Texas — SpaceX is reportedly eyeing an internal valuation target of $1.5 trillion, a figure that nearly doubles recent estimates, as the company positions itself for a potential initial public offering (IPO) in 2026.
According to reporting from Bloomberg and Bitget, sources familiar with the company’s internal discussions indicated the new target on December 9. This represents a rapid escalation from valuation figures discussed just days prior. On December 6, reports suggested a valuation of approximately $800 billion, which itself was a significant increase over previous tender offer valuations.
Valuation Targets Escalate
The $1.5 trillion figure places SpaceX in a tier of market capitalization historically reserved for established tech giants rather than aerospace entities. For context, the company’s recent secondary market tender offers have valued the launch and satellite provider in the range of $255 billion to $350 billion.
The shift in internal targets suggests the company is moving beyond pricing based on current launch revenue and is instead modeling future cash flows based on mass adoption of its satellite internet service and heavy lift capabilities.
Starlink and Spectrum Assets Drive Growth
The aggressive valuation target is reportedly driven by two primary factors: the continued dominance of the Starlink low Earth orbit (LEO) constellation and the strategic acquisition of spectrum assets.
Starlink has achieved operational scale, serving millions of global subscribers and securing major contracts in the maritime and aviation sectors. Furthermore, the company’s recent moves regarding spectrum—specifically involving assets from EchoStar—are viewed as critical for expanding capacity and creating a defensible moat against emerging competitors in the direct-to-device (D2D) market.
IPO Outlook
While SpaceX has historically remained private to avoid the quarterly pressures of public markets, the maturity of the Starlink business unit has fueled speculation of a spinoff or public listing. A 2026 timeline aligns with previous executive comments regarding the need for predictable cash flow before taking Starlink public.
It remains unclear whether the $1.5 trillion target applies to a specific Starlink spinoff or the SpaceX parent entity as a whole, though the scale suggests an aggregate valuation of the entire enterprise, including the Starship launch system.