"Starlink has surpassed 10 million active subscribers globally as of early 2026, with 2026 revenue projected to exceed $20 billion, justifying a substantial valuation."
"SpaceX has reduced the cost per kilogram to orbit from roughly $15,600 in 2008 to under $1,000 today through reusable Falcon 9 hardware."
"The merger with xAI added a layer to the valuation that straightforward financial models struggle to capture, enabling orbital data centers to deliver compute 25% cheaper than ground-based alternatives."
"The $1.75 trillion figure prices in Starlink's adoption curve, Starship's cost trajectory, and the orbital compute thesis together, reflecting a 95x trailing revenue multiple."
SpaceX's IPO may be valued at $1.75 trillion, primarily due to Starlink's rapid growth, with over 10 million subscribers and projected revenues exceeding $20 billion in 2026. The satellite connectivity market is estimated at $160 billion annually. SpaceX has significantly reduced launch costs from $15,600 per kilogram in 2008 to under $1,000 today. The merger with xAI enhances valuation by enabling cheaper orbital data centers. The valuation reflects Starlink's adoption, Starship's cost trajectory, and the potential of orbital computing.
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