's successful pivot toward higher-growth verticals. Growth is expected to moderate to around 13% this year, with the current quarter's sales projected to climb 17% year over year.
GILT currently holds a Zacks Rank #1 (Strong Buy) rating, reflecting some significant upgrades to its earnings estimates, including a 49% revision higher to the current year’s earnings.
The stock has been trading in a large range so far in 2026 and currently sits right in the middle of it. With earnings upgrades rolling in, and the SpaceX IPO hyping up investors, this is a name that could see persistent buying and a strong breakout. That said, at 25x forward earnings and strong growth forecasts in key industry verticals, GILT has plenty going for it beyond the space stock hype.
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Satellogic Inc: Satellite Imaging Meets Defense Stock
Satellogic is a vertically integrated Earth observation company, collecting and selling high-resolution satellite imagery and geospatial analytics to government, defense, and commercial customers. What makes the company distinctive is its cost structure, as Satellogic builds and operates its own satellites, giving it end-to-end control over the imagery pipeline in ways most competitors can't match.
The fundamentals are inflecting higher, though this is one name that is definitely riding on the SpaceX hype train. Satellogic reported Q1 2026 revenue of $6.1 million, up 80% year over year. The company also recorded its first positive operating cash flow as a public company during the quarter. Annual sales are expected to grow 107% this year to $36.7 million and another 63% next year to $59.8 million.
The SpaceX IPO is a tailwind here too. As commercial and government customers worldwide reassess their satellite data needs in a world where low earth orbit broadband infrastructure is expanding rapidly, demand for Earth observation intelligence, monitoring everything from supply chains to military activity, is only growing. Satellogic is well-positioned to capture that demand.
SATL currently holds a Zacks Rank #2 (Buy). The stock has been on fire, climbing more than 400% YTD. That said, it is very richly valued, trading at nearly 40x forward sales adding considerable downside risk.
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EchoStar: The Closest Thing to a SpaceX Proxy Trade
EchoStar is the most directly SpaceX-linked name of the three, and the most complex. The company is primarily known for its satellite TV (DISH) and wireless businesses, both of which face structural headwinds. But what has transformed SATS into a must-watch trade is a landmark deal with SpaceX itself.
Last year, EchoStar and SpaceX announced a $17 billion agreement for SpaceX to acquire EchoStar's wireless spectrum licenses to support Starlink's direct-to-cell network. The original deal included up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. The deal later expanded after EchoStar and SpaceX amended the agreement to include additional spectrum licenses, lifting the total deal value to $20 billion.
The kicker: SpaceX's private valuation has skyrocketed since the deal was struck. At SpaceX's current valuation of approximately $1.25 trillion, EchoStar owns roughly $27.3 billion in SpaceX stock, acquired at $212 per share. And with SpaceX targeting a $1.75 trillion valuation at IPO, EchoStar's stake could be worth as much as $44 billion if SpaceX achieves that valuation. In May 2026, the FCC approved EchoStar's broader $40 billion spectrum sale to SpaceX and AT&T, bringing EchoStar closer to receiving cash and SpaceX stock.
Investors should go in clear-eyed: EchoStar's legacy satellite TV business remains under pressure, with pay-TV subscribers declining by about 366,000 in the first quarter of fiscal 2026. The company also carries a heavy debt load. But on the operational side, EchoStar has been reducing its net loss and improving operating income before depreciation and amortization year over year, and the FCC approval clears the biggest regulatory hurdle standing between the company and its SpaceX windfall.
SATS currently holds a Zacks Rank #2 (Buy). The stock has gained over 500% in the past 12 months though much of that occurred ahead of the IPO announcement.
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Should Investors Buy Shares in GILT, SATL, and SATS?
The SpaceX IPO is shaping up to be a generational market event, and the hype has lifted virtually everything in the satellite and space sector. But hype fades and what matters is whether the underlying businesses can sustain momentum once the IPO excitement settles.
Of the three names here, GILT stands out for having the cleanest fundamental story, with strong revenue growth, a growing defense and contract book and a clear technology roadmap. SATL is earlier-stage and more speculative but hitting key operational milestones — 80% revenue growth and a first positive operating cash flow quarter are not nothing. And SATS offers the most direct SpaceX exposure of any publicly traded company, though investors need to weigh that against the legacy business drag and balance sheet risk. Its more interesting observationally.
All three carry top Zacks Ranks and meaningful price momentum heading into what could be one of Wall Street's most-watched IPO windows in years. For investors looking to play the SpaceX era without waiting, these are the names worth a closer look.
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EchoStar Corporation (SATS): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).