SpaceX Eyes Insider Shares at a Potentially Record-Breaking Valuation of $800 Billion, Sparking Debate
SpaceX, the rocketry and satellite powerhouse led by Elon Musk, is considering selling insider shares in a move that could push its valuation to as high as $800 billion. If realized, this would reclaim the crown for the world's most valuable private company.
These discussions took place on Thursday at SpaceX’s Starbase headquarters in Texas, with board members weighing how much interest there is from insiders looking to sell and from buyers, according to multiple sources who spoke on condition of anonymity because the information isn’t public. There’s also talk that an initial public offering (IPO) could be on the table as soon as next year.
Among the specifics floated is a price for a share sale that could exceed $400 each, implying a market value between $750 billion and $800 billion for SpaceX. Importantly, this transaction would not raise new funds for the company; rather, it would provide liquidity to current employees and investors as insiders divest. If an IPO were to occur at these levels, SpaceX would surpass OpenAI’s $500 billion private valuation set previously in October.
Elon Musk took to social media to deny that SpaceX is raising money at an $800 billion valuation, while steering clear of Bloomberg’s coverage about an insider-share offering. He noted that SpaceX has maintained positive cash flow for years and conducts semiannual stock buybacks to facilitate liquidity for employees and investors.
The contemplated share price would mark a sharp jump from the $212 per share price set in July, when SpaceX raised funding at a roughly $400 billion valuation. Earlier reports from The Wall Street Journal and the Financial Times also identified the $800 billion target.
News of SpaceX’s lofty valuation briefly boosted EchoStar’s stock, with the satellite TV and wireless provider rising as much as 18%. EchoStar had recently agreed to sell SpaceX spectrum licenses for $2.6 billion, following a prior deal to sell roughly $17 billion in wireless spectrum to Musk’s company.
Industry observers subscribe to SpaceX’s prominent role: it operates the Falcon 9 rocket, a mainstay for launching satellites and crewed missions, and leads the field in satellite internet through Starlink, a constellation exceeding 9,000 satellites that far outpaces competitors such as Amazon’s planned Leo network.
SpaceX sits among a selective group capable of commanding valuations well above $100 billion while keeping IPO plans intentionally murky. Should SpaceX pursue an IPO at an $800 billion valuation, it would enter an elite tier just below the largest U.S. publicly traded companies, positioned near but below Musk’s Tesla.
If the company offered 5% of its equity at that valuation, the offering would amount to about $40 billion, potentially making it the largest IPO in history—surpassing notable precedents like Saudi Aramco’s 2019 listing. Historically, SpaceX has sold smaller portions of stock in private markets, contrasted with many public companies that release larger percentages during IPOs.
A potential public listing would expose SpaceX to the volatility typical of public markets, a contrast to the more guarded valuation practices in private company circles. The broader reception of space and defense-focused IPOs in 2025 has been mixed; some issuers have posted strong post-listing performance, while others have experienced declines.
There has long been talk—often floated by SpaceX executives—about spinning Starlink into its own public company. President Gwynne Shotwell first proposed this idea in 2020, though Musk has publicly questioned the prospect. SpaceX’s Chief Financial Officer, Bret Johnson, indicated in 2024 that a Starlink IPO would probably occur in the coming years rather than immediately.
Industry reports also suggest SpaceX may aim to IPO the entire company in the second half of next year, though specifics remain fluid as discussions continue with investors and financial institutions.
Separately, a secondary sale, sometimes called a tender offering, would provide liquidity to insiders and early shareholders while keeping the company privately held for now.
Beyond the corporate finance chatter, SpaceX continues advancing its Starship program, pitched as the most capable rocket yet built for lifting large payloads, Starlink launches, and future crewed missions to the Moon and Mars.
