AMERICANMADE
You're Not Getting Into The SpaceX IPO. Do This Instead.
The SpaceX IPO will price at $1.75 trillion.
You won't get an allocation. Neither will your broker. The banks and insiders already locked it up.
But here's what they missed.
There's one small, publicly traded company sitting in the direct path of this $1.75 trillion event.
It builds the one piece of infrastructure Musk cannot operate without. Colossus doesn't run without it.
You don't need an IPO allocation. You don't need a Goldman account.
You just need a brokerage app and this ticker symbol.
Dylan Jovine is giving away the name today.
Get the "SpaceX Backdoor" ticker here >>
Every nuclear submarine in the U.S. Navy runs on a reactor built by one company. Every nuclear aircraft carrier — same company. Every pound of naval nuclear fuel — same company.
That company is BWX Technologies. It operates out of Lynchburg, Virginia, with roughly 8,700 employees across the U.S. and Canada. It was founded in 1867 — originally as Babcock & Wilcox, the company that built America’s first commercial nuclear reactor. And it holds a position no other company in the Western Hemisphere can replicate. It is the sole manufacturer of naval nuclear reactors for the United States.
This isn’t a company that competes for contracts. It’s a company that IS the contract. And right now, it’s riding the biggest wave of nuclear demand in a generation.
BWXT runs two segments. Government Operations — about 70% of revenue — builds naval reactors and processes nuclear fuel for the U.S. military. Commercial Operations handles everything else: commercial nuclear components, medical isotopes, and nuclear plant services.
Q1 was a blowout. Revenue hit $860 million — up 26%. Adjusted EPS came in at $1.12, beating the Street by 22%. Government Operations grew on higher naval reactor and special materials volumes. Commercial Operations grew on nuclear components, medical sales, and the Kinectrics acquisition.
The backlog tells the real story. It grew 77% year over year to $8.7 billion. That includes a $2.6 billion pricing agreement for naval reactor components and $1.4 billion in new Navy contracts. That’s years of locked-in revenue.
BWXT isn’t standing still. It’s expanding in three directions at once.
First, it bought Precision Components Group for $200 million in April — giving it a footprint in U.S. commercial nuclear component manufacturing. Second, it’s building a new greenfield facility in Mount Vernon, Indiana to expand capacity. Third, it notified the NRC in April that it plans to apply for a uranium enrichment license. If approved, BWXT would move deeper into the nuclear fuel cycle — a potential new revenue stream worth billions.
Nuclear is having a moment. Data centers need carbon-free baseload power. The Navy is expanding its submarine fleet to counter China. Small modular reactors are moving from concept to construction. And existing nuclear plants are extending their lifespans.
BWXT sits at the center of all of it. It makes the reactors, the fuel, and the components. No other American company can say that. The demand is real, bipartisan, and growing. And the only factory that can build what the Navy needs is in Lynchburg, Virginia.
The bull case is the moat. BWXT has no domestic competitor for naval nuclear reactors. It has no substitute product. Government spending on submarines and carriers is bipartisan and growing. The Navy’s FY2027 shipbuilding request is $65.8 billion. That spending flows directly and exclusively to BWXT.
The bear case is valuation. At roughly $200 a share, BWXT trades at about 55 times trailing earnings. That’s expensive for a defense contractor. Wells Fargo initiated coverage with an Underweight rating. The backlog is massive, but defense spending is subject to political risk. Budget fights, continuing resolutions, and sequestration threats can all slow the flow of money. The stock has already pulled back 17% from its April all-time high of $242. That’s a sign some investors are taking profits after a huge run.
But the secular trend is hard to argue with. Nuclear is the answer to carbon-free baseload power. Submarines are the answer to China. BWXT builds both. You’re paying a premium — but you’re buying a monopoly on the most important energy and defense technology of the next 50 years.