Elon Musk's aerospace company, SpaceX, is preparing for a massive secondary share sale that could value the firm at an unprecedented $800 billion. This move comes as the company reportedly targets an Initial Public Offering (IPO) in the second half of 2026, a significant step toward becoming a publicly traded entity. If successful, this valuation would position SpaceX as the world's most valuable private company, surpassing OpenAI's $500 billion valuation.[siliconangle+9]
Historic Valuation and Public Debut
SpaceX is currently discussing a secondary share sale that would double its reported valuation from an earlier sale in July, which stood at approximately $400 billion.This proposed $800 billion figure was reportedly reviewed by SpaceX's board of directors during a recent meeting at the company's Starbase facility in Texas.Sources familiar with the discussions indicate that SpaceX has informed investors and financial institutions about its plans for a public listing in late 2026.[financialpost+15]
SpaceX Chief Financial Officer Bret Johnsen has reportedly updated investors on the secondary sale and the company's IPO timeline in recent days.The potential public listing is expected to include the entire company, notably integrating its rapidly expanding Starlink satellite internet service.This approach marks a shift from earlier considerations by Elon Musk to potentially spin off Starlink as a separate public entity once its revenue stabilized.[lookonchain+8]
Powering Growth with Starlink and Starship
SpaceX's soaring valuation reflects strong investor confidence in its diverse operations, particularly its Starlink broadband service and the ambitious Starship program. Starlink has become a primary revenue driver for the company, projected to generate $7.7 billion in 2024.This represents an 83% year-over-year growth and is expected to account for 58% of SpaceX's total revenue for the year.The satellite internet service continues its rapid expansion, reaching over 8.5 million subscribers globally by September 2025.[sacra+2]
Starlink provides high-speed internet connectivity worldwide through a constellation of more than 9,000 satellites in low-Earth orbit.This service is crucial for users in remote areas and has seen significant adoption in various sectors, including maritime and aviation, as well as in critical situations like the war in Ukraine.The company's efforts to scale Starlink and develop direct-to-cell capabilities are key factors contributing to its increasing market value.[siliconangle+5]
Beyond Starlink, SpaceX continues to advance its Starship launch vehicle. Starship is a 400-foot-tall launch system designed to carry up to 150 metric tons of cargo.This vehicle is intended as the successor to the Falcon rocket series and is critical for future missions, including those for NASA's Artemis program.The development of Starship requires substantial investment, and proceeds from an IPO could provide significant capital to fund these costly projects.[siliconangle+3]
Market Impact and Future Outlook
An IPO at an $800 billion valuation would not only make SpaceX the most valuable private company but also rank it among the world's 20 largest publicly traded companies.Such a public debut could rewrite IPO records. If SpaceX were to sell just a 5% stake at this valuation, it could raise approximately $40 billion, exceeding Saudi Aramco's record-breaking $29 billion IPO from 2019.This would mark the largest public market debut in history.[outlookbusiness+5]
SpaceX's revenue has seen substantial growth, with Sacra estimating $14.2 billion in 2024, up from $8.7 billion in 2023.The company has also secured major U.S. government contracts, including a $5.9 billion deal with the Space Force for 28 missions through 2029.Additionally, SpaceX expects to receive $2 billion in federal funding for satellite development related to the Golden Dome project.These contracts solidify its position as a key partner for government agencies, including NASA, the Pentagon, and the intelligence community.[sacra+3]
While a public listing offers access to a broader pool of capital and liquidity for existing investors and employees, it also introduces exposure to market volatility. SpaceX has historically conducted secondary share sales roughly twice a year, providing opportunities for employees and early backers to sell their shares.These transactions allow insiders to monetize their holdings without waiting for a public offering. The company, founded in 2002, has remained private for over two decades.[siliconangle+5]
The improving IPO market, which has shown signs of recovery this year, could create a favorable environment for SpaceX's public debut.Bankers and investors anticipate that 2026 could see a return to normal IPO activity levels.SpaceX's potential IPO represents a pivotal moment for the aerospace and satellite communications industry, promising to reshape global markets and investment landscapes.[timesofindia+1]
