The Hidden Supply Chain Behind Every SpaceX Launch
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Ahead of theSpaceX IPO, Rothschild & Co Redburn analyst Tony Jones published a note on space propellant economics and identified an industrial-gases giant that is well positioned to dominate the market for rocket propellants and mission-critical launch gases as SpaceX's Starship launch cadence gains momentum and the broader space economy is set to double by 2035.
Jones and his team reiterated their "Buy" rating on Linde and raised their 12-month price target to $560 from $550, telling clients on Wednesday that the company has built a deep moat in the industrial gases business after powering America's rocket launches for the past six decades.
The team at the equity research arm of Rothschild & Co Redburn sees SpaceX's Starship as a "further demand accelerator," with higher launch cadence and heavier propellant loads creating a new growth lever for Linde's mission-critical gases business.
Jones estimates Linde generated just under $4 million of revenue per average space launch in 2025.
By 2028, that number could approach $6 million as Starship launches are set to increase dramatically, driving demand for liquid oxygen, nitrogen, helium, cryogenic services, rare gases, and capacity fees.
Linde's earnings growth could accelerate if several growth levers hit at the same time...
Starship dominates propellant gas usage among space vehicle types this year.
"SpaceX has indicated that the 140 to 160 launches planned for 2026 will be almost all Falcon 9 flights.
Starship launches will likely be test flights only, with the major milestone to successfully reach optimal range," Jones noted.
Linde revenue per average space launch – 2025 Linde revenue per average space launch – 2028 Musk has previously stated: "Starship should be doing >1000 Earth orbit flights per year by 2028.
That is still low compared to what's needed to build a self-sustaining city on Mars and secure the future of consciousness." U.S.
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