To The Moon

From 22 July, SpaceX ( $SpaceX US SDR 100to1(UXSD.SI)$ ), alongside Sea ( $Sea US SDR 50to1(UGGD.SI)$ ) and Grab ( $Grab US SDR 2to1(UGBD.SI)$ ), is available for trading on SGX via Singapore Depository Receipts (SDRs).

These three US SDRs trade in board lots of 10 units, with minimum investment amounts estimated to be below S$30.

The SpaceX US SDR has a 100:1 SDR-to-underlying share ratio, allowing investors to gain exposure to SpaceX at a fraction of the cost of purchasing a full US-listed share.

SDRs are denominated in Singapore dollars and trade on SGX during local market hours. Learn more about SDRs here.

Space Exploration Technologies Corp ( $SpaceX(SPCX)$ ), the world’s largest IPO, has expanded beyond reusable rockets into a diversified platform spanning space transportation, satellite broadband and AI infrastructure.

Its investment thesis is anchored by Starlink’s recurring cash flows and the growth potential of Starship and AI. While these initiatives offer significant upside, they also carry execution, regulatory and valuation risks. Reflecting its scale and market significance, SpaceX joined the Nasdaq-100 just 15 trading days after its listing.

Here are some highlights from Ng Hui Min, Research Analyst from Beansprout, spotlighting SpaceX.

1. Starlink is funding SpaceX today

3 key business segments: Space, Connectivity and AI.

The Connectivity segment, Starlink, a satellite internet provider, is the profit engine, supporting investments in both Starship (Space) and AI initiatives.

Starlink serves 10.3 million subscribers across 164 countries, 2025 revenue grew 50% YoY to US$11.4 billion with US$4.4 billion operating profit

2. AI offers long-term growth potential, but remains capital intensive

AI segment comprises Grok, the X social platform and COLOSSUS.

While AI generated US$3.2 billion of revenue in 2025, the segment remains loss-making due to massive investments in AI data centres and compute capacity. Recorded operating loss of US$6.4 billion and CapEx of US$12.7 billion.

Raised US$25 billion through a bond offering shortly after its IPO to refinance debt incurred for AI data centre investments, underscoring the capital-intensive nature of AI infrastructure development.

3. COLOSSUS II presents a near-term risk in scaling SpaceX’s ambitions

COLOSSUS is SpaceX’s gigawatt-scale AI data centre infrastructure that underpins its AI ambitions and compute offerings.

Lawsuit over alleged environmental permit issues could disrupt data centre operations and affect compute revenue from customers such as Anthropic.

SpaceX setting aside US$399 million for potential legal losses.

4. Premium valuation reflects high growth expectations

The company trades at 47.0x price-to-sales and 106.5x EV/EBITDA in 2025, compared with peer averages of 33.6x and 41.8x, respectively.

These levels suggest investors are already pricing in significant future growth from Starlink, Starship and AI.

5. Key risks to monitor

Concentrated governance. Elon Musk controls 79% of voting power, limiting shareholder influence over corporate decisions.

Lockup and float uncertainty. Upcoming share unlocks could increase trading liquidity but also create selling pressure if insiders choose to sell-off their holdings.

Investors in the SpaceX US SDR $SpaceX US SDR 100to1(UXSD.SI)$ can look out for the announcements by the company via the US SEC website [sec.gov] and updates on corporate action on SDRs via SGX’s website.