- Investors looking beyond SpaceX can consider ASML Holding, Northrop Grumman and GE Vernova for exposure to advanced semiconductor manufacturing, space and defense systems, and electricity infrastructure.
SpaceX's record-breaking initial public offering in June 2026 brought one of the world's most closely watched private technology businesses into public markets. The company raised approximately $85.7 billion in gross proceeds, including the underwriters' full overallotment option, and began trading under the ticker SPCX. Its businesses span reusable rockets, Starlink satellite internet and ambitious artificial intelligence infrastructure plans.
The listing has also intensified debate about valuation. Investors must decide whether SpaceX can deliver enough future growth to justify the price assigned to its shares. A Morningstar valuation analysis estimated the company's fair value at $63 per share, substantially below its $135 IPO price, based on its assessment of future cash flows and execution risks. That estimate is an analyst valuation rather than a prediction of where the stock must trade.
For investors concerned about paying too much for anticipated growth, three publicly traded companies offer alternative ways to invest in themes associated with SpaceX: ASML Holding NV (NASDAQ: ASML), Northrop Grumman Corporation (NYSE: NOC) and GE Vernova Inc. (NYSE: GEV). The companies operate in different industries, but each has exposure to infrastructure that could benefit from advances in technology, expanding space activity or rising electricity demand.
ASML, Northrop Grumman and GE Vernova Offer Different Growth Opportunities
ASML Holding: Semiconductor equipment and AI infrastructure
ASML develops and manufactures advanced lithography systems used by semiconductor companies to produce increasingly sophisticated chips. Its extreme ultraviolet lithography technology is particularly important for manufacturing leading-edge semiconductors used in high-performance computing and artificial intelligence applications.
As companies invest in AI models, data centers and advanced computing hardware, demand for semiconductor production capacity could support ASML's business. The company occupies a strategically important position in the semiconductor supply chain because its EUV systems are essential to producing many of the industry's most advanced chips.
That gives investors a way to participate in the infrastructure supporting AI without depending directly on SpaceX's plans for orbital computing facilities.
However, ASML is not a pure-play space stock. Its performance depends on semiconductor capital spending, export restrictions, customer investment plans and the cyclical nature of the chip industry. Its valuation also matters: even a business with a strong competitive position can deliver disappointing returns if investors pay too much for its future earnings.
Northrop Grumman: Space systems and defense spending
Northrop Grumman provides exposure to the space and defense industries through satellites, missile-warning systems, propulsion technologies and other national-security programs. Unlike SpaceX, which combines commercial launch services with satellite communications and other technology ambitions, Northrop Grumman operates as an established defense contractor with a broader portfolio of government and military customers.
Increasing demand for satellite surveillance, missile warning and space-based defense capabilities could create opportunities for the company. Government investment in national-security infrastructure also provides a different source of demand from consumer-facing satellite internet services.
Northrop Grumman may appeal to investors who want exposure to space technology without relying exclusively on the commercial launch market. Its established defense business can also offer a different risk profile from a high-growth company whose valuation depends heavily on future commercial expansion.
The trade-offs include dependence on government contracts, program execution risks, budget decisions and the possibility that cost overruns or delays affect profitability. Its stock should therefore be evaluated using earnings, cash flow, backlog and valuation rather than simply its connection to the space economy.
GE Vernova: Power infrastructure for the AI economy
GE Vernova supplies equipment and services across electricity generation, power grids and energy infrastructure. Its gas turbines, grid technologies and related services are relevant to the expansion of data centers, which require substantial and reliable electricity supplies.
AI infrastructure has increased attention on the availability of power, as data-center developers seek capacity to support increasingly demanding computing workloads. GE Vernova could benefit if utilities and other customers continue investing in generation and grid equipment.
The company offers a different route into the same broad infrastructure trend attracting attention to SpaceX's AI ambitions. Instead of betting directly on the commercial success of space-based computing, investors gain exposure to the physical energy systems needed to power computing infrastructure on Earth.
That opportunity carries its own risks. Electricity demand forecasts can change, large infrastructure projects can face delays, and manufacturing constraints or execution problems can affect margins. GE Vernova's share price may also already reflect substantial expectations for future demand, making its entry valuation important.
Which Stock Could Deliver Better Returns Than SpaceX?
There is no reliable way to establish in advance which of these companies will generate the highest investment return. The answer depends on their purchase prices, future earnings, cash generation and the risks investors are willing to accept.
ASML offers exposure to semiconductor manufacturing technology and continued investment in advanced computing. Northrop Grumman provides access to defense and space programs supported by government demand. GE Vernova is positioned around electricity generation and grid infrastructure, including investment associated with expanding data-center capacity.
These different business models mean the three stocks should not be treated as interchangeable alternatives. Investors seeking the strongest direct connection to commercial space launches may find that none replicates SpaceX's combination of launch services and satellite communications. Those prioritizing established revenue streams or exposure to other infrastructure markets may prefer one of the alternatives, depending on valuation and financial performance.
SpaceX also carries risks that investors should examine independently. Its ambitious development plans require substantial capital, and projects such as Starship and orbital AI infrastructure involve technical, regulatory and commercial uncertainties. Even if those projects succeed, the stock's return will depend on how much of that success is already reflected in its market price.
For a broader view of the industry, investors can also examine Rocket Lab's position in the commercial launch market, where demand for launch capacity is creating opportunities for competitors. That business is more directly comparable to SpaceX's launch operations than ASML or GE Vernova, although launch technology and execution risks remain significant.
Before buying any of these stocks, investors should compare current valuation multiples, expected earnings growth, free cash flow, debt levels and company guidance. They should also consider whether their portfolios already have significant exposure to technology, defense or infrastructure spending.
The central question is not which company has the most exciting story. It is which stock offers the most attractive relationship between its current price, realistic future growth and the risks involved. ASML, Northrop Grumman and GE Vernova provide three distinct ways to approach that decision, but none can be assumed to outperform SpaceX without further evidence.