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May 28th, 2026 | 07:15 CEST
It is the stock market event of the year and the biggest IPO of all time. Elon Musk is taking SpaceX public. Despite an absurd valuation, it might be worth buying at least in the short term. An AI expert and tech analyst breaks down the facts and the hype, and his conclusion is interesting. The IPO is also having spillover effects on other space-related equities, with several stocks showing sharp short-term gains. And raw materials crucial to space travel are also coming into focus for investors. Tungsten, for example, plays a key role in aerospace applications such as rockets and satellites. The price of this critical metal is skyrocketing, and anyone looking to profit from it can hardly ignore Almonty Industries. The company recently made a milestone with the commissioning of its large-scale mine in South Korea. Analysts are projecting strong revenue and earnings growth in the coming years, with recent updates leading to higher price targets.
time to read: 4 minutes | Author: Fabian Lorenz
ISIN: ALMONTY INDUSTRIES INC. | CA0203987072 | TSX: AII , NASDAQ: ALM , ASX: AII , SPACE EXPLORATION TECHNOLOGIES CORP | US000SPACEX0
Author
For more than twenty years, the Cologne native has been intensively involved with the stock market, both professionally and privately. He is particularly passionate about national and international small and micro caps.
About the author
In episode 565 of the “Doppelgänger“ podcast, Philipp Klöckner analyzed SpaceX’s IPO in detail. One of Germany’s best-known AI experts and tech analysts views the largest IPO of all time rather critically—at least from a fundamental valuation perspective. In the short term, however, he still considers the IPO very likely to be successful. Even professional investors, who actually consider a valuation close to 100 times annual revenue absurd, are likely to subscribe to the stock. The reason is less a conviction in the business model than the expectation that Elon Musk’s fan base will buy the stock almost regardless of the price. In addition, large ETFs and index funds would have to acquire shares following an IPO, which could further drive buying pressure. Klöckner therefore even considers an initial valuation of USD 3 trillion or more to be possible. In the medium term, however, he sees significant risks. SpaceX’s growth is already slowing, while the potential of Starlink is limited in his view.
Future visions, such as data centers in space, are realistic in five years at the earliest and are therefore currently hardly relevant for valuation. He is also particularly critical of the AI division xAI. Although this area is apparently presented in the prospectus as the largest future market, Klöckner believes that Musk has practically already lost the AI race against competitors like OpenAI or Anthropic. As a result, a large part of the valuation is based more on hope and Musk’s storytelling than on solid operating metrics.
The anticipated SpaceX IPO is currently shaking up the entire space sector and sending stock prices soaring. Investors are betting that a successful IPO could channel billions of dollars into the industry. Rocket Lab has been particularly in demand recently, with its stock rising by nearly 70% at times within just a few trading days, as has Intuitive Machines, which gained around 46% over the course of the month. Planet Labs also benefited from the new euphoria surrounding space stocks. The space hype has also reached Germany, with OHB’s stock doubling in May.
Almonty Industries shares offer an alternative way to profit from the space boom. The tungsten producer is currently ramping up production at its Sangdong mega-mine in South Korea, positioning itself to become the largest Western supplier of this critical raw material. Tungsten is also virtually indispensable in the aerospace and satellite industries. This is because tungsten has the highest melting point of all metals, is extremely heat-resistant, and is very dense. That is why it is used in rocket nozzles, engine components, heat shields, high-performance electronics, and radiation shielding systems, among other applications. Material requirements are rising massively, particularly for reusable rockets and hypersonic technologies. Added to this is the expansion of satellite networks such as SpaceX’s Starlink. Thousands of satellites require robust electronics, special alloys, and high-precision manufacturing components, in which tungsten often plays a central role.
And that is not the only thing pointing to a golden future for tungsten. It also plays a central role in other key industries. In the AI industry, the metal is needed, among other things, for the manufacture of high-performance semiconductors, chips and data center hardware, as tungsten is extremely heat- and current-resistant. At the same time, its importance in the defence sector is growing. Armour-piercing ammunition, hypersonic weapons, turbine technology, and military electronics all require tungsten.
At the same time, China has dominated global tungsten production until now. But that will likely come to an end in 2026. As mentioned, Almonty is not only ramping up the Sangdong mine but also expanding its mine in Portugal and plans to begin production in the US this year. It sounds unbelievable, but the Almonty mine will likely be the first producing US tungsten mine in a decade. Since 2015, the country has been completely dependent on imports. Incidentally, a new law will take effect in 2027, prohibiting the import of tungsten from China.
Anyone who thinks that gold and silver prices have risen sharply in recent years should take a look at tungsten. Currently, on the Rotterdam exchange, over USD 3,000 is being paid for 1 metric ton unit (MTU) of ammonium paratungstate, equivalent to 10 kg. At the beginning of the year, the price was USD 900, and just a few years ago, it was less than USD 300. Despite this unbelievable price surge, tungsten, unlike gold or silver, has not corrected in recent months.
Almonty built the Sangdong mine based on the prices at that time. As a result, the cost of tungsten production in South Korea stands at USD 126.8 per MTU. It is therefore no surprise that analysts expect Almonty’s revenue and profits to skyrocket in the coming years.
https://youtu.be/D39rKLK2MN0?si=7eQRjVzDKIGR8990
Most recently, analysts at Sphene Capital published an update on Almonty. The experts continue to see significant upside potential and reaffirm their “Buy” recommendation. Due to persistently strong tungsten prices, revenue and profit expectations have been raised, and consequently, the price target has been significantly increased from CAD 20.10 to CAD 37.40. Almonty shares are currently trading at around CAD 27.
Analysts expect Almonty to generate CAD 1 billion in revenue as early as next year. EBITDA is then expected to reach CAD 630 million, with net income at CAD 494 million. Revenue is projected to double again by 2028. EBITDA is expected to climb to CAD 1.39 billion in 2028, and net income to CAD 1.1 billion.
Almonty is currently operating in an ideal environment. With tungsten, the company produces a critical metal for numerous key industries, is practically the only serious producer in the West, and is significantly ramping up production. Against this backdrop, Almonty shares continue to appear undervalued. For 2027, Sphene analysts expect earnings per share of CAD 1.75, and for 2028, CAD 3.90. This implies a P/E ratio of 15.4 for 2027 and 6.9 for 2028.
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Der Autor
For more than twenty years, the Cologne native has been intensively involved with the stock market, both professionally and privately. He is particularly passionate about national and international small and micro caps.
About the author
Commented by Tarik Dede on May 28th, 2026 | 07:35 CEST
Created and published on behalf of Antimony Resources Corp.
The conflict in the Persian Gulf appears to have entered its final phase. Apparently, the US and Iran are on the verge of finalizing a path to peace. At least, that is what the US media are reporting. Apart from copper, which is currently at an all-time high, the hostilities have weighed on almost all metal prices and, consequently, on stocks as well. However, the geopolitical competition for rare earths, antimony, and silver is likely to enter the next round in the coming months. Western companies are moving forward with their projects to benefit from the US plans to establish a supply chain outside China’s sphere of influence. We are therefore looking at the winners of tomorrow, who could also succeed in the short term: MP Materials, Antimony Resources, and Aya Gold & Silver!
Commented by Matthias Schomber on May 28th, 2026 | 07:30 CEST
The war in Iran has changed the world—and with it, the financial markets. High energy prices, rising inflation, and a dim economic outlook: Germany’s economic experts have halved their 2026 growth forecast to a meagre 0.5%. At the same time, a recent Forsa survey shows that investors now consider gold more attractive than stocks; 30% view the precious metal as the investment with the highest long-term returns, while only 26% still prefer stocks. The price of gold has risen by over 30% in the past 12 months alone and is currently trading at over USD 4,500 per troy ounce. In this environment, the precious metals markets are going wild, rewarding investors who positioned themselves early. While world-renowned industry giants like First Majestic Silver and Agnico Eagle Mines shine with impressive record figures and massive cash flows, exciting explorers and juniors from the second tier are increasingly coming into the focus of investors. It is precisely at this point that an up-and-coming player enters the stage, offering a unique polymetallic strategy. Power Metallic Mines is not only demonstrating remarkable operational momentum but is also at an absolutely promising technical threshold. Investors looking to expand their investment focus beyond gold and silver to include essential battery metals and other metals should take a very close look now.
Commented by Nico Popp on May 28th, 2026 | 07:25 CEST
Rapidly dwindling mineral reserves, a lack of major discoveries in historically developed areas, and drastically increased geopolitical risks—the situation in the gold industry demands action. Leading companies must realign their portfolios to avoid valuation discounts. The search is on for deposits in stable jurisdictions that can be brought into production quickly with state-of-the-art infrastructure. According to regular analyses by the Fraser Institute, Botswana is emerging as the primary target area in Africa. The junior company North Arrow Minerals is positioning itself in a promising geological niche to systematically define a virtually untouched system with the Kraaipan Gold Project.
// news|financial – © 2026
