SpaceX is pursuing a tender offer that could value Elon Musk's rocket and satellite company at $800 billion, potentially making it the world's most valuable private company and setting the stage for what could be the largest initial public offering   ( IPO )   in history, according to multiple media reports on Friday.

AI Generated Image

The proposed valuation would double SpaceX's   $400   billion   value from   July and vault it   back ahead of   OpenAI ’ s record-setting   $500 billion valuation, according to   Bloomberg and the Wall Street Journal. Chief Financial Officer Bret Johnsen has informed investors in recent days about the transaction, the Journal reported.

The company is targeting an IPO in the second half of next year, people familiar with the matter told the Information and the Wall Street Journal. The timing represents a shift from previous statements by executives who had suggested an IPO remained years away or focused on spinning off the Starlink satellite business separately.

A $800 billion listing would catapult SpaceX into the ranks of the   world ’ s 20 largest public companies. If SpaceX   sold   5% of   the company,   selling   $40 billion   of stock,   that would   surpass Saudi Aramco's 2019 record of $29 billion, Bloomberg noted.  

Tender Offer Details and Market Impact

SpaceX's board of directors discussed the latest tender offer on Thursday at its Starbase hub in Texas, Bloomberg reported. The share price under consideration exceeds   $400   apiece, which would place   the company ’ s valuation   between $750 billion   and $800 billioin, though details   could change based   on interest   from seller   and buyers.

The transaction would allow employees and early investors to sell shares, providing liquidity in the 23-year-old company. SpaceX typically conducts such secondary sales roughly twice a year, according to the Financial Times and the Wall Street Journal.

News of the valuation sent shares of EchoStar Corp. up as much as 18%   before   closing 10%   higher   on Friday. The satellite company had agreed last month to sell spectrum licenses to SpaceX for   $2.6 billion,   adding to an   earlier $17   billion agreement.   SpaceX committed more than $20 billion in cash, stock and debt to acquire EchoStar spectrum to support its direct-to-cellphone satellite service.

Business Strength and Revenue Growth

SpaceX dominates the commercial space industry with its Falcon 9 rocket and leads the satellite internet market through Starlink, which operates more than 9,000 satellites serving eight million active customers, according to the Journal and Bloomberg. The network is far ahead of competitors including Amazon.com Inc.'s Amazon Leo.

Musk posted on X in June that the Texas-based company was expected to generate about $15.5 billion in revenue for the year, the Journal reported. Many investors say Starlink's growing customer base is driving the company's soaring valuation.

The company handles missions for commercial satellite operators and government agencies including NASA. It maintains deep ties with the Pentagon and intelligence community on launch and satellite projects, the Journal noted.

IPO Shift and Executive Statements

SpaceX executives have previously floated the idea of spinning off Starlink as a separate publicly traded entity, a concept President Gwynne Shotwell first suggested in 2020, Bloomberg reported. However, Musk expressed doubt about this approach over the years.

Johnsen said in 2024 that a Starlink IPO would more likely occur "in the years to come," Bloomberg noted. The company has since shifted to considering a public listing of the entire entity, including Starlink, as its rocket business improves, according to the Information.

Shotwell said in a September post on X regarding the EchoStar spectrum deal: "We are so pleased to be doing this transaction with @EchoStar and working with operators across the globe to advance our mission to end mobile dead zones everywhere on Earth."

An IPO would subject SpaceX to public market volatility. Space and defense company offerings have shown mixed results in 2025: Karman Holdings Inc.'s stock nearly tripled since debut while Firefly Aerospace Inc. and Voyager Technologies Inc. plunged by double-digit percentages, Bloomberg reported.

SpaceX is also developing Starship, advertised as the most powerful rocket ever built to launch Starlink satellites and carry cargo and people to the moon and Mars. The company has raised approximately $10 billion from investors including Valor Equity Partners and Sequoia Capital, according to PitchBook data cited by the Information.

A SpaceX representative didn't respond to requests for comment from Bloomberg and the Journal.