China has ramped up its space initiatives to compete with SpaceX’s ascent in the last three years, with some commercial space firms eying similar satellite and rocket launch goals.

SpaceX's $1.75 trillion IPO targets a $75 billion raise with $150 billion in demand, pressuring stock futures and spotlighting its $1.29 billion Bitcoin

Shares of satellite and rocketry-related companies worldwide have surged as everything from Starlink component manufacturers to ETFs that own private shares in SpaceX draw strong…