SPCXx: Why SpaceX’s orbital monopoly makes it one of the most compelling institutional positions in public markets

Most space companies are bets on a future that has not arrived yet. SpaceX is different. It already controls the majority of global orbital launch capacity, a structural position with no credible near-term challenger, and it generates real, compounding revenue from commercial, defence, and connectivity markets. For institutional allocators, this is exposure to critical global infrastructure. 

SPCXx gives clients a direct line to that position through their Luno OTC Desk, without the custodial complexity or minimum commitments of traditional equity vehicles.

A monopoly with no obvious challenger

SpaceX dominates the market it operates in. The company accounts for the vast majority of orbital launches globally, a position built over a decade of vertical integration, reusable rocket development, and execution at scale.

According to BryceTech’s 2025 Year in Review, SpaceX accounted for nearly 51% of all global orbital launches in 2025, completing 165 missions in a single year. The next closest competitor managed 68. The moat is technological and operational. SpaceX launches more frequently than the rest of the industry combined, which means lower per-launch costs, more data, faster iteration, and deeper relationships with sovereign and commercial clients.

Three revenue streams, one allocation

SpaceX earns across three distinct lines of business, each with different demand drivers:

• Launch services: Commercial satellites, government payloads, and crewed missions. Pricing power increases as cadence scales.
  
• Starlink: A global satellite broadband network with growing enterprise, government, and maritime subscribers. Recurring, subscription-based revenue at scale.
  
• Defence contracts: SpaceX has become embedded in US national security infrastructure, with contracts spanning communications, reconnaissance, and space access.

As Sacra’s research shows, SpaceX revenue, valuation and funding reflect a business growing at 33% year on year, reaching $18.7B in 2025. For a company at this scale, that rate of growth is unusual. For a company with this level of market control, it is remarkable.

The scale of that dominance extends beyond launch count. Motley Fool’s analysis shows that SpaceX launched over 80% of total global mass to orbit in 2025, cementing its position not just as the most frequent launcher but as the dominant carrier of payload to orbit by volume.

Why SPCXx changes the access equation

Historically, exposure to SpaceX required private equity relationships, significant minimum commitments, and lock-up periods that made it inaccessible to most institutional mandates. The public listing changed part of that equation. SPCXx changes the rest.

Through your Luno OTC Desk, clients can access SPCXx without custodial complexity, long settlement cycles, or the infrastructure overhead of setting up new equity relationships. It is infrastructure-grade exposure, accessed through infrastructure-grade execution.

For a broader view of what is now available through the Luno OTC Desk, read how institutional investors are accessing the new digital asset universe.

Frequently asked questions

1. What is SPCXx?

SPCXx is a tokenised representation of SpaceX equity, available through the Luno OTC Desk. It allows institutional clients to gain exposure to SpaceX without navigating traditional equity infrastructure.

2. Is this the same as buying SpaceX stock directly?

SPCXx provides economic exposure to SpaceX equity in tokenised form. Clients should speak to their OTC Desk for full product details and applicable terms.

3. How do I access SPCXx through Luno?

SPCXx is available exclusively through the Luno OTC Desk. Get in touch with your relationship manager or contact the OTC Desk directly to discuss sizing, settlement, and onboarding.

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