SpaceX: Musk’s company is heading toward the largest private valuation in the world

Space Exploration Technologies Corp., known as SpaceX, is an American private company headquartered in Texas. It is a company focused on space technologies. It was founded in 2002 by Elon Musk and, over its time in the industry, has achieved numerous advances in several areas, such as reusable rockets. Today, SpaceX is behind the provision of most space flights and participates in various government programs.

SpaceX on the brink of $800 billion

In recent days, speculation has appeared in the media that SpaceX could reach a valuation of up to $800 billion as part of a planned secondary share offering. This amount would more than double its last value of approximately $400 billion and would rank the company among the most valuable private companies in the world, even ahead of OpenAI with a valuation of around $500 billion.[2] Since SpaceX is constantly expanding its operations in rocket services, but especially in satellite internet through the Starlink project, investors are willing to contemplate such record figures.[1]

This is not classic fundraising

It is important to understand that this planned event is not a typical fundraising round. It is rather a secondary sale transaction in which existing investors and employees sell part of their shares to other investors. Such transactions often serve as a way of providing liquidity for stakeholders and testing the market’s willingness to accept a higher valuation of the company. Elon Musk has also recently stated that SpaceX has had positive cash flow for years and regularly carries out share buybacks to provide liquidity for employees and investors. He also disagrees with claims that the company is seeking new external financing based on this valuation.[2]

Starlink is pushing the valuation to the skies

The main driving force behind the current valuation is Starlink, SpaceX’s satellite internet service, which has grown dramatically in recent years. Starlink already serves more than 8.5 million customers in dozens of countries today and generates a significant share of the company’s revenues. In 2024, almost 63% of SpaceX’s total income came from Starlink. It is estimated that SpaceX’s total revenues could reach approximately $15.5 billion in 2025, with Starlink making up a substantial part. If the company manages to maintain its growth rate and expand into mobile services and direct global coverage, its future potential may be perceived by investors as the telecommunications future with a billion-dollar market share.[3][3]

The hidden lever of future value

In addition to the segments already mentioned, which today form a solid part of SpaceX’s business, there is a hidden lever that can significantly support its future value. It consists of new technological directions such as data centers in space and the provision of computing power for AI directly from satellites. Elon Musk has recently suggested that such solutions will be the fastest and most energy-efficient way to support the growing demands for AI computations, with the Starlink network being able to transmit the results back to Earth. This AI satellite concept, although still at a very early stage, could in the future create a new significant revenue stream and form another area of growth beyond traditional internet or mobile projects. It is precisely the combination of this potential with the existing expansion of Starlink that creates a context in which investors care not only about current income, but above all about expected future cash flow and dominance in a new segment of infrastructure for AI services.[4]

IPO in 2026?

There are sufficient indications that SpaceX is planning to enter the public markets as early as the second half of 2026, with the entire business, including Starlink, potentially being included in the IPO. Until now, Elon Musk has expressed caution regarding a public offering, focusing primarily on stable cash flow and the growth of services, but the current consideration of an IPO reflects a shift in the company’s strategy. An IPO would create a huge opportunity for external investors and at the same time transform SpaceX’s private valuation into public reality. Nevertheless, some statements from the management, including Musk’s rejection of claims about active fundraising at the $800 billion level, suggest that the official strategy is still not completely finalized and that IPO planning may be influenced by market conditions.[5]

Conclusion

Today, SpaceX stands at a point where its valuation is no longer derived only from what it is proving at present, but from what it can achieve in the coming years. The combination of a rapidly growing Starlink, commercially dominant rocket services, a potential stock-market listing and new technological directions creates a unique growth mix with no parallel in the private sector. Investors’ expectations are therefore not merely an expression of enthusiasm, but a response to a real and dynamically expanding infrastructure that is already changing global markets today. If SpaceX can continue to meet its milestones, deepen its technological lead, and turn grand visions into functional projects, the $800 billion mark may ultimately be just another stepping stone on a much longer trajectory.[4]

[1,2,3,4] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or on the current economic environment, which may change. Such statements are not a guarantee of future performance. They involve risks and other uncertainties that are difficult to predict. Actual results may differ materially from the results expressed or implied in any forward-looking statements.  

[1] https://www.reuters.com/business/spacex-talks-share-sale-that-would-boost-valuation-800-billion-wsj-reports-2025-12-05/

[2] https://www.benzinga.com/news/space/25/12/49247012/elon-musk-denies-800-billion-spacex-fundraising-remains-silent-on-ipo

[3] https://www.forbes.com/sites/joelshulman/2025/12/08/spacex-and-starlink-surge-toward-a-possible-800b-valuation/

[4] https://www.marketwatch.com/story/musk-suggests-this-underrated-ai-business-could-be-a-big-driver-of-spacexs-valuation-059c189f?mod=home_invest

[5] https://www.reuters.com/business/spacex-talks-share-sale-that-would-boost-valuation-800-billion-wsj-reports-2025-12-05/