Elon Musk's SpaceX is aiming high, even by its own stratospheric standards. The company is initiating a secondary share sale that targets an $800 billion valuation, according to recent investor briefings, and executives are signaling that an IPO could arrive in late 2026.

Taking Aim at the Top Spot

SpaceX CFO Bret Johnsen recently briefed investors on the tender offer, according to the Wall Street Journal. The sale allows employees and early backers to cash out shares while positioning SpaceX to unseat OpenAI as America's most valuable private company. That $800 billion target represents a remarkable doubling from the company's previous $400 billion valuation, reflecting extraordinary investor appetite despite SpaceX staying private for nearly a quarter century.

IPO Timing and Market Conditions

According to The Information, SpaceX executives are targeting late 2026 for a public debut. The timing could work in their favor. While a recent government shutdown temporarily slowed new listings, the IPO market appears to be shaking off a three-year slump. Recent successful public offerings from Circle and Figma suggest investor appetite is returning.

The Business Behind the Valuation

What justifies an $800 billion price tag? SpaceX occupies a rare position as a dual-sector powerhouse straddling defense and telecommunications. The company generates an estimated $15.5 billion in annual revenue and serves as an indispensable partner to both the Pentagon and NASA, handling classified satellite projects and ferrying astronauts to the International Space Station.

Meanwhile, the consumer side of the business keeps growing. Starlink, the company's satellite internet division, now serves approximately eight million active subscribers through a constellation of nearly 9,000 satellites orbiting overhead.

SpaceX isn't resting on those achievements. The company is aggressively pushing into direct-to-consumer cellular services, recently committing over $20 billion to acquire spectrum from EchoStar Corp. (SATS). President Gwynne Shotwell described the deal as essential for eliminating mobile dead zones worldwide.

And then there's Starship, the massive next-generation rocket designed to support NASA's lunar ambitions. Musk recently claimed that once Starship launches several times daily, it will carry about 99% of Earth's orbital payload mass, even if competitors triple their current launch rates. Bold? Sure. But also vintage Musk.