The Stainless Steel Rocket Behind SpaceX’s Historic USD 1.77 Trillion IPO
SpaceX’s record-breaking public debut has once again put the spotlight on Starship, the world’s largest stainless steel rocket and the technological backbone of Elon Musk’s long-term vision for reusable spaceflight, orbital infrastructure and interplanetary exploration. SpaceX debuted on Nasdaq in June 2026 with a valuation of approximately USD 1.77 trillion, making it one of the largest IPOs in history.
At the heart of this valuation is Starship, a fully reusable super heavy-lift launch system designed to dramatically reduce the cost of reaching space. Unlike traditional rockets built from advanced composites, SpaceX made the unconventional decision to construct Starship primarily from stainless steel, citing its lower cost, ease of manufacturing, superior performance at cryogenic temperatures and ability to withstand extreme heat.
The stainless steel structure forms both the Super Heavy booster and the Starship spacecraft, with the rocket built from stacked and welded stainless steel cylinders. The design supports SpaceX’s goal of rapid reusability and airline-like launch operations.
Industry analysts view Starship as the key driver behind SpaceX’s future growth. The vehicle is expected to power next-generation Starlink satellite deployments, support orbital AI data centres, enable lunar missions under NASA’s Artemis programme and eventually transport cargo and humans to Mars. SpaceX has reportedly invested more than USD 15 billion in Starship’s development, underscoring its strategic importance.
With the upgraded Starship V3 now entering advanced testing, investors are closely watching its progress. The success of the stainless steel giant is widely seen as critical to SpaceX’s ambitions of reshaping the economics of space access and unlocking entirely new commercial opportunities beyond Earth.
