SpaceX IPO: The Rocket Company That’s Now Worth More Than All U.S. Defense Stocks Combined

TLDR

• SpaceX has filed confidential IPO paperwork with the SEC, targeting a valuation of up to $1.75–$2 trillion
• Starlink generated $11.4 billion in revenue in 2025 with a 63% EBITDA margin, far above most telecom peers
• SpaceX now has over 10 million Starlink customers across 160 countries as of February 2026
• The company plans to put AI data centers in space, putting it in direct competition with Microsoft, Amazon, Alphabet, and Meta
• At $2 trillion, SpaceX would join Nvidia, Alphabet, Apple, Microsoft, Amazon, and Broadcom as one of America’s most valuable public companies

SpaceX has filed confidential paperwork with the SEC for an IPO that could value Elon Musk’s rocket company at $1.75 to $2 trillion. If it hits that mark, it would be worth more than Tesla, Walmart, Berkshire Hathaway, and Eli Lilly.

The filing details have started to leak — and the numbers inside are turning heads.

Starlink, SpaceX’s satellite broadband unit, pulled in $11.4 billion in revenue last year with an EBITDA margin of 63%. For context, the average EBITDA margin for AT&T, Verizon, and T-Mobile sits at 38%. T-Mobile leads that group at 39%.

Starlink accounted for about 61% of SpaceX’s total revenue in 2025. The company reported total revenue of roughly $18.5 billion for the year.

By end of 2025, Starlink had more than 9 million customers in over 155 countries. By February 2026, Musk posted on X that the number had crossed 10 million across 160 countries and markets.

A Valuation That’s Hard to Justify — and Hard to Dismiss

At a $1.75 trillion market cap against $18.5 billion in revenue, SpaceX’s price-to-sales ratio sits near 95. That’s higher than Palantir, which trades at around 87.5x sales. Even fast-growing space stock AST SpaceMobile trades at a lower multiple relative to its trajectory.

Traditional metrics struggle here. SpaceX is growing fast enough that backward-looking numbers don’t tell the full story.

At its current private market valuation of $1.3 trillion, SpaceX is already worth about twice the combined value of AT&T, Verizon, T-Mobile, American Tower, and Crown Castle.

At $1.8 trillion, it would be worth more than every aerospace and defense company in the S&P 500 combined — including GE Aerospace, Lockheed Martin, and RTX, which together come in below $1.5 trillion.

Some of those traditional players have already moved to partner with SpaceX rather than compete. Comcast is using Starlink to fill gaps in its fiber and cable networks. T-Mobile is routing some device data through SpaceX’s satellite system.

AI in Space — SpaceX’s Next Move

SpaceX isn’t stopping at broadband. The company wants to build AI data centers in orbit, leveraging its acquisition of xAI. That puts it directly up against the hyperscalers — Microsoft, Amazon, Alphabet, and Meta — which together are worth around $11.7 trillion and average EBITDA margins of about 57% this year.

Microsoft leads that group at 61% — still short of Starlink’s 63%.

Musk has said he believes the cost of running AI in space could fall below terrestrial costs within two to three years. xAI currently loses money, and full financials haven’t been released.

Beyond AI, SpaceX’s Starship rocket — designed to carry up to 100 people — is central to longer-term growth plans involving lunar missions, cargo transport, and eventually Mars.

If Starlink reaches 30 to 50 million subscribers at an average of $100 per month, the unit alone could generate $60 billion in annual revenue. Residential plans currently run $50 to $120 per month; maritime business plans can reach $2,150.

SpaceX has not commented publicly on the leaked financial data.

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