themes that you need to understand heading into the SpaceX IPO. So, number one, the SpaceX IPO is going to flood potentially trillions and trillions of dollars into the space stock sector. It's already flooded a lot even before the IPO, it's going to flood even more long term, and with SpaceX having all this capitalization, well, you're going to see a lot of competitors that are private that can work with SpaceX start IPOing as well, and a lot of the companies that are already publicly traded are going to continue to see massive valuation increases. So, that's the first part you have to understand, which is the massive flood of capital going into the space industry. The second part you have to understand is that the bigger opportunity, and perhaps the more risky if you don't understand that this is going on, is the story value. So, when it comes to these kind of IPOs, the story value is what really creates the most wealth over the short term. In the long term, the story value has to be fulfilled with actual fundamental value creation, right? But in the short term, there's the story that you're selling to the people. Elon Musk is one of the best story sellers on the planet, probably in world history. Not only is he great at actual execution, but even though he's great at execution, he's able to sell a story that's like five times even better than his amazing execution. But you have to understand how these two come together because they're not only going to create massive opportunities, but they're also going to create big pitfalls if you don't follow. You need to understand that there's a difference between the fundamental value of a company and the story value. Wall Street makes their money on story value. And you can make your money on story value, too, but you can also lose a lot of money on it. SpaceX is going public at potentially a $2 trillion valuation. That number is so big that it's forcing every fund manager, every analyst, every retail trader, your neighbor next door to ask one question, and that question is, "What else can I own that will benefit from this? " And when they go looking for those stocks, they're not running discounted cash flow models, they're not looking at gross margins, they're looking for proximity to the story, proximity to SpaceX. Right now and headed into IPO, basically anything close to the SpaceX narrative is getting bid up. Suppliers, competitors, adjacent technology plays, even unrelated satellite stocks. Wall Street does not care if a stock price is justified or unjustified. Wall Street is interested in making money, it's not interested in valuing a company properly and only buying it when it's undervalued. It's interested in getting the stock low and selling when it's high. That's why during some narrative cycles, stocks will go down 70% to 80% even though the underlying fundamentals might have only crashed 5%. And alternatively, why a entire sector like the space sector might go up hundreds of percentage points just because you have a massive IPO coming for one of the leading stocks in that sector. You can ignore these trends, or you can benefit from them. It's up to you, but you have to understand what's going on here because you have the fundamentals, and then you have the massive story potential. Those who do well long-term understand how to put both the story potential and the fundamentals into their broader investment thesis. So, why am I telling you this? Well, because this is the exact playbook that Wall Street is following right now. They're buy buying into stock after stock that is adjacent to the SpaceX IPO, and almost all of them are going to see a big dip after the SpaceX IPO as these institutions start taking their profits. You have the anticipatory run, and then you have the post crash, and then long-term value starts shining through. And that's probably true for the SpaceX IPO itself as well. Now, that being said, there's still some areas of the market that have a ton more opportunity heading into this IPO for folks who are diligent and understand risk management and want to actually take advantage of this hype instead of let the hype take
advantage of you. So, let's just start with an overview of the SpaceX supply chain here and where the money's actually flowing. So, SpaceX is not just one business, it's effectively three. There's the launch business, which is Falcon 9, Falcon Heavy, Starship. There's the constellation business, Starlink and the 7,000-plus satellites that are in orbit as we speak. And then there's the emerging defense and space services business, which is Starshield, government contracts, and lunar missions. Each of these requires a completely different supply chain as you might imagine, and let me walk you through each of the major categories here. So, category one, launch hardware. This encompasses everything that goes into building the rockets themselves. Aluminum, lithium alloy body, stainless steel for Starship, titanium for engines, advanced composites for fairings, the big consumables, liquid oxygen, kerosene, methane. SpaceX is actually one of the largest industrial gas customers in North America. Industrial gas suppliers like Air Liquid, Linde, and Praxair quietly benefit from every single launch, and they get massive bulk orders from SpaceX. And then there are specific alloys. Companies like ATI Inc. and Haynes International make the high-temperature metals SpaceX needs for engine bells and combustion chambers. Category two, satellite manufacturing. Oof, does this cost a lot of money, and is this a high-margin business for those supplying. So, each Starlink satellite has thousands of components. The major buckets, well, first, solar arrays to power satellites. Red Wire, which we're going to talk about later, is a key player in this. Then you have propulsion systems. These are Hall effect thrusters that let satellites maneuver in orbit. Companies like Aerojet Rocketdyne historically dominated the space, but there's some new players emerging like Phase Four and Orbion, which have entered this market as well. Then you have star trackers and altitude control. These are the sensors that tell a satellite which way it's pointing. Honeywell, Collins Aerospace, and Redwire all play here. Onboard processors and radiation-hardened chips, these are silicon designed to survive cosmic radiation. BAE Systems makes this, Microchip Technology makes it, and Texas Instruments have specialty product lines for this specifically. Very, very lucrative for these businesses. Then you have intersatellite laser links, how Starlink satellites actually talk to each other. You have Manerik, which Rocket Lab just acquired. That's one of the main leaders here. Okay, category three, ground infrastructure. So, you cannot have a satellite constellation without massive ground gateways that talk to the satellites. Each gateway requires high-power amplifiers, and that's a company called Filtronic who handles that. Filtronic's gallium nitride E-band chips, phased array antennas, RF filters, modems, backhaul networking gear from Cisco and Juniper, massive amounts of fiber connectivity, very lucrative. There are over 150 Starlink gateway sites globally and growing. Each one of them, as you might expect, cost many, many millions of dollars to build out. Okay, category four, chips and compute. You guys are probably familiar with this area, but SpaceX is one of the most chip-intensive companies on Earth as a fact. You've got rocket guidance computers that handle reentry and landing, satellite onboard compute that processes data in orbit, ground station compute that handles signal processing, and now with the Tesla AI 5 partnership and Terafab project, SpaceX is moving deeper into custom silicon. Behind all of that, you have Taiwan Semiconductor Manufacturing chips, Amkor packaging them, companies like Marvell, Analog Devices, and Texas Instruments supply the analog and RF chips. Power management IC suppliers like Monolithic Power benefit from every gateway and every satellite. Category five, and stick with me here, it's important that you know the supply chain. Category five is connectivity and customer hardware. So, the Starlink dish you'd put on your house isn't just a piece of plastic. No, no. It's a phased array antenna with hundreds of individual transceivers. The kit includes routers, power supplies, mounting hardware, custom connectors. SpaceX manufactures most of the critical components in-house, but the supply chain for raw silicon, PCP substrates, and assembly is global and there's a lot of orders going out for that. Now, in terms of category six, you've got specialized material. This one's less obvious, but it's very important. Heat shield tiles for Starship use silica composites, cryogenic insulation for fuel tanks, specialty paints and thermal coatings, aerogel insulation, nickel alloys for engine internals. Companies in this space are Materion, Materion Space, and various specialty chemical firms. They're They're some of the biggest beneficiaries. Finally, you have category number seven, which is software, cybersecurity, and data. So, SpaceX runs on enormous amounts of code as you might imagine. Real-time guidance systems, constellation management software, cybersecurity for ground stations and uplinks, data routing and customer management platform, so on and so forth. Names like Palantir have explored space data partnerships. Cloudflare and AWS provide ground side networking and compute, and cybersecurity firms benefit as government Starshield contracts start ramping up in a beautiful way. So, why exactly does all this matter, Charlie? Well, when the SpaceX IPO drops, every single one of these supply chain categories gets analyst attention, and Wall Street is going to publish report after report. You're going to see it all over the mainstream media. Funds are going to launch and have already launched many, many SpaceX themed ETFs, which means that more and more buying pressure is going to head to many of these names, and the names that have the cleanest, most documented exposure, like the ones we're talking about in today's video, are going to be the ones that are getting rerated first. Next, I want to talk about five SpaceX stocks that are all getting rerated massively right now and are kind of centrally located in the supply chain setup. And actually, a lot of these are on our previous SpaceX stock video that we posted like a little bit over a month ago. I need to break down these five before we get on to the main entree, which is one that is still very, very much undervalued, not just based on story potential, but based on the actual fundamental value behind it. All the stocks we're about to talk about have a lot more story potential to run, but you could argue they're also very much fundamentally overvalued. However, the one at the end both has a lot more story potential and a lot more fundamental potential in my view, and I'll break down why. So, let's start
for the main entree, the stock that I still believe is very, very undervalued. So, again, with all the companies on this list, there's still some story premium left to be factored in, of course, because this IPO can drive so much hype and euphoria into the sector. However, there's one name that has all the same pieces, direct SpaceX connection, real revenue, growing backlog, defense exposure, but it has not really had its monster move yet. That stock is Redwire Corporation, RDW. Let me present the case for it. So, Redwire builds something called the Roll-Out Solar Array, ROSA for short. In plain English, traditional solar panels on satellites are these big, rigid, hinged contraptions that fold out like accordions. Heavy, complex, lots of moving parts. ROSA is very different. ROSA McROSA is a very different beast. It rolls up like a yoga mat, packs into a small canister, launches into space, and unrolls itself using stored strain energy. There's no motors needed, which means it's going to be lighter, stronger, and it's going to be a lot smaller. Here's the direct connection. So, Redwire's ROSA technology has flown on multiple SpaceX Dragon cargo missions to the International Space Station. For specific SpaceX 22, SpaceX 26, and SpaceX 28, the ROSA wings powering a huge chunk of the ISS today were rolled up inside SpaceX Dragon trunks and lifted to orbit on SpaceX Falcon 9 rockets. So, this is a company that literally helps SpaceX power its missions. They also make star trackers, sun sensors, antennas, radio frequency payloads, deployable structures, and even drones, about 1,300 employees across the US and Europe. And their cameras were on the Orion Artemis 2 spacecraft that just did the mission last month. They also just won a European Space Agency Hammerhead spacecraft contract for quantum secure satellite communications. They're supplying solar arrays to Axiom Space for the first commercial space station module. And on the defense side, over 20 million in Q1 2026 follow-on orders from the US Navy and Marine Corps for their stalker drone systems. Now, let's compare the valuation to some of the competitors here. Rocket Lab trades at roughly 75 x trailing revenue, Planet Labs at 43 x, Lunar at 14 x, ASTS at 350 x, Redwire trades at about 5. 5 x trailing revenue. That's not because the business is worth, it's because the market hasn't really re-rated it at all yet. It hasn't had any of the story premium baked in and it's barely at any fundamental premium baked in. This is a company that's got documented SpaceX exposure, multi-mission Artemis contracts, a growing defense business, a record backlog, it's guiding to 41% revenue growth, and it's still trading in the lower half of its 52-week range. I believe that when the SpaceX IPO drops in June and money rotates into anything with a SpaceX connection, well, it's going to be very hard to believe that RWD, that RDW, isn't trading much, much higher. So, that's my take here and that's the asymmetric setup that I see on this stock, especially when comparing to its competitors and its adjacent players. Anyways, now let's move on to
our sponsored segment. And today's sponsored segment is on Medicus Pharma ticker symbol MDCX on the NASDAQ. They're developing what could be one of the first microneedle delivered chemotherapy approaches for basal cell carcinoma, the single most common form of cancer in the entire United States. So, every year millions of Americans receive a cancer diagnosis that doesn't threaten their life, but the treatment leaves a lasting mark. That's the reality for patients with basal cell carcinoma, the most common form of cancer in the United States. The standard of care works, but it involves surgery. Basal cell carcinoma, or BCC, is not just the most common skin cancer, it's the single most common form of cancer in the entire US with an estimated 3. 6 million cases diagnosed every year. Nearly one in five Americans will develop it over a lifetime and the incidence rate has been increasing at over 10% annually in white populations. The good news, it's rarely fatal. However, the bad news is that the standard of treatment is Mohs surgery, a procedure where doctors cut the cancer out of the skin layer by layer under a microscope. Now, the challenges with that current standard of care are significant. Cure rates are above 95%, but the procedure is invasive and leaves visible scarring. When tumors appear on the face, nose, or eyelids, cosmetic disfigurement becomes a serious concern. Elderly patients who cannot tolerate surgery also have very limited alternatives. Patients with Gorlin syndrome who develop hundreds of tumors over their lifetime face a near impossible surgical burden and the estimated market opportunity for BCC treatment is approximately $2 billion. For a cancer that rarely kills, the current treatment carries consequences that many patients and physicians would rather avoid. That gap represents a meaningful unmet need. Medexus Pharma developed a product called Skinject built around a straightforward concept. It's a patented dissolvable microneedle patch loaded with doxorubicin, a well-established chemotherapy agent. The patch is placed directly on the tumor, the microneedles dissolve into the skin and the drug is delivered straight to the cancer cells. No surgery, no systemic exposure, no operating room required. The clinical data gathered so far includes phase one completed in March of 2021 meeting its primary endpoint of safety and tolerability. No dose-limiting toxicities and no serious adverse events across all 13 phase one patients. Six out of 13 phase one participants achieved complete responses meaning cancer was histologically absent upon tissue examination. Phase two is a randomized double-blind placebo-controlled trial across nine US clinical sites. Enrollment of 90 patients was completed in December of 2025 and the top-line results reported on March 5th, 2026 showed 73% clinical clearance and 40% histological clearance in the 200 micrograms cohort at day 57 with an 80% overall response rate representing a clear separation from the 38% clinical clearance observed in the device-only control arm. The full clinical study report is expected in Q2 of 2026 and the company has described the data set as decision-grade evidence to support an end of phase two meeting with the FDA and accelerate partnering readiness. Now, in terms of regulatory and partnership progress beyond the clinical data, Medexus has been building out its regulatory and commercial infrastructure. Several developments are worth noting. The FDA has supported the 505 B2 regulatory pathway for Skinject, which could accelerate development timelines and reduce costs compared to a traditional new drug application. An end-of-phase two meeting with the FDA is planned for the first half of 2026 to establish the phase three pathway. The company has a strategic collaboration with the Gorlin Syndrome Alliance to pursue an expanded access program giving patients with this rare genetic condition supervised access to Skinject. An application has been submitted under the FDA Commissioner's National Priority Voucher Program, which could track fast-track the review timeline, and clinical trials are being expanded internationally with studies underway in the UK and UAE. Now, there's a second pipeline asset as well. In September of 2025, the company completed the acquisition of Antibe Limited, a UK-based clinical-stage biotech developing Tev-Tropin, a next-generation GnRH antagonist targeting advanced prostate cancer. Approximately 300,000 to 500,000 men in the US are living with advanced prostate cancer, and the standard treatment is androgen deprivation therapy, or ADT, which lowers testosterone to slow disease progression. Existing GnRH agonists, a common class of ADT drugs, significantly increase cardiovascular risk. Cardiovascular disease accounts for roughly 30% of all non-cancer deaths in prostate cancer patients. Tev-Tropin is designed to suppress testosterone rapidly without the initial testosterone surge that agonists cause with a potentially more favorable cardiovascular safety profile, and the FDA has granted clearance for a phase 2B study on Tev-Tropin adding a second clinical catalyst for the company's near-term pipeline. Now, of course, this is a super small-cap biotech stock, and those are some of the riskiest in the market. This company has no approved products and no established revenue streams. Clinical trials can fail at any stage. Any positive interim data does not guarantee successful final results or regulatory approval, and of course, there are many other risks, so you want to make sure that you're reading over the SEC filings and doing all your own due diligence. But anyways, bigger picture here, they are developing what could be one of the first microneedle delivered chemical chemotherapy approaches for basal cell carcinoma, the single most common form of cancer in the United States. For anyone interested in clinical stage oncology companies, MDCX may be worth keeping an eye on and beginning your due diligence on. Anyways, that caps off today's video. Have a great rest of your day. We'll see you next time.
