SpaceX's Secret IPO Filing Ignites Space Materials Boom: Who Wins Big?

Advanced materials are the cornerstone of space technology development. The space technology field has extremely high requirements for material properties such as strength, hardness, high-temperature resistance, and corrosion resistance. Materials in space technology and aerospace can be categorized into specialty metals, specialty polymers, ceramics, special coatings, power semiconductor materials, energy materials, and other types.

Recent geopolitical disruptions have made supply chain security issues increasingly severe, giving related companies more scarcity value.

Taking SpaceX as an example, its essential materials include niobium metal, titanium alloys, and coatings. While Starship eliminated carbon fiber, it remains widely used in the space technology field.

Space materials can be categorized into the following types:

1. High-Temperature Alloys and Specialty Metals

This field includes high-performance nickel-based and cobalt-based high-temperature alloys, titanium alloys, etc. Main application areas include aircraft engines, aerospace structural components, missile casings, and missile propulsion systems. A comparison of several metal properties is as follows:

Representative companies for titanium alloys and high-temperature alloys include Allegheny Technologies $ATI Inc(ATI)$   , $Carpenter Technology(CRS)$  , and Howmet Aerospace. Titanium (Ti) is used for weight reduction in aerospace structures, offering the best overall cost-effectiveness. $Howmet Aerospace Inc.(HWM)$   , which mainly produces jet engine components, aerospace fastening systems, and titanium structural parts, has seen its stock price rise continuously for 6 years since its 2020 listing, with a cumulative increase exceeding 24 times.

Niobium Metal: Supply of niobium metal materials is highly concentrated, with only $Materion (MTRN.US)$ and $Carpenter Technology (CRS.US)$ supplying related products in the US. Rocket engine hot ends must use niobium (Nb) for its high-temperature resistance, as titanium and beryllium cannot withstand such conditions.

Beryllium Metal and Copper-Beryllium Alloys: Characterized by extreme lightweight properties with high rigidity, fatigue resistance, and sparkless operation, these are commonly used in satellite structures, inertial navigation systems, X-ray windows, missile guidance system springs, and connectors. The representative company remains $Materion (MTRN.US)$ , the world's largest producer of high-purity beryllium. Beryllium (Be) is only used in high-end military and aerospace applications due to its expense and toxicity.

2. Carbon Fiber

Carbon fiber meets military needs for weight reduction, range extension, and energy efficiency, and is widely used in F-35s, AH-64 Apache helicopter airframes, unmanned aerial vehicle structural components like the MQ-9, and lightweight components for armored vehicles. The representative company is $Hexcel (HXL.US)$.

3. Specialty Polymers

Specialty chemical polymers are essential materials. Specialty polymers used in space science are generally top-tier high-performance varieties with high-temperature resistance, extreme low-temperature resistance, radiation resistance, low outgassing, high strength, and lightweight properties.

PEEK (Polyetheretherketone) materials are lighter than metal, corrosion-resistant, and can partially replace aluminum and titanium. The main company is $Celanese Corp (CE.US)$ .

Fluoropolymers are the primary materials for sealing and insulation. Representative companies include $The Chemours (CC.US)$ and $3M (MMM.US)$.

4. High-Performance Aerospace Coatings

Coatings in space technology protect aircraft structures from environmental factors such as moisture and salt spray corrosion, extend the service life of aircraft components, and reduce surface friction. Representative companies include $PPG Industries (PPG.US)$, which focuses primarily on civil aviation. The company also provides sealants and adhesives. $Sherwin-Williams (SHW.US)$ provides coatings for civil and military aviation through its High-Performance Coatings Group. Moomoo App shows that this group accounted for 28.94% of its revenue in 2025. Additionally, $Honeywell (HON.US)$ is an important player in stealth materials, with its materials business under the aerospace division.

5. Chip Materials

Space science primarily uses silicon carbide and gallium nitride. Due to satellite volume and weight limitations, extreme space temperatures, and high-energy particle radiation, GaN is the absolute leader for space RF and microwave applications, mainly used in satellite communications, radar, and phased array core power amplification, with few alternatives. Related companies include $ON Semiconductor (ON.US)$ , $Qorvo (QRVO.US)$ , $Sumitomo Electric Industries (5802.JP)$ , and $Coherent (COHR.US)$ .

Beyond the above segment leaders, it's worth mentioning that UK company $Teledyne Technologies (TDY.US)$ is involved in multiple areas above and is a core manufacturer of high-end material precision machining, special forming, and device integration. It has irreplaceable technological barriers, especially in C103 niobium alloy precision parts, YIG microwave materials, GaN RF devices, and aerospace composite materials.

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