Key Takeaways
- Confidential IPO documents submitted to the SEC show SpaceX seeking a valuation between $1.75 trillion and $2 trillion
- The satellite internet division Starlink produced $11.4 billion in annual revenue during 2025 with exceptional 63% EBITDA margins
- Subscriber base surpassed 10 million users spanning 160 nations by February 2026
- Orbital AI data center strategy positions SpaceX against tech giants including Microsoft, Amazon, Alphabet, and Meta
- A $2 trillion valuation would place SpaceX among America’s top seven most valuable publicly traded corporations alongside Nvidia, Alphabet, Apple, Microsoft, Amazon, and Broadcom
Elon Musk’s aerospace venture SpaceX has submitted confidential documents to the Securities and Exchange Commission for an initial public offering that could establish the company’s worth at somewhere between $1.75 trillion and $2 trillion. Achieving this valuation would place SpaceX ahead of corporate giants like Tesla, Walmart, Berkshire Hathaway, and pharmaceutical leader Eli Lilly.
SpaceX just gave its CEO the most ambitious incentive in history
A draft of SpaceX’s IPO prospectus reveals a new 60M-share award for Elon Musk, vesting in $500B market cap increments as the company scales
What he must deliver:
• Grow SpaceX to $6.6T market cap (~420% increase… pic.twitter.com/W6RHU2G5xF— NIK (@ns123abc) April 21, 2026
Information from the confidential filing has begun circulating — and the financial performance metrics are attracting significant attention from analysts and investors alike.
The satellite internet service Starlink delivered $11.4 billion in annual revenue during the previous year while maintaining an exceptional 63% EBITDA margin. To put this in perspective, traditional telecommunications providers AT&T, Verizon, and T-Mobile average a combined EBITDA margin of just 38%, with T-Mobile posting the highest individual performance at 39%.
The Starlink division represented approximately 61% of SpaceX’s overall revenue stream in 2025. Total company revenue reached approximately $18.5 billion for the full year.
The customer base for Starlink expanded to over 9 million users across more than 155 nations by the conclusion of 2025. Just two months later in February 2026, Musk announced via X platform that subscriptions had exceeded 10 million spanning 160 countries and territories.
Astronomical Valuation Metrics Challenge Traditional Analysis
Using a $1.75 trillion market capitalization against the reported $18.5 billion in annual revenue produces a price-to-sales ratio approaching 95x. This multiple exceeds even Palantir‘s valuation, which currently trades at approximately 87.5 times sales. Even rapidly expanding space sector competitor AST SpaceMobile maintains lower relative valuation multiples.
Conventional financial metrics appear insufficient for this analysis. The company’s growth velocity makes historical figures less relevant for forward-looking valuations.
SpaceX’s current private market valuation stands at $1.3 trillion, already representing approximately double the aggregate market capitalization of AT&T, Verizon, T-Mobile, American Tower, and Crown Castle combined.
At an $1.8 trillion valuation, the rocket company would exceed the total worth of all aerospace and defense contractors in the S&P 500 index — including industry leaders GE Aerospace, Lockheed Martin, and RTX, which collectively represent less than $1.5 trillion in market value.
Several established industry players have opted for collaboration over competition. Comcast has integrated Starlink connectivity to supplement its fiber optic and cable infrastructure. T-Mobile now routes certain device traffic through SpaceX’s satellite network.
Orbital AI Computing — The Next Frontier
The company’s ambitions extend well beyond satellite internet service. SpaceX plans to establish artificial intelligence data centers in orbital space, utilizing its xAI acquisition. This strategy creates direct competition with cloud computing leaders — Microsoft, Amazon, Alphabet, and Meta — which maintain a combined valuation near $11.7 trillion and project average EBITDA margins around 57% for the current year.
Microsoft currently leads this group with 61% margins — still falling short of Starlink’s 63% performance.
Musk has publicly stated his projection that space-based AI computing costs could drop below ground-based alternatives within a two-to-three-year timeframe. The xAI division currently operates at a loss, with complete financial statements remaining undisclosed.
Beyond artificial intelligence initiatives, SpaceX’s Starship vehicle — engineered to transport up to 100 passengers — represents a critical component of extended growth strategies encompassing lunar missions, commercial cargo delivery, and eventual Mars colonization efforts.
Should Starlink’s subscriber count reach 30 to 50 million users at an average monthly fee of $100, the division alone could produce $60 billion in yearly revenue. Current residential service packages range from $50 to $120 monthly, while maritime commercial plans can reach $2,150.
SpaceX has not issued official statements regarding the leaked financial information.
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