In our pre-IPO analysis, we've observed that SpaceX's valuation has approached the $150 billion mark, subsequent to a recent secondary transaction disclosed last July.

SpaceX has orchestrated a transaction with a consortium of both new and incumbent investors, facilitating the sale of insider stocks up to an aggregate of $750 million at a price point of $81 per share.

The firm has not communicated any fresh capital infusions at this juncture. Instead, the current transaction predominantly signifies secondary market activity involving existing equities. Back in July, we reported that Musk emphasized that the company foresees no immediate requirement for additional capital to buttress its ongoing endeavors with Starship, Starlink, and related ventures. Notably, SpaceX typically orchestrates such secondary sales semi-annually, presenting an avenue for employees and other internal stakeholders to liquidate their positions.

Elon Musk initially stated that Starlink would wait for "at least a few years" before going public. He aimed to ensure a "reasonably predictable" revenue stream, providing investors with a clear understanding of their investments. With the recent surge in subscriber numbers and pricing transparency, it appears that Starlink has achieved the level of stability that Musk envisioned.

From a pre-IPO analytical stance, the newly quoted share price marks approximately a 5% appreciation from its last secondary transaction, pegged at $77 per share, valuing the enterprise at roughly $140 billion.

Funding History and Valuation Timeline

SpaceX has demonstrated a consistent upward trajectory in valuation:

2015: Valued at $12 billion during Google and Fidelity’s investment.
2020: Secondary round valued the company at $46 billion.
2021: Additional rounds brought valuation to $74 billion.
2023: Valuation reached $140 billion.
2024: $150 billion valuation in latest secondary offering.

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Investor Overview

SpaceX’s cap table includes some of the most prominent investors in technology and finance:

Founders Fund (Peter Thiel)
Sequoia Capital
Andreessen Horowitz
Baillie Gifford
Fidelity Investments
Gigafund These investors see value in SpaceX’s long-term potential, government contract backlog, and revenue streams from both civil and military clients.

IPO Outlook and Market Conditions

While Elon Musk has not provided a definitive IPO timeline, sources suggest the company is preparing for eventual listing. Market timing will depend on macroeconomic indicators, interest rates, and the health of tech multiples. Any IPO would likely occur only when Starlink revenue shows consistent growth and regulatory hurdles are cleared.

Musk has publicly stated that the IPO will not proceed until there is predictable cash flow from Starlink. With growing international expansion, regulatory approvals, and improved unit economics, analysts believe 2025–2026 could be realistic.

How to invest in SpaceX

SpaceX is a high-profile defense tech company that remains private—meaning retail investors can’t buy shares on public markets. IPO CLUB offers accredited investors exclusive access to secondary shares in companies like Anduril through curated, fully compliant vehicles. To explore available allocations or request the investment memo, click on the button below or contact us directly.

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Product Pipeline & Revenue Streams

SpaceX’s business model spans multiple high-margin verticals:

Starlink: Annual recurring revenue estimated at over $3 billion, with subscribers exceeding 2 million globally.
Launch Services: Falcon 9 and Falcon Heavy generate revenue through contracts with NASA, Space Force, and commercial satellite clients.
Starship: Positioned as the next-gen platform for interplanetary transport, satellite deployment, and cargo delivery.

Future revenue growth may come from government contracts, lunar missions, and private space tourism.

Comparison Table: SpaceX vs. Competitors

Share Price SpaceX

As of July 2025, SpaceX remains a privately held company, so its shares are not traded on public stock exchanges. However, shares are actively traded on the secondary market among accredited investors and employees. The most recent reported secondary market prices for SpaceX shares range from about $226.58 to $237.37 per share.

SpaceX Valuation

These transactions reflect a company valuation between approximately $414 billion and $428 billion, depending on the platform and calculation method. Earlier, in December 2024, a major tender offer priced SpaceX shares at $185 each, establishing a $350 billion valuation at that time.

The company’s rapid growth is driven primarily by its Starlink satellite internet division—which now accounts for a majority of SpaceX’s revenue and EBITDA—and its dominant position in the commercial launch market

FAQ Section

Is SpaceX profitable? Reports suggest portions of SpaceX, especially Starlink, are generating positive cash flow, but full profitability is not confirmed.

Can retail investors buy SpaceX shares? Only via private secondary markets or through special purpose vehicles (SPVs) offered by funds or brokers.

What is the latest SpaceX valuation? As of July 2024, approximately $150 billion.

When is Starlink going public? Likely post-2025, once revenue predictability is achieved.

Shares SpaceX - Shares are not publicly traded; the company remains private and does not have a stock symbol or ticker on public exchanges like Nasdaq or NYSE. Ownership is limited to founders, employees, venture capital funds, and other private investors. However, accredited investors can invest on secondary markets.

What is SpaceX

SpaceX, founded in 2002 by Elon Musk, is a private aerospace manufacturer and space transportation company headquartered in Hawthorne, California. It aims to reduce space travel costs and enable the colonization of Mars. SpaceX is known for its reusable rockets, such as the Falcon 9, and the Dragon spacecraft. Additionally, SpaceX operates Starlink, a satellite internet constellation designed to provide high-speed internet access globally, particularly in underserved areas.

What is IPO CLUB

We are a club of investors with a barbell strategy: very early and late-stage investments. We leverage our experience to select investments in the world’s most promising companies.

Disclaimer

Private companies carry inherent risks and may not be suitable for all investors. The information provided in this article is for informational purposes only and should not be construed as investment advice. Always conduct thorough research and seek professional financial guidance before making investment decisions.