Intent data trends: The research signals behind SpaceX’s IPO
In April, Reuters reported that SpaceX had confidentially filed IPO paperwork and is targeting a summer roadshow, setting off another wave of discussion around one of the world’s most closely watched private companies.
But IPOs don’t happen overnight.
Before companies go public, they typically spend months researching topics tied to public market readiness. Those research journeys leave measurable digital signals behind.
Using Bombora’s Company Surge® data, we observed increased research activity from SpaceX employees across IPO-related topics well before the recent public reporting around the company’s IPO plans.
The research behind SpaceX’s IPO momentum
While headlines around a potential SpaceX IPO accelerated in 2026, Bombora’s Intent data showed recurring research activity tied to IPO preparation beginning much earlier.
Research activity from SpaceX employees around IPO-related topics began appearing as early as mid-2025, with more sustained spikes emerging throughout late 2025 and early 2026.
IPO-related topics
The Intent topics we measured reflect topics relating to IPO research:
- Initial Public Offering (IPO)
- EBITDA
- Capital Markets
- Business Valuation
- Profitability Analysis
- SEC Regulation
Between November 2025 and January 2026, SpaceX showed repeated increases in research activity.
Rather than a single isolated spike, the data revealed a sustained pattern of research behavior over time, leading up to the April 1 IPO filing.
This isn’t a one-off pattern
To see whether this behavior was unique to SpaceX, we looked at another company tied to public market activity: eToro.
In May 2025, eToro officially debuted on the Nasdaq under the ticker “ETOR,” marking the company’s long-awaited entry into the public markets.
But similar to SpaceX, Bombora’s Intent data showed IPO-related research activity from eToro employees appearing well before that milestone.
Rather than isolated bursts of activity, the data revealed a recurring pattern of research behavior tied to financial readiness and public market planning. Beginning in late 2024 and continuing into early 2025, eToro showed recurring research spikes.
Top spiking topics:
- Initial Public Offering (IPO)
- EBITDA
- SEC Regulation
- Capital Markets
While the scale and timing differed from SpaceX, the broader pattern remained consistent: increased research activity around IPO-related financial and regulatory topics ahead of major public market milestones.
That’s what makes Intent data so valuable.
It doesn’t simply capture interest in a single topic — it reveals clusters of related research behavior that can point to broader strategic shifts inside an organization.
Conclusion
SpaceX and eToro are just two examples of a broader trend.
Whether organizations are preparing for an IPO or considering other major business decisions, these initiatives often begin with extensive digital research.
And in many cases, those signals appear well before the headlines do.
That’s what makes Intent data so powerful. The same digital research performed by employees at SpaceX, which can surface signals tied to something as significant as a potential IPO, can also help B2B organizations better understand when companies may be entering buying cycles, exploring new solutions, or reevaluating existing strategies.
For marketers and sales teams, those signals create an opportunity to engage organizations earlier — before business decisions become obvious to the broader market.