SpaceX, the rocket and satellite company led by Elon Musk, is reportedly preparing for a secondary share sale that could push its valuation to an unprecedented $800 billion. This potential move would double the company's value from earlier in 2025 and establish it as the world's most valuable private company. Simultaneously, the company is considering an Initial Public Offering (IPO) as early as the second half of 2026.^{[1][2][3][4][5][6][7][8]} ### Record Valuation and Share Sale Details Reports indicate that SpaceX Chief Financial Officer Bret Johnsen has been informing investors about the planned secondary share sale. The proposed share price under discussion is reportedly above $400 per share, which would value the company in the range of $750 billion to $800 billion. The company's board of directors discussed these details recently at its Starbase hub in Texas.^[3][4][8][9] If this valuation is achieved, SpaceX would surpass OpenAI, which recently reached a $500 billion valuation, to become the most valuable private enterprise globally.^[1][2][4][5] This insider share sale allows existing shareholders, including employees and early investors, to sell a portion of their holdings.^[10][7] ### IPO Speculation and Musk's Stance The discussions about a potential IPO in 2026 mark a significant development, as Elon Musk has historically expressed caution about taking SpaceX public.^{[2][3][6][7][8]} In earlier statements, Musk indicated that SpaceX's Starlink satellite internet business would need to be in a "smooth sailing situation" with "good predictability" before considering a public listing.^[11] He also warned employees about the intense pressure for short-term results that publicly traded companies face.^[11][12] In June 2024, Musk dismissed hopes for a full SpaceX IPO, citing the legal and financial pressures on public companies.^[12][13] However, some financial experts, such as Vijay Marolia, chief investment officer of Regal Point Capital, had suggested in January 2024 that a SpaceX IPO could occur in 2025 or 2026, potentially after the U.S. elections.^[14] If SpaceX were to go public at an $800 billion valuation, selling even a small 5% stake could mean raising approximately $40 billion, which would exceed Saudi Aramco's record for the largest IPO in history.^[3][4] The potential IPO could also include the Starlink division.^[6] ### Driving Forces Behind SpaceX's Growth SpaceX's rapidly increasing valuation is largely fueled by the success of its Starlink satellite broadband service and its dominant position in the commercial launch market.^[10] Starlink has seen substantial growth, reaching over 8.5 million subscribers globally by September 2025.^[15] This service is projected to account for roughly 70% of SpaceX's total revenue in 2025.^[15] In 2024, SpaceX generated $14.2 billion in revenue, marking a 63% increase from the previous year.^[15][16] The company also continues to secure significant government contracts, reinforcing its financial strength.^[17][10][7] SpaceX regularly offers its employees opportunities to sell a portion of their vested shares through buyback programs, typically held twice a year.^[18][19][20] These liquidity events allow employees to convert their private equity into cash, a crucial benefit for a company that has remained privately held for over two decades.^[18][19]

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