Foreign media report that if SpaceX proceeds with its IPO in the coming weeks, it will be included in the relevant industry and sector classifications by MSCI and S&P Global. Due to the company’s involvement in rocket launches, satellite internet, data centers, and xAI, its final classification will be more complex than that of a typical new listing; however, based on its current revenue structure, the communications services sector is the most likely destination.
Starlink has the highest revenue share.
According to the article, when classifying companies, MSCI and S&P first consider the company’s primary source of revenue, and also take into account profitability and market perception. In its latest S-1 filing, SpaceX stated that its aerospace and connectivity businesses generated the vast majority of the company’s consolidated revenue for the first quarter of 2026 and the full year of 2025.
Among these, the aerospace business primarily derives from launch and mission services for Falcon 9, Falcon Heavy, and Dragon, serving commercial and government customers. The connectivity business is mainly composed of Starlink satellite internet. The documents show that Starlink generated over $11 billion in revenue in 2025, while the aerospace business generated approximately $4 billion during the same period.
xAI is also part of SpaceX’s business portfolio. Documents show that this segment generated $3.2 billion in revenue in 2025, with income sources including Musk’s AI platform Grok and data centers located in Memphis, Tennessee, and Southhaven, Mississippi.
The communications services sector is the top choice.
The article suggests that, based on revenue scale, Starlink makes the most significant contribution to the overall business, making it more likely that SpaceX would be classified under the traditional communications services sector. This sector currently includes companies such as Alphabet, Meta, Netflix, AT&T, Verizon, Charter, and Disney, with Echostar—which holds a small stake in SpaceX—also included.
However, the industrial sector remains one of the alternative directions. This is because SpaceX also operates rocket launches and space missions, which share similarities with aerospace and defense companies such as Boeing, Northrop Grumman, and General Dynamics.
Increasing data center business adds complexity to classification.
The article also mentions that SpaceX is attempting to position itself as a data center company. In its S-1 filing, the company states that, through vertical integration of launch, satellite manufacturing, network connectivity, and ground-based data center capabilities, it has the potential to deploy and operate lower-cost data centers in orbit.
Elon Musk has previously stated that lower-cost AI computing in the future may come from solar-powered AI satellites in space rather than traditional ground-based facilities. If this direction becomes a long-term focus for the company, SpaceX’s business scope will expand further.
However, the article notes that most terrestrial data center companies are currently classified under the S&P Real Estate sector, while SpaceX’s envisioned space-based data centers do not directly occupy land, making it uncertain whether the same classification applies. Therefore, until officially reclassified, communications services remain the clearer category.
Additional information: The S&P Industry Classification System first assigns newly listed companies to a sub-industry, then progressively categorizes them into industry, industry group, and one of the 11 major sectors. SpaceX’s final classification will determine its eligibility for inclusion in relevant indices.