SpaceX playbook set to fuel China’s IPO ambitions but tech gap persists

SpaceX’s record $75 billion IPO is poised to supercharge Chinese space startups racing to fund the same technologies that have made Elon Musk the world’s first trillionaire – reusable rockets and giant satellite constellations.

In China, the initial public offering was ​watched as a benchmark for a younger industry eager to go public. But the frenzy masks a fundamental gap, with firms going public ahead of meaningful revenue and without the proven technology that underpins SpaceX’s economics, a mismatch analysts say will cap valuations.