SpaceX eyes $800 billion valuation in secondary share sale as Musk signals possible IPO

Elon Musk’s SpaceX is kicking off a new secondary share sale that could value the company at as much as $800 billion, according to The Wall Street Journal, pushing the rocket maker past OpenAI to become the most valuable private company in the U.S.

“SpaceX is kicking off a secondary share sale that would value the rocket maker at $800 billion,  surpassing OpenAI to make it the most valuable U.S. private company,” WSJ reported, citing people familiar with the matter.

The sale was disclosed to investors in recent days by SpaceX Chief Financial Officer Bret Johnsen. Executives have been laying the groundwork for what would be one of the largest private transactions ever tied to a venture-backed company.

“The company’s Chief Financial Officer Bret Johnsen told investors about the sale in recent days, and SpaceX executives have also said the company is weighing a potential initial public offering in 2026, some of the people said.”

SpaceX’s $800 Billion Moment: Musk Signals IPO Despite Public-Market Concerns

The valuation marks a dramatic jump from SpaceX’s prior secondary transactions. “The $800 billion valuation is double the $400 billion value it fetched in a recent secondary share sale.” That rapid increase highlights how investor sentiment around SpaceX has shifted as its core businesses continue to scale.

Additional context shows just how fast that re-rating has occurred. In November 2024, SpaceX reportedly sold existing shares at $135 each, valuing Elon Musk’s space startup at about $250 billion. The latest talks suggest the company’s perceived value has more than tripled in a relatively short period.

SpaceX has spent years pouring capital into reusable rockets, launch facilities, and satellite infrastructure, building a commanding lead in both launch volume and reliability. The company continues to outperform rivals chasing government contracts, including Jeff Bezos’ Blue Origin, which has yet to match SpaceX’s operational cadence.

A key driver behind the swelling valuation is Starlink, SpaceX’s satellite internet business. The company now operates the world’s largest low-Earth-orbit satellite network, delivering broadband under the Starlink name and creating a steady revenue stream that sits alongside launch services.

Any future public offering would include Starlink, a business SpaceX previously considered separating. Keeping the satellite unit under the same corporate umbrella would give public investors exposure to both space transportation and global connectivity.

Musk addressed the idea of taking SpaceX public during Tesla’s annual shareholder meeting last month, where he again voiced his unease with public markets.

“I don’t love running publicly traded businesses,” Musk said, pointing to what he described as “spurious lawsuits” that can “make it very difficult to operate effectively.”

He stopped short of ruling out a listing altogether. Musk said he wants to “try to figure out some way for Tesla shareholders to participate in SpaceX,” adding, “maybe at some point, SpaceX should become a public company despite all the downsides.”

For now, the secondary sale carries more weight than IPO timing. Investors appear willing to value SpaceX at a level once reserved for the largest tech incumbents, betting on its dominance in space launches and the growing reach of Starlink. Whether that momentum turns into a public debut remains unresolved, with Musk still weighing access to capital against the tradeoffs of life as a public company.