The Rocket Behind the Rocket: SpaceX IPO Supply Chain Stocks 2026. Hidden-Gem Suppliers Primed to Profit
- Hawkmont Research
- Apr 14
- 26 min read
Hawkmont Research | Equity Research | Space Economy April 13, 2026 | INITIATING COVERAGE
This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of April 13, 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report.
Which Stocks Benefit from the SpaceX IPO?
The short answer: not the ones most people are talking about. Alphabet, Nvidia, and STMicroelectronics are the obvious names and they have already moved. The more interesting opportunity sits in the confirmed, contracted suppliers that remain largely invisible to generalist investors: a UK radio frequency specialist, a South Korean superalloy manufacturer, a Taiwanese terminal hardware producer, and several others covered in depth below.
The six names Hawkmont Research has identified with confirmed or near-confirmed SpaceX supply relationships are:
Filtronic plc (AIM: FTC / OTC: FLTCF) -RF/GaN amplifiers for Starlink satellites, $115M+ in cumulative SpaceX contracts
Sphere Corp (KOSDAQ: 347700) - Superalloys for Starship rocket hardware, confirmed $1.05B 10-year supply agreement
Wistron NeWeb Corp (TWSE: 6285) - Primary manufacturer of Starlink user terminals, actively expanding Vietnam production at SpaceX's direction
CPS Technologies (NASDAQ: CPSH) - Advanced thermal composites for satellite avionics, space-economy beneficiary
Compeq Manufacturing (TWSE: 2313) - LEO satellite PCBs and ground station electronics
Tong Hsing Electronic Industries (TWSE: 6271) -- Ceramic substrates and RF modules (rumored Starlink relationship, flagged with appropriate caution below)
The full analysis, financial data, contract verification, and bull/bear price targets for each name follow.
Table of Contents
Executive Summary
SpaceX IPO: The Confirmed Details and What Comes Next
Investment Framework: How Suppliers Win
Company Deep-Dives
Filtronic plc (AIM: FTC / OTC: FLTCF)
CPS Technologies (NASDAQ: CPSH)
Sphere Corp (KOSDAQ: 347700)
Wistron NeWeb Corp (TWSE: 6285)
Compeq Manufacturing (TWSE: 2313)
Tong Hsing Electronic Industries (TWSE: 6271)
Notable Mentions: Velo3D (OTC: VLDX) and Redwire (NYSE: RDW)
Portfolio Recommendation and Conviction Ranking
Risks and Sensitivities
Appendix: Comparables Table, Key Sources, Financial Models
Section 1:
Executive Summary
SpaceX filed confidentially with the Securities and Exchange Commission on April 1, 2026, targeting a June 2026 listing that could raise up to $75 billion at a valuation exceeding $1.75 trillion. If executed at that scale, it would be the largest initial public offering in history, surpassing Saudi Aramco's $25.6 billion debut in 2019. The offering is being structured by a 21-bank syndicate led by Morgan Stanley, Goldman Sachs, JPMorgan, Citigroup, and Bank of America, with the public S-1 prospectus expected in late April or early May. The roadshow is anticipated to begin the week of June 8.
This event is not simply another mega-cap listing. It is a structural re-rating catalyst for the entire space economy. SpaceX's filing will direct an extraordinary volume of institutional capital and retail attention toward every company in its supply chain. Many of those companies are small, listed on exchanges outside the United States, and largely invisible to generalist investors. That information asymmetry is where Hawkmont Research believes the most attractive risk-adjusted returns reside.
The three highest-conviction ideas from this report:
1. Filtronic plc (AIM: FTC) - A UK-based radio frequency technology specialist with a confirmed five-year strategic partnership with SpaceX, cumulative contracted orders now exceeding $115 million, and a pipeline of GaN technology contracts stretching into FY2028. The stock has re-rated significantly from its 2024 lows but remains under-covered by US institutional investors. FY2026 consensus revenue of approximately £55.5 million is well-covered by backlog. SpaceX exposure is estimated at 65 to 75 percent of current revenue.
2. Sphere Corp (KOSDAQ: 347700) - A South Korean aerospace-grade superalloy specialist that signed a confirmed 10-year, approximately $1.05 billion supply contract with SpaceX in August 2025. The 2026 delivery commitment stands at $55.48 million, representing a transformational multiple of the company's prior revenue base. This is the purest rocket hardware supply contract in the small-cap space universe.
3. Wistron NeWeb Corp (TWSE: 6285) - The dominant Taiwanese manufacturer of Starlink user terminals and ground-station hardware. SpaceX has actively directed WNC to expand its Vietnam manufacturing footprint, signaling a long-term, locked-in supply relationship. The stock is meaningfully larger than the other two names but remains underfollowed by Western investors and is the most liquid entry point into the Starlink hardware theme.
Summary risk note: All names in this report carry meaningful customer concentration risk. The SpaceX IPO timeline could slip. Macro volatility, tariff exposure on Taiwan names, and currency risk on international holdings are all live considerations. Position sizing should reflect these realities.
Section 2:
SpaceX IPO - The Confirmed Details and What Comes Next
2.1 What Has Been Confirmed
On April 1, 2026, SpaceX submitted a confidential draft registration statement to the SEC. Bloomberg was first to report the filing, followed within hours by Reuters, CNBC, and the Wall Street Journal. The key confirmed details are as follows:
Target listing: June 2026, expected on Nasdaq
Target raise: Up to $75 billion in primary proceeds
Target valuation: $1.75 trillion or higher at IPO
Pre-IPO valuation path: $800 billion tender offer (December 2025), $1.25 trillion post-xAI all-stock merger (February 2026), $1.75 trillion at IPO
Underwriting syndicate: 21 banks, with Morgan Stanley, Goldman Sachs, JPMorgan, Citigroup, and Bank of America as senior leads
Retail allocation: SpaceX is reportedly considering reserving approximately 30 percent of shares for retail investors, which would be highly unusual for an offering of this size
Roadshow timeline: Expected to begin the week of June 8
The prospectus (public S-1) must be filed at least 15 days before the roadshow begins. Assuming that schedule holds, the public filing would drop in late May, which is when the supply chain re-rating trade is likely to accelerate.
2.2 The Combined Business: SpaceX and xAI
The February 2026 all-stock merger with Elon Musk's artificial intelligence venture xAI created a combined entity that investors must now underwrite as a convergence of three distinct businesses:
Starlink (satellite internet): Ended 2025 with approximately 9.2 million subscribers and over $10 billion in revenue. Analysts project Starlink could reach $24 billion in revenue by end of 2026 on continued subscriber growth, particularly in emerging markets, government contracts, and direct-to-cell partnerships. This is the highest-margin, most predictable revenue stream in the combined company.
Launch services: SpaceX holds dominant market share in global orbital launch. The company received a $178.5 million Space Force contract in April 2026 to launch missile-tracking satellites and holds approximately $4 billion in NASA Artemis contracts. Starship's development trajectory, with the first V3 launch targeting late April 2026, is the long-duration option on launch economics.
xAI and AI infrastructure: The merger adds Grok and xAI's broader model suite to the combined company. This is the most speculative segment of the valuation, but it establishes SpaceX/xAI as an AI infrastructure company, which commands premium multiples in today's market.
The S-1, when it drops, will contain the first comprehensive financial disclosure of these combined operations. Analysts and media attention will be intense. The downstream effect will be substantially elevated public awareness of every company in SpaceX's supply chain.
2.3 The Sector Catalyst Mechanism
Three distinct channels connect a SpaceX IPO to supply-chain stock performance:
Channel 1: Revenue inflection. SpaceX will use IPO proceeds to accelerate Starlink constellation build-out, Starship production cadence, and terrestrial AI infrastructure. Each of these programs requires components from identified suppliers. Revenue forecasts across the supply chain will be revised upward in the months following listing.
Channel 2: Multiple expansion. Many of the names in this report trade at multiples that do not yet reflect durable, contract-backed SpaceX revenue. A public SpaceX with audited financials forces analysts to model supply-chain exposures more precisely, typically resulting in valuation upgrades.
Channel 3: Investor attention and liquidity. Small-cap and international names benefit disproportionately when sector-level attention surges. Retail investors who cannot directly purchase SpaceX shares will seek proxy exposure. Institutional space-focused funds will expand mandates. ETF rebalancing will follow.
Section 3:
Investment Framework - How Suppliers Win
Before entering the company-level analysis, it is important to establish a framework for evaluating which supply-chain relationships are investable versus merely interesting.
3.1 Criteria for a High-Quality Supply Relationship
Contract confirmation status. We distinguish between confirmed (publicly disclosed through regulatory filings or exchange announcements) and rumored or inferred relationships. We treat confirmed contracts as investable facts. Rumored relationships are flagged clearly.
Revenue materiality. A supplier for whom SpaceX represents less than 10 percent of revenue is generally not a SpaceX story; it is a company that happens to sell to SpaceX. We focus on names where SpaceX exposure is 20 percent or more of revenue, with strongest conviction in names above 50 percent.
Contract duration and exclusivity. Multi-year frameworks with defined volumes are preferable to spot orders. Proprietary technology that competitors cannot easily replicate creates defensibility.
Capacity to scale. Suppliers that are already investing in capacity expansion ahead of SpaceX IPO-driven demand increases are demonstrating that this is not a one-time windfall but a structural growth story.
Liquidity and accessibility. We note liquidity constraints for each name and flag where OTC or foreign-listed status may create execution challenges for institutional investors.
3.2 The Supply-Chain Segments
The SpaceX supply chain can be broadly divided into three layers:
Rocket hardware inputs: Materials, alloys, and precision components that go into Falcon 9, Starship, and Raptor engines. These tend to involve long qualification cycles and high switching costs. Sphere Corp is the primary name in this category.
Satellite RF and communications technology: The radio frequency systems, amplifiers, and transceiver modules that make Starlink's satellite links function. Filtronic is the leading public-company example. This segment benefits from each successive generation of Starlink satellites.
Ground terminal and user equipment manufacturing: The user-facing hardware that subscribers receive. Wistron NeWeb, Compeq, and Tong Hsing represent the Taiwanese supply chain for this segment.
Section 4:
Company Deep-Dives
4.1 Filtronic plc (AIM: FTC | OTC: FLTCF)
Conviction: HIGH | Market Cap: approximately £440 million | Price: approximately 200p
Business Overview
Filtronic is a Sedgefield, UK-based designer and manufacturer of radio frequency technology for space, aerospace, defense, and telecommunications infrastructure markets. The company specializes in E-band (71 to 86 GHz) gallium nitride (GaN) solid-state power amplifiers and transceiver modules, which are mission-critical components in satellite inter-satellite links and ground-based communications systems.
Founded in 1977, the company has undergone a decade-long transformation from a broader telecoms components business into a focused RF technology specialist. That repositioning has proven extraordinarily well-timed. The emergence of low-earth-orbit satellite constellations, led by Starlink, has created structural demand for precisely the high-frequency, high-power RF components that Filtronic produces.
SpaceX Relationship: Confirmed and Deepening
The SpaceX relationship is not speculative. It has been built through a series of publicly disclosed, exchange-announced contracts:
April 2024: Strategic five-year partnership agreement, establishing a formal long-term framework
February 2025: $20.9 million contract for RF satellite modules, split across FY2025 and FY2026
June 2025: $32.5 million contract for E-band Cerus 32 Solid State Power Amplifiers, majority deliverable in FY2026
August 2025: Landmark £47.3 million ($62.5 million) contract for next-generation proprietary GaN E-band products, with shipments beginning in FY2027 and material revenue expected in FY2027 and FY2028
The cumulative contracted value from SpaceX now exceeds $115 million. The August 2025 contract is particularly significant because it signals progression to a new technology generation. SpaceX's VP of Engineering at Starlink, Mike Nicholls, publicly commented that the new GaN technology "will provide further benefits to our system and our customers' experience." This is the language of a supplier being pulled deeper into the product roadmap, not maintained at arms-length.
The company has also diversified its order book beyond SpaceX, including a £13.4 million deal with a European defense prime and a EUR 7 million multi-year contract with a leading European aerospace manufacturer. This diversification is strategically important: it reduces pure single-customer concentration risk while demonstrating that the underlying RF technology has demand across multiple defense and space programs.
Financial Snapshot
Metric | FY2025 (Actual) | FY2026 (Consensus Est.) |
Revenue | £56.3 million | £55.5 million |
Revenue Growth | +121% YoY | -1% (delivery timing) |
Adjusted EBITDA | approx. £11 million | approx. £10.9 million |
SpaceX % of Revenue | approx. 75% | approx. 65-70% |
H1 FY2026 Revenue | £25.3 million | n/a |
Net Cash | £8.5 million (Nov 2025) | n/a |
Order Book Coverage | approx. 90% of FY2026 covered | n/a |
FY2025 revenue of £56.3 million represented 121 percent growth year-over-year, driven by peak deliveries on the major Starlink programs. H1 FY2026 revenue was £25.3 million, essentially flat compared to H1 FY2025's £25.6 million, which management guided as expected given delivery timing. The company entered H2 FY2026 with approximately 90 percent of full-year revenues already covered by contracted orders.
The key FY2027 and FY2028 catalyst is the £47.3 million GaN contract, which begins shipping in FY2027. At consensus FY2026 revenue of £55.5 million, the FY2027 revenue uplift from this single contract alone is material, and SpaceX is likely to follow with additional orders given the Starlink constellation's ongoing expansion.
Valuation
At approximately 200p per share, Filtronic trades at a market capitalization of approximately £440 million. On FY2026 consensus revenue of £55.5 million, this implies an EV/Revenue multiple of approximately 7.5 to 8.0 times. That multiple is not cheap in isolation, but it is defensible given the contracted revenue visibility, the technology moat, and the FY2027 growth step-up from the £47.3 million GaN contract.
Peers in specialized defense and space electronics (Cobham, HEICO, Curtiss-Wright) trade at 4 to 6 times trailing revenue, but those businesses lack Filtronic's growth trajectory. A post-IPO re-rating to 10 to 12 times FY2027 estimated revenue of £70 to £80 million (reflecting GaN contract ramp plus ongoing Starlink orders) would imply a market cap of £700 million to £960 million, or approximately 60 to 120 percent upside from current prices.
Upside Scenario
SpaceX has committed to Starlink generation 3 satellite deployment, which requires next-generation RF amplification. Filtronic is already inside that technology roadmap via the August 2025 GaN contract. If SpaceX places a follow-on order of similar or larger size following IPO-funded acceleration of constellation build-out, FY2028 revenue could reach £90 to £110 million. At a 10 times EV/Revenue multiple, market cap would approach £1 billion, implying over 120 percent upside from today.
Key Risks
Customer concentration: SpaceX represents an estimated 65 to 75 percent of current revenue. Any disruption to Starlink's deployment schedule, or a supplier switch, would be materially adverse.
Delivery timing: The £47.3 million GaN contract ships from FY2027, not FY2026, meaning FY2026 itself shows no revenue growth. Investors expecting a straight-line acceleration may be disappointed short-term.
Valuation premium: At 50-plus times trailing earnings, the stock prices in significant future growth. Execution risk is real.
AIM liquidity: Filtronic trades on AIM with limited US institutional ownership. For large position sizes, liquidity is thin.
Bull Case Price Target (12 months): 280p to 320p (40 to 60 percent upside) Bear Case Price Target (12 months): 130p to 150p (25 to 35 percent downside, if FY2027 GaN ramp disappoints)
4.2 CPS Technologies Corporation (NASDAQ: CPSH)
Conviction: MEDIUM | Market Cap: approximately $89 million | Price: approximately $4.92
Business Overview
CPS Technologies is a Norton, Massachusetts-based advanced materials manufacturer specializing in aluminum silicon carbide (AlSiC) metal matrix composites. These materials are engineered solutions for thermal management in high-power electronics, avionics, and satellite systems. AlSiC combines the lightweight properties of aluminum with the stiffness and thermal conductivity of silicon carbide, making it particularly useful in applications where heat dissipation and dimensional stability are critical under extreme thermal cycling conditions.
The company is a small-cap with 117 employees and annual revenue that has just crossed $32 million for the first time. Its products are used across multiple end markets: power conversion electronics, high-performance rail traction systems, defense avionics, and space systems including low-earth-orbit satellite platforms.
SpaceX Relationship: Inferred, Not Confirmed
It is important to be precise here: CPS Technologies has not publicly confirmed SpaceX as a named customer. The satellite and space systems exposure is described in general terms in company filings, and industry analysts have identified AlSiC composites as logical candidates for thermal management in LEO satellite avionics, including within Starlink's satellite platforms. The company's largest disclosed contract is a $15.5 million 12-month follow-on with "a major multinational semiconductor manufacturer," which began October 1, 2025.
Hawkmont Research therefore treats CPS Technologies as a space-economy beneficiary rather than a confirmed SpaceX supplier. The investment thesis rests on structural demand growth for thermal management materials across all LEO constellation programs (not SpaceX exclusively), combined with the company's remarkable operational turnaround and current undervaluation relative to its growth trajectory.
Financial Snapshot
Metric | FY2024 | FY2025 (Actual) |
Revenue | $21.1 million | $32.6 million |
Revenue Growth | approx. 25% | +54% |
Gross Margin | negative/breakeven | 16 to 17% |
Q4 FY2025 Revenue | $5.9 million | $8.2 million |
Net Income (FY2025) | loss | near breakeven |
Market Cap | approx. $20 million | approx. $89 million |
FY2025 revenue of $32.6 million was a record, representing 54 percent growth. The company returned to profitability in Q3 FY2025 with net income of $200,000, reversing a $1 million loss in the prior-year quarter. The secured $15.5 million follow-on contract beginning October 2025 provides strong visibility into H1 FY2026. Management is evaluating sites for a new, larger manufacturing facility to expand production capacity in 2026.
CPS has also secured two government research awards totaling approximately $1.275 million, supporting longer-term technology development.
Valuation
At approximately $89 million market capitalization, CPSH trades at approximately 2.7 times trailing revenue of $32.6 million. That is modest for a company growing 50-plus percent annually and reaching profitability. The announced capacity expansion signals management's confidence that current demand is not a one-off. If the company achieves $45 to $50 million in FY2026 revenue and expands gross margins to 20 percent, a 3.5 to 4.5 times revenue multiple would imply a market cap of $157 million to $225 million, representing 75 to 150 percent upside.
The primary risk is the lack of confirmed SpaceX-specific revenue. CPSH is a materials company with exposure to space, not a pure-play SpaceX supplier. Its valuation therefore should not be expected to inflate as directly from the SpaceX IPO catalyst as the other names in this report.
A Roth/MKM analyst initiated with a Buy rating and $6.00 price target in early March 2026, citing the record revenue trajectory and capacity expansion.
Key Risks
No confirmed SpaceX contract: If the sector thesis does not drive valuation re-rating, CPSH must rely on its own organic growth story.
Small manufacturer scale: 117 employees and a single main production facility create operational concentration risk.
Gross margin fragility: At 16 to 17 percent gross margins, profitability is thin. Input cost increases could erode the turnaround story.
Liquidity: Average daily volume of approximately 230,000 shares means entry and exit for larger positions requires care.
Bull Case Price Target (12 months): $7.50 to $9.00 (50 to 85 percent upside) Bear Case Price Target (12 months): $2.75 to $3.25 (35 to 45 percent downside, if growth stalls)
4.3 Sphere Corp (KOSDAQ: 347700)
Conviction: HIGH | Market Cap: approximately 1.87 trillion KRW (approximately $1.36 billion USD) | Price: approximately 52,800 KRW
Business Overview
Sphere Corp is a South Korean specialty materials company that has, since a March 2025 merger with its largest shareholder Sphere Korea, become a focused supplier of aerospace-grade special alloys including nickel superalloys to the global aerospace and defense industry. The company operates as a Tier 1 vendor to SpaceX, supplying materials used in high-temperature rocket components: engines, nozzles, combustion chambers, launch pads, and propellant systems.
The company's pre-merger revenue was extremely small (approximately 2.6 billion KRW, or approximately $2 million). The SpaceX contract effectively redefined the company's addressable market and revenue profile entirely.
SpaceX Relationship: Confirmed and Landmark
On August 4, 2025, Sphere filed a regulatory disclosure confirming a 10-year supply agreement with SpaceX for high-performance special alloys including nickel and superalloys. The confirmed terms are:
Duration: Through December 31, 2035, with an extension option of up to three additional years at SpaceX's request
Total contract value: Estimated at approximately $1.05 billion (approximately 1.544 trillion KRW), calculated from SpaceX's demand forecast
FY2026 confirmed volume: $55.48 million (approximately 77.2 billion KRW)
Supply commencement: Sphere has been supplying SpaceX since 2023
Extension driver: The FAA's approval of up to 25 annual Starship launches (up from 5) creates structural demand for increased alloy volumes
The contract represents approximately 2,969 percent of Sphere's prior-year sales. To be direct: this is a company whose entire commercial existence has been transformed by a single customer relationship. That creates extraordinary upside and extraordinary concentration risk simultaneously.
Since 2023, the cumulative supply contract volume with SpaceX has exceeded 43.1 billion KRW. The 10-year framework is not a letter of intent; it is a binding supply agreement with confirmed annual volumes.
Financial Snapshot
Metric | Pre-Contract (2024) | FY2026 Estimated |
Revenue | approx. 2.6 billion KRW | approx. 77+ billion KRW |
SpaceX % of Revenue | minority | approaching 100% |
Contract Backlog | minimal | 1.544 trillion KRW (10-year) |
Market Cap | small | approx. 1.87 trillion KRW |
Granular FY2025 reported financials are not yet publicly available for post-merger Sphere Corp in English-language disclosures. Investors seeking detailed financials should reference the DART (Data Analysis, Retrieval and Transfer System) Korean regulatory filing system. Hawkmont Research notes this as a data limitation and urges conservatism.
Valuation
At a current market cap of approximately 1.87 trillion KRW (approximately $1.36 billion USD), the stock trades at roughly 1.78 times the 10-year contracted revenue value of $1.05 billion. Given the confirmed long-duration nature of the contract and the potential for volume escalation as Starship launch cadence increases, this multiple is not obviously excessive, but the stock has already re-rated dramatically from its 52-week low of 5,970 KRW to recent levels around 52,800 KRW, a roughly 785 percent move.
The key question is whether the market has already priced the contract or whether there is additional upside from: (1) volume escalation clauses as Starship launches increase, (2) contract extensions beyond 2035, and (3) potential additional material supply contracts as SpaceX diversifies its alloy sourcing.
Hawkmont Research's view is that the stock's near-term upside is more binary than a linear re-rating play. The IPO catalyst could drive another 30 to 60 percent move on sentiment alone. However, at current prices, investors are paying meaningful premium to the base contract value.
Key Risks
Near-total customer concentration: SpaceX is essentially the entire business. Any renegotiation, volume reduction, or program cancellation would be catastrophic.
Korean market liquidity: KOSDAQ listing and average daily volume of approximately 3.2 million shares is adequate for retail but limited for large institutional positions.
Execution risk: The company is scaling from near-zero revenue to $55-plus million annually in a single step. Operational risks are elevated.
Valuation already re-rated: The stock is up approximately 785 percent from 52-week lows. Latecomers are not getting the same asymmetric entry that earlier investors received.
Currency risk: USD/KRW exposure on a USD-denominated contract held in a KRW-priced security creates currency complexity.
Bull Case Price Target (12 months): 75,000 to 85,000 KRW (40 to 60 percent upside on volume escalation narrative plus IPO catalyst) Bear Case Price Target (12 months): 28,000 to 35,000 KRW (35 to 45 percent downside if SpaceX launch schedule slips or contract terms are renegotiated)
4.4 Wistron NeWeb Corporation (TWSE: 6285)
Conviction: MEDIUM-HIGH | Market Cap: approximately NT$65 to 70 billion (approximately $2.0 to 2.2 billion USD)
Business Overview
Wistron NeWeb Corporation (WNC) is a Taiwan-based telecommunications equipment manufacturer that produces wireless networking devices, satellite communication equipment, antennas, and related hardware. Among its product lines, the most strategically significant today is its role as a primary manufacturer of Starlink user terminals and related ground-station components.
WNC was founded in 1997 as a spinoff from Wistron Corporation (itself a former Acer manufacturing arm) and has grown into a mid-cap Taiwan electronics manufacturer with production facilities in Taiwan, Vietnam, and Thailand. The Vietnam expansion is directly attributable to SpaceX's directive.
SpaceX Relationship: Confirmed and Strategically Deepening
WNC's role in the Starlink hardware supply chain is confirmed through multiple layers of evidence:
Reuters reported in late 2024 that SpaceX directly asked its Taiwanese suppliers, specifically naming WNC, to relocate production away from Taiwan due to geopolitical risks. WNC complied, beginning production at its Ha Nam Province, Vietnam factory in 2024, manufacturing Starlink routers and network gear.
In March 2025, WNC disclosed to the Taiwan Stock Exchange that it would invest an additional $30 million into its Neweb Vietnam subsidiary, described as a "long-term investment." The Ha Nam factory, covering 11.3 hectares with an initial investment of $60 million, is now targeted to at least double its workforce of 3,000.
SpaceX separately announced a $1.5 billion investment commitment in Vietnam for Starlink infrastructure, with the Vietnamese government fast-tracking pilot licensing for Starlink satellite internet services. The infrastructure buildout in Vietnam creates sustained, multi-year demand for WNC's ground hardware manufacturing.
The depth of the relationship, including SpaceX directing supply-chain geographic diversification, points to WNC as a strategic and irreplaceable partner rather than a commodity vendor. WNC declined to comment to press on the SpaceX relationship citing customer confidentiality, which is itself informative.
Financial Snapshot
WNC is a larger company than others in this report, and therefore the SpaceX revenue as a percentage of total sales is lower. Precise disaggregation of SpaceX-specific revenue from WNC's consolidated accounts is not publicly available. The company reports aggregated segment revenue. Based on industry estimates and facility capacity analysis, Hawkmont Research estimates SpaceX-related Starlink hardware represents 20 to 35 percent of WNC's total revenue.
Metric | Estimate / Available Data |
Approximate Market Cap | $2.0 to $2.2 billion USD |
Revenue (FY2025 est.) | approx. NT$60 to 70 billion |
SpaceX/Starlink Revenue Exposure | estimated 20 to 35% of total |
Vietnam Capex Committed | $90+ million (initial + expansion) |
Employees | thousands, growing |
Note: Precise FY2025 financials require access to WNC's TWSE filings in Traditional Chinese. English-language sources do not provide full disaggregated revenue. Hawkmont Research notes this as a data limitation.
Valuation and Upside
WNC is the largest and most liquid name in this report, which makes it a lower-risk but also lower-upside entry point for the SpaceX supply-chain theme. The primary upside drivers are: (1) sustained Starlink terminal demand as the constellation expands toward 10-plus million subscribers, (2) new Vietnam production revenue contribution as capacity doubles, and (3) sentiment re-rating when the SpaceX S-1 formally identifies WNC's product category as a core supply dependency.
For investors seeking a liquid, lower-volatility proxy on the Starlink hardware theme, WNC is the most practical vehicle among the Taiwan names. The stock is accessible through most brokerage platforms that offer TWSE trading or through GDR-equivalent vehicles.
Key Risks
Revenue disaggregation opacity: The precise Starlink revenue contribution is not publicly disclosed, creating analytical uncertainty.
Geopolitical risk: Taiwan semiconductor and electronics stocks carry an inherent geopolitical discount that may intensify if US-China tensions escalate.
Competition: Starlink terminal manufacturing is a competitive space. Customer loyalty in hardware manufacturing can shift based on cost.
Tariff exposure: US tariff policy on electronics imports from Vietnam or Taiwan could affect profitability.
Bull Case (12 months): 30 to 40 percent upside driven by Starlink growth acceleration and IPO catalyst re-rating. Bear Case (12 months): 20 to 25 percent downside if Taiwan/Vietnam geopolitical risk premium expands.
4.5 Compeq Manufacturing Co. Ltd (TWSE: 2313)
Conviction: MEDIUM | Relationship Status: CONFIRMED supply-chain participant, limited public financial disclosure
Business Overview
Compeq Manufacturing, founded in 1973 and headquartered in Taoyuan City, is Taiwan's first dedicated printed circuit board manufacturer and one of the island's most established electronics component suppliers. The company produces high-layer, rigid-flex, flexible, and high-density interconnection PCBs for computers, servers, communications systems, and space applications.
Compeq has been identified by multiple Taiwan equity research sources and industry publications as a core supplier for SpaceX's satellite bodies and ground station electronics. The company produces the multi-layer PCBs that form the backbone of satellite communication systems and the ground terminal equipment distributed to Starlink subscribers globally.
SpaceX Relationship: Confirmed as Supply-Chain Participant
Compeq's inclusion in the Starlink PCB supply chain has been confirmed through industry sources, analyst reports, and TWSE-listed company disclosures, but Compeq has not issued public press releases naming SpaceX as a customer in the same manner that Filtronic or Sphere have done in their home markets. The Taiwan equity research community treats Compeq as a "SpaceX concept stock" (SpaceX 概念股), a term widely used by TWSE-focused analysts to describe confirmed or near-confirmed supply-chain participants.
As LEO satellite PCBs represent a growing but not yet dominant portion of Compeq's overall revenue, the SpaceX exposure is estimated to be below 20 percent of total revenue, making Compeq a diversified play on the Starlink build-out rather than a pure-play supplier.
Key Investment Characteristics
Compeq is a value-oriented industrial manufacturer trading at modest multiples relative to its history. The SpaceX catalyst would represent incremental upside to a business already generating stable cash flows from server and communications PCBs. For investors seeking Taiwan exposure with a lower-beta profile and a real underlying business that does not depend entirely on SpaceX, Compeq is the most conservative of the Taiwan cluster names.
The primary limitation for Western investors is that financial disclosure is entirely in Traditional Chinese and the stock is TWSE-listed without an ADR or GDR. Research access requires either a Taiwan brokerage or a platform with TWSE access.
Overall Assessment: Compeq is a solid, real business with genuine Starlink exposure. The lack of granular English-language disclosure and the secondary (rather than primary) nature of the SpaceX revenue contribution places it in a lower conviction tier for international investors. We rate it Medium conviction and recommend it primarily as a diversifier within a Taiwan-focused sleeve of a space-themed portfolio.
Bull Case (12 months): 25 to 35 percent upside on Starlink volume growth and SpaceX IPO attention. Bear Case (12 months): 15 to 20 percent downside if PCB pricing pressure intensifies.
4.6 Tong Hsing Electronic Industries Ltd (TWSE: 6271)
Conviction: MEDIUM (with elevated uncertainty) | Relationship Status: RUMORED exclusive RF module relationship -- NOT CONFIRMED
Business Overview
Tong Hsing Electronic Industries is a Taiwan-based manufacturer of ceramic substrates, package components, and RF modules for telecommunications, aerospace, and satellite applications. The company has served the satellite communications supply chain for decades and has particular expertise in ceramic packaging for high-frequency electronic components.
SpaceX Relationship: Rumored, Not Confirmed
Market sources and Taiwan equity research have circulated claims that Tong Hsing is an exclusive supplier of ceramic substrates for RF transceiver modules used in Starlink satellites. This rumor has been widely repeated in financial media covering the "SpaceX concept stock" universe.
Hawkmont Research cannot confirm this exclusive supply relationship and urges significant caution. We found no regulatory filing, exchange announcement, or confirmed third-party source that validates the exclusivity claim specifically. The satellite RF module supply chain is a sector in which Tong Hsing is a credible participant, and it is plausible that the company supplies components that find their way into Starlink systems. However, "plausible" and "confirmed" are meaningfully different standards for investment decisions.
Assessment
Tong Hsing is included in this report for completeness and transparency: it is a name that circulates frequently in discussions of the Taiwan Starlink supply chain, and investors will encounter it. Our assessment is that the investment case rests on an unconfirmed rumor and that the risk-adjusted entry does not meet Hawkmont Research's standard for active recommendation.
Investors who believe the exclusivity rumor and are willing to accept unconfirmed exposure can find Tong Hsing at modest valuations relative to the potential revenue implications. However, the downside if the rumor is debunked is meaningful, and no position should be sized for anything other than a speculative allocation.
Bull Case (12 months): 40 to 50 percent upside if exclusivity is confirmed in connection with SpaceX S-1 disclosure. Bear Case (12 months): 20 to 30 percent downside if rumor is not substantiated.
Section 5:
Notable Mentions
5.1 Velo3D Inc. (OTC: VLDX)
Assessment: SPECULATIVE | Not Recommended for Core Positioning
Velo3D pioneered metal additive manufacturing systems used by SpaceX in the production of Raptor engine components. SpaceX is believed to have purchased at least 22 Velo3D Sapphire laser powder bed fusion machines and has used them extensively in Raptor 1, 2, and 3 engine development, with Velo3D's platform qualified for five parts in the current Raptor engine and already producing components for the next-generation Raptor 4.
In September 2024, SpaceX entered an $8 million licensing and support agreement with Velo3D, paying $5 million for a non-exclusive, royalty-free perpetual technology license and $3 million for engineering support services. This agreement followed Velo3D's delisting from the NYSE after its market capitalization fell below compliance thresholds. Velo3D now trades on the OTCQX Best Market under the ticker VLDX.
The SpaceX deal essentially rescued Velo3D from a liquidity crisis. The non-exclusive nature of the license is important: SpaceX now owns the right to use and further develop Velo3D's additive manufacturing technology internally, which is a mixed signal for Velo3D's long-term supply relationship. It could indicate SpaceX plans to internalize more manufacturing. It could also simply be an IP protection measure.
Velo3D has deeper integration into the Raptor engine program than any other publicly listed additive manufacturing company. The Raptor 4 program qualifications are a real and material commercial relationship. However, the OTC liquidity, the historical financial distress, and the ambiguous implications of the IP licensing deal make Velo3D a high-risk, speculative position rather than a core holding. Investors with appropriate risk tolerance and small position sizes could argue for a speculative allocation; this is not a name for a core space-economy portfolio.
5.2 Redwire Corporation (NYSE: RDW)
Assessment: SPACE INFRASTRUCTURE PLAY, NOT A DIRECT SpaceX SUPPLIER | Separate Thesis
Redwire is a Jacksonville, Florida-based integrated space and defense technology company with a broad portfolio including solar arrays (Roll-Out Solar Arrays, or ROSAs), spacecraft components, autonomous systems (including the Stalker UAS acquired via Edge Autonomy in June 2025), and in-space manufacturing capabilities.
Redwire does not have a material confirmed supply relationship with SpaceX in the same manner as the other names in this report. Its revenue derives primarily from NASA (civil), Department of Defense (national security), and European Space Agency programs, along with commercial space customers including Axiom Space.
FY2025 revenue was $335.4 million (up 10.3 percent YoY), with the Edge Autonomy acquisition contributing $107.1 million post-close. FY2026 guidance is $450 million to $500 million. Net loss for FY2025 was $(226.6) million, impacted by over $130 million in non-recurring items including the Edge Autonomy integration. Contracted backlog stands at $411.2 million.
Redwire benefits from the SpaceX IPO as a sector re-rating play and from the broader Space Force budget expansion (from $28.8 billion in FY2025 to $39.9 billion in FY2026). It is a legitimate space infrastructure investment with a real business, but its connection to the SpaceX IPO catalyst is indirect. An investor building a space economy portfolio would likely own Redwire alongside but not because of the SpaceX IPO story.
Redwire's path to profitability and the Edge Autonomy integration execution are the key variables for 2026. The stock has outperformed the S&P 500 in early 2026, driven by the SHIELD Space Force contract award, and the FY2026 revenue guidance is achievable based on backlog and book-to-bill trends.
Section 6:
Portfolio Recommendation and Conviction Ranking
6.1 Conviction Ranking
Rank | Company | Ticker | Conviction | SpaceX Relationship | Suggested Sleeve Weight |
1 | Filtronic plc | AIM: FTC | High | Confirmed, multi-contract, strategic | 30 to 35% |
2 | Sphere Corp | KOSDAQ: 347700 | High | Confirmed, $1.05B 10-year contract | 20 to 25% |
3 | Wistron NeWeb | TWSE: 6285 | Medium-High | Confirmed, hardware manufacturing | 20 to 25% |
4 | CPS Technologies | NASDAQ: CPSH | Medium | Inferred, space materials | 10 to 15% |
5 | Compeq Manufacturing | TWSE: 2313 | Medium | Confirmed participant, limited disclosure | 5 to 10% |
6 | Tong Hsing Electronic | TWSE: 6271 | Medium (elevated uncertainty) | Rumored, not confirmed | 0 to 5% (speculative) |
6.2 Entry Strategy
Pre-IPO window (now through late May 2026): This is the optimal accumulation period. The public S-1 is not yet filed. Generalist institutional attention has not yet fully arrived. Positions in Filtronic and Sphere Corp in particular can be built before the late-May prospectus filing generates mainstream coverage.
S-1 publication (late May): The public S-1 will likely identify key supply-chain categories and, in some cases, supplier relationships. Names mentioned directly in the prospectus will see immediate re-rating. Even names not mentioned will benefit from the elevated sector attention. This is likely to be a high-volatility window; investors should not chase extreme moves.
Roadshow period (June 8 through listing): Historical analysis of large-cap IPOs shows that proxy beneficiaries often reach peak prices in the days immediately surrounding the listing date. This may be an appropriate point to trim positions that have significantly outperformed.
Post-listing (Q3 2026 onwards): The durable thesis reasserts itself as SpaceX's post-IPO capital deployment accelerates Starlink constellation expansion and Starship cadence. Suppliers with confirmed contracts are likely to receive upwardly revised analyst estimates as SpaceX's financials become publicly visible.
6.3 Position Sizing Principles
The names in this report are uniformly small-cap or international, and most carry customer concentration risk that makes them unsuitable for large position sizes even in a dedicated space-economy sleeve. Hawkmont Research suggests:
No single name in this report should exceed 35 percent of a dedicated space-economy sleeve
The collective group of six names should represent no more than 15 to 20 percent of a broader technology or thematic growth portfolio
Investors with low liquidity tolerance should limit exposure to Filtronic (AIM), Sphere Corp (KOSDAQ), and the Taiwan names to sizes that can be exited within 5 to 10 trading days at normal market volume
Section 7:
Risks and Sensitivities
7.1 IPO-Specific Risks
Timeline slippage: The SpaceX June 2026 timeline is a target, not a guarantee. If market conditions deteriorate (US equity market correction, tariff escalation, rates shock), SpaceX could delay the IPO to 2027. This would remove the near-term catalyst but not the underlying supplier revenue story.
Valuation disappointment: If the final IPO valuation comes in below $1.75 trillion, the sector re-rating effect would be muted. A valuation below $1.0 trillion would likely be taken as a negative signal.
Dual-class governance: Musk's retention of outsized voting control post-IPO reduces accountability to public shareholders, which may cause institutional investors to apply a governance discount.
7.2 SpaceX-Specific Operational Risks
Starship development delays: Starship V3 is targeting a late April 2026 test flight ahead of the June IPO roadshow. A failure could damage sentiment. Multiple high-profile Starship failures could slow the constellation expansion that drives supply-chain demand.
Regulatory risk: SpaceX's launch frequency approvals come from the FAA. Environmental review processes or political changes could constrain launch cadence and by extension material volumes.
Vertical integration risk: SpaceX has historically favored internal manufacturing. The company could decide to bring more supply-chain functions in-house post-IPO, reducing external supplier revenue.
7.3 Macro and Geopolitical Risks
US tariff policy: The current tariff environment creates uncertainty for Taiwan and Korean manufacturers. Further escalation could increase landed costs on Starlink hardware manufactured in Vietnam, affecting WNC and Compeq.
Taiwan strait tension: An acute escalation of cross-strait tensions would materially affect all Taiwan-listed names regardless of their business fundamentals.
Currency risk: Investors in GBP-priced Filtronic, KRW-priced Sphere, and TWD-priced Taiwan names carry currency exposure versus USD-based portfolios.
Liquidity risk: Several names in this report have limited daily trading volumes. In a stress scenario, exit prices could be significantly worse than mark-to-market valuations.
Section 8:
Appendix A: Key Sources
SpaceX IPO filing: CNBC, Bloomberg, Reuters (April 1, 2026)
SpaceX financial data: Bloomberg/CNBC reporting, Teslarati, SpaceNews
Filtronic contracts: AIM regulatory announcements (August 2025, June 2025, February 2025, April 2024); Filtronic H1 FY2026 results (December 2025); Investing.com (February 2026)
Sphere Corp contract: Korea Times, BusinessKorea, Sphere Corp regulatory filing via DART (August 4, 2025)
CPS Technologies financials: Q4 FY2025 earnings call transcript (March 3, 2026); Q3 FY2025 press release (October 29, 2025); Roth/MKM analyst note (March 2026)
Wistron NeWeb Vietnam: Reuters (November 2024); VOV/Vietnam Observer (August 2025); Vietnam Briefing (March 2025)
Taiwan supply-chain: TradingKey analysis (March 2026); TechTaiwan (2021); Taipei Times (November 2024)
Velo3D: 8-K (September 2024); Metal AM magazine; VoxelMatters; 3D Printing Industry
Redwire: 10-K (February 28, 2026); Q3 FY2025 press release (November 2025); Quartr earnings summary
Appendix B: Comparable Companies Table
Company | Market Cap (approx. USD) | SpaceX Revenue % | Contract Type | Contract Confirmed? | FY Revenue Growth |
Filtronic (FTC) | $550 million | 65 to 75% | RF amplifiers, GaN modules | Yes | +121% (FY2025) |
Sphere Corp (347700) | $1.36 billion | approaching 100% | Superalloys, rocket hardware | Yes | Transformational |
Wistron NeWeb (6285) | $2.0 to 2.2 billion | 20 to 35% est. | Starlink terminals, hardware | Yes (indirect disclosure) | Not disaggregated |
CPS Technologies (CPSH) | $89 million | Unknown (space exposure est. 20 to 40%) | Thermal composites | Not confirmed | +54% (FY2025) |
Compeq Mfg (2313) | $500 to 700 million est. | Below 20% est. | Satellite PCBs | Confirmed participant | Not disaggregated |
Tong Hsing (6271) | Not publicly available | Unknown | RF substrates (rumored) | Not confirmed | Not disaggregated |
Appendix C: Simplified SpaceX Revenue Scenario Model
The following table illustrates how supply-chain revenue could scale under different Starlink subscriber and Starship launch scenarios. These are Hawkmont Research estimates, not company guidance.
Scenario | Starlink Subscribers (End 2026) | Starship Launches (2026) | Filtronic FY2027E Revenue | Sphere FY2027E Revenue | WNC Starlink Revenue |
Bear | 9 million (flat) | 5 | £60 to 65 million | $55 to 65 million | Stable |
Base | 12 million | 15 | £70 to 80 million | $75 to 100 million | +20 to 30% |
Bull | 16 million | 25 | £90 to 110 million | $120 to 160 million | +40 to 60% |
Disclosures and Important Notices
Hawkmont Research is an independent research firm. The authors of this report do not hold positions in any of the securities mentioned at the time of publication. This report is produced for informational and educational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell securities. Past performance does not guarantee future results. Investing involves risk including the potential loss of principal. International securities carry additional risks including currency fluctuation, political risk, and differences in financial reporting standards. Small-cap securities are subject to greater volatility and liquidity risk than large-cap securities. Readers should conduct their own due diligence and consult a qualified financial advisor before making investment decisions.
No compensation was received from any company mentioned in this report. Hawkmont Research has no investment banking relationships with any company mentioned herein.
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