Should Investors Buy Up SpaceX Stock or This TSX Winner?

SpaceX just hit the market in historic fashion, but Canadian investors can get space exposure through TSX-listed MDA Space without chasing day-one hype.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published June 19, 4:20 pm EDT

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Key Points

SpaceX is a groundbreaking business, but its IPO surge means expectations and volatility are now extremely high.
MDA Space is a “picks-and-shovels” space company with real revenue growth and a large contract backlog.
MDA can still be volatile and not cheap, but it offers a more practical TSX way to play the space boom.

10 stocks we like better than MDA Space

Space stocks just got louder. SpaceX’s (NASDAQ:SPCX) market debut gave investors a rare spectacle. SpaceX stock raised US$85.7 billion after underwriters exercised their greenshoe option, making the offering the largest initial public offering in history. Shares priced at US$135 quickly surged, pushing SpaceX stock into mega-cap territory of US$2.44 trillion almost overnight.

So, should investors chase SpaceX stock now? Maybe, but Canadian investors don’t need to cross the border for a space winner. MDA Space (TSX:MDA) gives them a TSX-listed way to invest in the same massive theme, without buying into the hottest new Wall Street trade on day one.

man in suit looks at a computer with an anxious expression — Source: Getty Images

SPCX

But first, SpaceX stock deserves attention. The company reshaped rocket launches, built Starlink into a global satellite internet force, and turned space from a government-only industry into a commercial race. Its ambitions stretch from reusable rockets to broadband, defence, lunar missions, and eventually Mars. Few companies can match that story.

But investors need to separate a great company from a great stock. SpaceX stock now carries huge expectations. Its first-day pop is already priced in plenty of future success. Early initial public offering trading can also swing hard, especially when investors pile in because they fear missing out. A company can change the world and still give late buyers a rough ride if the valuation runs too far ahead of the business. So, let’s look within our own borders.

MDA

MDA Space looks interesting right now. The Canadian company doesn’t have the same celebrity factor, but it sits directly inside the growing space economy. MDA builds satellite systems, robotics, geointelligence technology, and mission-critical space infrastructure. Its history includes Canadarm technology, and its future ties to commercial satellites, defence demand, lunar work, and space-based communications.

Space spending no longer feels like science fiction. Governments want better defence systems. Companies want stronger satellite networks. Countries want secure communications and better Earth observation. Artificial intelligence also needs more data, and satellites can help collect it. This creates demand for suppliers that can actually build hardware, deliver systems, and win contracts.

The latest results back up the story. In the first quarter of 2026, MDA reported revenue of $464.1 million, up 32.2% from last year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 32% to $91 million. The company also ended the quarter with a $3.7 billion backlog, giving it revenue visibility into 2026 and beyond.

Considerations

MDA also gives investors a cleaner entry point into space than many speculative names. It already sells into commercial and government markets. It doesn’t rely on one rocket launch, one prototype, or one dream. Its satellite systems business continues to scale, and its work with major partners gives it credibility.

The risks still exist, however. MDA shares have already climbed hard, so the stock may not look cheap. Large space contracts can face delays. Margins can shift as the company scales production. Competition also keeps growing as governments and private companies pour money into satellites, defence, and communications. Investors should expect volatility, not a smooth ride.

Still, MDA’s advantage comes from focus. SpaceX stock grabs the front-page moment. MDA offers the picks-and-shovels angle. It helps build the systems space companies and governments need. That can make it a more practical stock for investors who want exposure to the space boom without chasing one of the most hyped IPOs ever.

Bottom line

In short, I wouldn’t dismiss SpaceX stock. It may become one of the defining public companies of the next decade, but I’d hesitate before buying after such a massive debut. For Canadian investors, MDA Space looks like the smarter stock to watch closely today. It has momentum, real revenue, a strong backlog, and a clear role in a market still in its early innings. SpaceX stock may own the spectacle, but MDA may offer the better setup.