SpaceX rockets toward $800 bn valuation as tender offer sparks 2026 IPO speculation: Report

SpaceX is preparing for a transaction that could see Elon Musk’s rocket and satellite company valued at up to $800 billion, Bloomberg News reported on Saturday. The company, which leads the industry in orbital launches and internet services via its Starlink satellite constellation, is reportedly exploring a tender offer that would surpass previous private company records and could set the stage for an initial public offering as soon as 2026.

SpaceX’s board of directors discussed the latest proposal on Thursday at its Starbase facility in Texas. The details remain subject to change and are dependent on the level of interest from both insider sellers and prospective buyers. As one person briefed on the matter stated, "Another person briefed on the matter said that the share price under discussion is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion, though the details could change."

The company’s most recent tender offer, if confirmed, would make SpaceX the world’s most valuable privately held firm, overtaking OpenAI’s $500 billion peak valuation. In July, shares were sold at $212 per share, giving SpaceX a $400 billion valuation. The proposed increase demonstrates the company’s growing dominance in both the launch and low-Earth orbit communications markets.

People familiar with the situation noted, "SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at a valuation higher than OpenAI’s record-setting $500 billion, people familiar with the matter said." Additionally, "The company’s latest tender offer could value SpaceX at as much as $800 billion, said the people, who asked not to be identified as the information isn’t public."

Reports from The Information indicate, "SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year." Furthermore, "SpaceX could pursue an initial public offering as soon as late next year, one person said." However, some caution remains, as "The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people."

Industry analysts note the significant implications of a potential $800 billion IPO. If SpaceX were to sell just 5% of its stock at this valuation, it would raise $40 billion, eclipsing Saudi Aramco’s $29 billion offering in 2019. The Wall Street Journal and Financial Times, citing unnamed sources, also reported that SpaceX could reach the $800 billion mark, placing it among the world’s top 20 public companies by market capitalisation.

SpaceX’s business is currently propelled by its Falcon 9 rocket programme and Starlink’s network of over 9,000 satellites, which maintain a lead over competitors in the rapidly expanding low-Earth orbit internet services market. Last month, EchoStar agreed to sell $2.6 billion in spectrum licences to SpaceX, with additional wireless spectrum transactions totalling approximately $17 billion in favour of Musk’s firm. News of SpaceX’s latest valuation prompted EchoStar shares to climb by as much as 18%.

Despite persistent speculation about a Starlink IPO, Chief Financial Officer Bret Johnsen has clarified that "a Starlink IPO would be something that would take place more likely “in the years to come.”" SpaceX executives, including President Gwynne Shotwell, have previously floated the idea of spinning off Starlink, but no firm timeline has been set. The company continues to focus on developing the Starship launch vehicle, advertised as the most powerful rocket built to date.