SpaceX Could Become Most Valuable US Private Company at $800 Billion

TLDR

• SpaceX is pursuing a secondary share sale targeting an $800 billion valuation, which would make it the most valuable private company in the United States
• The company’s CFO Bret Johnsen informed investors about potential IPO plans for late 2026, which could include the entire company and Starlink
• The $800 billion valuation represents double the $400 billion value from SpaceX’s recent secondary share sale
• SpaceX has approximately 9,000 Starlink satellites in orbit serving over eight million active customers worldwide
• The company recently committed over $20 billion to acquire spectrum blocks from EchoStar to support its direct-to-cellphone satellite service

SpaceX is initiating a secondary share sale that would value the rocket maker at $800 billion. This valuation would make it the most valuable private company in the United States, surpassing OpenAI’s $500 billion valuation from October.

Chief Financial Officer Bret Johnsen informed investors about the transaction in recent days. SpaceX executives have also discussed plans for a potential initial public offering in the second half of 2026.

The proposed $800 billion valuation is double the company’s recent $400 billion value from its last secondary share sale. Some reports suggest the share price could be around $300 per share, which would value the company at approximately $560 billion.

SpaceX approached investors through a tender offer, which typically happens twice per year. These transactions allow employees and investors to sell existing shares in the 25-year-old company that has never gone public.

The company generates significant revenue from its operations. Elon Musk stated in June that the Texas-based company expected to generate about $15.5 billion in revenue for the year.

SpaceX’s Business Operations

SpaceX handles missions for commercial satellite companies and government agencies including NASA. The company maintains deep connections with the Pentagon and intelligence community for launches and satellite projects.

The company operates approximately 9,000 satellites in low-Earth orbit for its Starlink division. Starlink provides high-speed internet connections for residential customers and business clients like airlines, serving over eight million active customers.

SpaceX is developing a business to provide satellite links directly to consumer cellphones. The company committed more than $20 billion in cash, stock and debt to purchase spectrum blocks from satellite operator EchoStar to support this effort.

IPO Market Context

The IPO market showed improvement this summer after three years of weak activity. Stablecoin issuer Circle Internet Group and software maker Figma both performed well in their market debuts this year.

Elon Musk previously stated in 2020 that SpaceX planned to list Starlink separately several years in the future. The current plan being discussed with investors involves listing the entire company including Starlink together.

President Gwynne Shotwell commented on the EchoStar transaction in September. She stated the company was pleased to work with operators globally to advance their mission to eliminate mobile dead zones worldwide.

SpaceX is also investing in Starship, a massive rocket being developed for various missions. These missions include a planned moon landing carrying NASA astronauts.

The company has built a dedicated investor base that regularly provides funding at increasing valuations. There is no guarantee SpaceX will reach its $800 billion valuation target in the tender offer.

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