Surpassing the valuation of any other private company globally, SpaceX is reportedly negotiating a secondary share sale that would value the aerospace giant at approximately $800 billion. According to reporting by the Wall Street Journal, this tender offer represents a doubling of the company’s valuation from $400 billion in July 2025, driven by the rapid expansion of the Starlink satellite internet network and continued dominance in the global launch market.
Tender Offer and Valuation Surge
The ongoing discussions involve a secondary sale of existing shares, allowing employees and early investors to sell stock rather than the company raising new primary capital. The proposed transaction price is reportedly above $400 per share, a significant increase from the $212 per share price seen during the company’s tender offer earlier this year. If finalized at this valuation, SpaceX would overtake OpenAI—currently valued at approximately $500 billion—as the most valuable private company in the United States.
Starlink and Launch Dominance Driving Growth
The valuation leap is underpinned by the operational maturity of SpaceX’s two primary business lines. The Starlink division has reportedly surpassed 8 million active subscribers, generating an annualized revenue run rate estimated between $12 billion and $15 billion. Simultaneously, the company has solidified its position as an essential partner for U.S. government defense and intelligence agencies, recently securing spectrum deals with EchoStar valued at more than $2 billion to support direct-to-cell capabilities.
Public Market Horizon
In conversations with investors regarding this secondary sale, SpaceX executives have reportedly indicated plans for an initial public offering (IPO) in late 2026. While the company has operated as a private entity for nearly 25 years to maintain control over long-term development projects like Starship, an $800 billion public listing would immediately place SpaceX among the top 20 publicly traded companies globally by market capitalization.
