Investors Weigh SpaceX IPO Against Vertex Pharmaceuticals Growth

Space Exploration Technologies Corp. conducted the largest initial public offering in history, capitalizing on significant market interest in its rocket launch services and satellite internet business. Despite the scale of the IPO, the company reported a net loss of $4.9 billion last year.

Some investors are diverting focus toward Vertex Pharmaceuticals, citing the biotechnology company's current profitability and market dominance. While SpaceX faces losses, Vertex posted adjusted earnings of $4.7 billion. Vertex maintains a virtual monopoly on approved cystic fibrosis therapies and is diversifying its portfolio with the CRISPR gene-editing therapy Casgevy and the non-opioid pain medication Journavx.

Vertex is currently awaiting a decision from the Food and Drug Administration regarding povetacicept, expected by November 30, 2026. The company continues to advance late-stage candidates for kidney disease and Type 1 Diabetes. Meanwhile, SpaceX faces ongoing competition from Amazon.com, which is developing Leo to compete with the Starlink business.