Well, if you tell me that there was a Singaporean-based company that could benefit from SpaceX’s listing, I would be very sceptical. But I am pleasantly surprised that there is one.

SpaceX’s recent listing has put the spotlight on many space- and satellite-related companies worldwide. Addvalue Technologies (AddT) has come to the forefront from the Singaporean side, even though it’s not a direct beneficiary. Its recent strong 2026  results suggest that the company now has strong legs to run on.

Let’s take a look at AddT and see what kind of value can be found.

AddT provides products and solutions for satellite-based communication and other digital broadband for applications on land, at sea, on fight and in space. It has four main business segments.

The Space Connectivity (Space)  and Advanced Digital Radio (ADR) businesses make up 94% of revenue for the full-year 2026. Geographically, it derives most of its revenue from the Asia Pacific (60%) and America (30%) regions.

It wasn’t that long ago that AddT was struggling. From 2021 to 2023, the company sustained continued losses, which placed it on SGX’s Watch List. Fortunately, it has recovered from that period and has been profitable for 3 consecutive years. 

For the latest financial year, AddT’s revenue grew by 60% from SG$15.5 million in 2025 to SG$24.8 million in 2026. This was mainly driven by higher sales in its Space (+61%) and ADR (+58%) segments, where Inter-Satellite Data Relay System (IDRS) continued to see higher demand. Furthermore, its Software-Defined Radio (SDR) module, ADRS1000, also saw improved sales, which indicates the strong prospects in the aerospace and defense industry. 

Meanwhile, its profits have more than doubled from SG$2.0 million to SG$4.8 million over the same period. This meant that its net profit margin has improved from 12.9% to 19.4%.

AddT’s position in the market is a ‘shovel’ for the space and aerospace industries. Its communication products/components are extensively used in low-earth orbit (LEO) satellites. Most of SpaceX’s satellites are LEO, and it is looking to launch more satellites to expand into non-US markets. Its IDRS solutions are integral and have received higher orders of US$15.2 million as of June 2026, compared to US$4.2 million in 1H 2025. ADRS solutions are expected to increase with a higher demand for anti-drone solutions from governments. 

The space economy has also received Singaporean government support. The National Space Agency of Singapore was set up in April 2026 to seize opportunities in the expanding global space economy, which is projected to triple from US$630 billion in 2023 to US$1.8 trillion by 2035. Meanwhile, according to Grand View Research, the anti-drone industry is projected to grow by 5 times from US$4.1 billion in 2026 to US$19.8 billion by 2033.

Market analysts think that AddT has a lot of upside potential. The average target price is set at SG$0.34 with an implied upside of +110%.

AddT is trading at very high valuations due to the share price rising by 128% since the beginning of the year. Most of the share price increase came after March 2026, when SpaceX filed for its IPO on 1 April 2026.

Source: Shareinvestor

Addvalue Technologies represents a potential SpaceX beneficiary in Singapore due to higher investor awareness about space- and satellite-related stocks, and also higher potential growth in the global space economy.

Investors who want a local Singaporean proxy to the global space and satellite industry can take a look at AddT.