The SpaceX IPO is the biggest investment event of the decade.

But I think most investors are asking the wrong question.

Instead of asking whether SpaceX is a buy, investors should be asking:

Who benefits when billions of dollars suddenly flow into the SpaceX ecosystem?

Read on for my full list.

Nvidia (NVDA) – Follow the Money

SpaceX is expected to raise roughly $75 billion in its IPO.

Most investors assume that money will be spent on rockets.

But as I’ve previously talked about… SpaceX is more of an AI company than a rocket company.

And building AI requires one thing above all else:

Compute. Lots of it.

The overwhelming majority of that compute comes from Nvidia.

So if billions of dollars begin flowing into the SpaceX ecosystem, Nvidia will likely be one of the biggest indirect beneficiaries.

Sometimes investing is simple.

Follow the money.

Rocket Lab (RKLB) – The Best Pure-Play Space Stock

If SpaceX is the undisputed king of the space industry, Rocket Lab is the clear #2.

And that's exactly why I like it.

Rocket Lab wins in two different ways.

First, as the space economy grows, Rocket Lab should grow right alongside it.

More satellites, more launches, more government spending, and more commercial activity all create opportunities for the company.

Second, investors desperately want a way to invest in space.

And increasingly, I'd argue SpaceX is becoming an AI company disguised as a rocket company.

Rocket Lab is different.

When investors buy Rocket Lab, they're buying a company focused entirely on the growth of the space economy itself.

In other words, if you believe space will become one of the defining investment themes of the next decade, Rocket Lab may be the best pure-play stock available.

Intuitive Machines (LUNR) – If SpaceX Wins… LUNR Wins

Intuitive Machines is one of the companies helping build the lunar economy.

The company develops moon landers, delivers NASA payloads, and recently secured a $180 million contract to transport cargo to the Moon's South Pole.

There's just one catch:

Getting to the Moon requires getting off Earth first.

And for that, Intuitive Machines depends heavily on SpaceX.

Its missions rely on Falcon 9 and Falcon Heavy rockets to reach space, making SpaceX one of the most important partners in the company's business model.

That's why a stronger, faster-growing SpaceX is good news for Intuitive Machines.

Every improvement in launch reliability, launch cadence, and launch economics helps companies like LUNR execute missions on time and turn contracts into revenue.

Better yet, investors can currently buy Intuitive Machines at a fraction of SpaceX's valuation.

After a recent pullback, the stock trades at roughly 4x next year's expected revenue versus roughly 100x revenue for SpaceX.