SpaceX is targeting a staggering $1.75 trillion valuation in its anticipated initial public offering (IPO), a level that would place it among the most valuable companies in the United States.
At that valuation, the Elon Musk-led firm would rank as the sixth-largest listed US company, surpassing giants like Meta Platforms and Berkshire Hathaway. The IPO itself could raise as much as $75 billion, potentially setting a new record.
Despite the lofty valuation, investor appetite remains strong, with demand spilling into private secondary markets.
“It has almost no comparable listed peer… and would likely come at a significant premium,” Reuters quoted Samuel Kerr, global head of equity capital markets at Mergermarket, as saying.
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A major driver of the valuation is SpaceX's Starlink satellite business, which now boasts over 10 million subscribers and accounts for an estimated 50% to 80% of the revenue. Combined with its industry-leading launch capabilities, powered by the reusable Falcon 9 rocket, the company has established a dominant position in the space economy.
“This is a set of proven juggernaut, mega-cap businesses,” Daniel Hanson of Neuberger Berman told the news agency, adding, “The launch business and the Starlink business are proven, here and now. xAI is about optionality.”
However, analysts caution that much of the valuation also reflects future expectations tied to unproven ventures such as Starship, satellite-based data infrastructure, and artificial intelligence initiatives.
Financially, SpaceX reported around $15–16 billion in revenue and about $8 billion in EBITDA for 2025, according to Reuters. Assuming aggressive growth, the implied valuation translates to a price-to-revenue multiple of 56 and a price-to-EBITDA multiple of 109—far exceeding even high-growth peers like Tesla and Palantir.
“Starlink is the only reason this valuation is defensible,” Futurum strategist Shay Boloor reportedly said, citing its rapidly expanding user base.
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Still, questions remain around execution timelines and growth visibility.
“Investors will need to keep strict tabs on the timing of Starship… and the ramp-up of Starlink direct-to-cell services,” PitchBook analyst Franco Granda noted.
With limited comparable peers and strong investor demand, SpaceX's valuation underscores both its market leadership, and the high expectations it must meet.
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