India, May 24 -- SpaceX is expected to IPO at over $1.5 Tn later this year. The most consequential fact about the company's origins is that NASA wrote SpaceX a $278 Mn development contract in 2006, when the company had under 200 employees, and continued anchoring its revenue base for the next decade through Commercial Resupply Services, Commercial Crew awards, Launch Services, and more projects estimated at $15 Bn in total.

The reusable rocket was the celebrated technological breakthrough. The state contract was the invisible support system.

India today has more than 400 space tech startups, world-class engineering inherited from six decades of ISRO leadership, and a comprehensive policy framework in place since 2023. The ecosystem rece...