By Swikblog Team | Updated December 5, 2025
SpaceX is once again stretching the limits of what a private company can be worth. According to new reporting from Bloomberg and the Wall Street Journal, Elon Musk’s rocket and satellite company is in talks to run a fresh insider share sale that would value the firm at around $800 billion.
The deal would not be a public listing, but a secondary sale where existing shareholders — including early investors and employees — sell a slice of their holdings to new backers. Even so, the price agreed in this kind of transaction effectively resets SpaceX’s valuation and, at $800 billion, would make it one of the most valuable companies on the planet that still hasn’t gone public.
What Bloomberg and WSJ say about the deal
In their reports, Bloomberg and the Wall Street Journal say SpaceX has been sounding out investors about an insider sale that could double the company’s last marked value. In a July secondary round, SpaceX was reportedly valued at around $400 billion, with shares priced near $212 each.
The latest discussions would push that number to roughly $800 billion, with SpaceX’s long-time finance chief Bret Johnsen said to have briefed investors on the plan. The company itself has not publicly commented yet. For readers who want the original market scoop, Bloomberg’s coverage is here: SpaceX said to pursue share sale at $800 billion valuation .
Why $800 billion is such a big deal
A jump from $400 billion to $800 billion in just a few months would be extraordinary for any company, but for SpaceX it underlines how investors now see the business as far more than a contract launch provider. The new valuation would put SpaceX ahead of OpenAI’s recent $500 billion mark, set in its own employee share sale, and firmly back at the top of the global startup league table.
For context, OpenAI’s secondary sale earlier this year allowed staff to sell roughly $6–7 billion in stock while giving investors like SoftBank, Thrive Capital and others a chance to buy into the AI boom at record prices. SpaceX is effectively responding with a space-and-satellites version of the same playbook — only at an even richer valuation.
Starlink: the growth engine behind the valuation
On the surface, SpaceX is still best known for its reusable Falcon rockets and dramatic Starship test flights. But behind the scenes, the company’s valuation story is now driven by Starlink, the low-Earth-orbit satellite constellation that beams broadband to homes, aircraft, ships and remote communities around the world.
Starlink already operates in more than 100 countries and territories, with millions of terminals shipped and a rapidly growing enterprise and aviation customer base. Investors increasingly view it as a global telecoms network in the making — the kind of infrastructure asset that can produce steady, subscription-style cash flows for many years if growth continues.
It’s not the first time markets have gone wild for a big technology bet. Swikblog recently covered the way investors rushed into a Chinese GPU challenger dubbed a potential “new Nvidia”, after its IPO surged by more than 400 percent on debut. You can read that analysis here: China’s new Nvidia? Moore Threads and the 425% AI chip debut .
What is a secondary share sale – and why not just IPO?
Secondary share sales like the one SpaceX is exploring are primarily about liquidity. Early employees and investors who have held private stock for years get a chance to turn paper wealth into cash, while late-stage funds gain a rare opportunity to build a position in a company that still wants to stay private.
Crucially, SpaceX does not raise new cash in this kind of deal — the money changes hands between buyers and existing shareholders. For now, Musk has consistently signalled that he prefers SpaceX and its Starlink unit to remain private until revenues and cash flows are more predictable, especially for a potential Starlink spin-off.
Does the SpaceX $800 billion valuation make sense?
Supporters argue that the number is high but defensible. SpaceX dominates the commercial launch market, holds multi-year contracts with NASA and defence agencies, and runs the only truly global low-orbit broadband network at scale. If Starlink continues to grow, the combined business could justify a mega-cap valuation similar to, or even above, some of today’s listed tech giants.
Skeptics worry that valuations this rich leave little room for error. Starlink still faces regulatory hurdles, spectrum battles and rising competition, while Starship must move from spectacular test flights to reliable, revenue-generating missions. Any setback could prompt investors to question how much optimism is already priced in.
Space, AI and the race for the world’s most valuable startup
Whatever happens next, the headline is clear: an insider sale at an $800 billion price tag would make SpaceX the benchmark private company once again, overtaking OpenAI’s $500 billion AI valuation and underlining how space, connectivity and artificial intelligence are converging into one story.
One thing is certain: as long as Musk is simultaneously steering rockets, satellites and AI ventures, the battle for the title of “world’s most valuable startup” is unlikely to calm down any time soon — and markets will be watching every launch and funding twist closely.
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