SpaceX is preparing to go public with a valuation target between $1.75 trillion and $1.77 trillion, setting a share price of $135 in what the company is positioning as a historic market debut. If the company raises its full target of up to $75 billion, it would shatter every existing record for an initial public offering.
The company laid out its case across six key business segments, painting a picture of a diversified revenue machine that stretches well beyond launching rockets into orbit. At the center of that pitch sits Starlink, the satellite internet constellation that now accounts for roughly 60% of SpaceX’s total revenue.
Starlink is the engine, everything else is fuel
SpaceX posted $18.67 billion in revenue for 2025, a 33% jump year-over-year. The bulk of that, approximately $11.39 billion, came from Starlink’s connectivity business.
The satellite network has grown to about 10.3 million subscribers supported by a constellation of 9,600 satellites.
