The comments come as Defiance launches the Defiance Daily Target 2X Long SpaceX ETF (NASDAQ:SPCU), a fund designed to provide leveraged exposure to Space Exploration Technologies Corp. (NASDAQ:SPCX) shares.
While concerns around valuation have dominated discussions surrounding the IPO, Jablonski argues that investors may be overlooking the breadth of the company’s business model.
SpaceX So Much More Than Launches
“The market is still thinking about SpaceX as a rocket company,” Jablonski said in an interview with Benzinga. “Six months from now, investors may increasingly view it as a multi-platform infrastructure company spanning launch, communications, defense, AI connectivity, and potentially space-based data services. There is so much more to SpaceX than just launches.”
That broader infrastructure narrative is central to Defiance’s bullish thesis. While skeptics have questioned whether SpaceX’s valuation already reflects overly optimistic growth expectations, Jablonski says many investors are relying on the wrong comparisons.
“Many investors are likely comparing SpaceX to aerospace peers. We think that’s too narrow,” she said. “SpaceX touches communications, defense, connectivity, AI infrastructure, and space commercialization. Using traditional aerospace multiples alone may miss significant portions of the business.”
She added that if Starlink subscriber growth, launch frequency, government contract wins and commercial demand continue accelerating while the stock trades like a conventional aerospace company, “the market is underappreciating the scale of the opportunity.”
Why Defiance Built SPCU
Defiance’s decision to launch a leveraged SpaceX ETF reflects the firm’s view of strong investor demand for targeted exposure to one ...
