The most expensive IPO in history, SpaceX, is approaching, and the transmission of the space industry chain is comprehensively sorted out SpaceX's IPO may become a core catalyst for the space economy. For the first time, its S-1 document puts the three major capital expenditure curves of Starlink user expansion, Starship scale development, and orbital AI computing under the spotlight, breaking the previous opaque state on the demand side. This transparency directly drives the upgrading of the demand structure of satellite operators: from traditional commercial constellations and government defense, it has expanded to four major engines: satellite broadband global coverage, direct connection to mobile phone blind cell, defense low orbit constellation enhancement, and emerging in orbit low latency computing. The growth of operator orders is immediately transmitted to launch services, with a delay of 12-18 months from signing to actual scheduling. Launch frequency, cost, and reliability become decisive variables in the deployment rhythm of the constellation. The launch demand is further transmitted to upstream satellite manufacturing and system integration, with a lag of about 6-12 months. SPCX has formed a scale advantage through its self-produced capabilities, while also driving contracts for RKLB photonics platforms and traditional defense contractors in the high-value military satellite field. The manufacturing expansion ultimately reaches the critical components and subsystems, and the demand for phased array antennas, radiation resistant electronics, and solar arrays is synchronously amplified. However, there is a clear bottleneck in technology certification and capacity ramp up. The bottlenecks in the industrial chain are concentrated in two areas: one is the commercialization pace of Starship and FAA licensing, which directly determine the release of heavy transport capacity; The second is the international spectrum coordination and regulatory approval for direct connection between mobile phones and broadband services, with an approval cycle typically of 12-24 months. The production capacity of rocket propulsion systems and the deployment of ground infrastructure also constitute secondary constraints. Under the main theme of SpaceX's IPO, SPCX, as a vertically integrated leader, occupies the core. RKLB, with its mature Electron capacity and future Neutron catalyst, has achieved a transformation from pure launch to space system+defense platform, becoming a significant beneficiary in the first stage. Defense contractors LMT, NOC, RTX, and LHX are stuck in the field of government budget driven military satellites and propulsion systems, while secondary component suppliers KTOS and RDW are gaining spillover through total volume expansion. The market has partially priced Starlink's user growth and SPCX's dominant position, but there is a clear underestimation of the second-order elasticity transmitted to small and medium-sized launchers, space system integration, and component links, especially underestimating the driving effect of defense budget and new demand for orbital AI. This constitutes a core expectation gap. Conclusion: SpaceX's IPO is expected to accelerate the expansion of the entire space economy ecosystem, but regulatory delays, slower than expected Starship execution, and supply chain certification bottlenecks pose major downside risks. Continuous tracking of contract signing, launch milestones, and spectrum authorization progress is required as verification signals. (PS: If you are optimistic about the narrative of the space economy but unable to engage in US stock trading, OKX's SPCX perpetual contract may be the best long exposure currently available. The equity has been rebased to 12.52B consistent with the IPO, with a fixed daily capital rate of 0% and no need to pay long leverage costs.)