WASHINGTON (dpa-AFX) - SpaceX is gearing up for one of the biggest public offerings in history, eyeing an initial price of $135 per share, which puts its valuation at around $1.77 trillion, ahead of its Nasdaq launch set for June 12.
Brett Winton believes that the company's satellite internet arm, Starlink, alone could justify a valuation close to $2 trillion. He points out that Starlink currently delivers about 500 terabits per second in bandwidth, has over 10 million subscribers worldwide, and is pulling in almost $14 billion annually, with sales projected to top $20 billion this year.
For this offering, SpaceX plans to issue about 555.6 million shares, potentially raising around $75 billion. And there's also an option for underwriters to buy an extra 83.3 million shares, which could add another $11.2 billion to the total. After the offering, it looks like Elon Musk will still hold more than 82% of the voting power.
ARK Invest figures that by 2030, SpaceX might hit an enterprise value of roughly $2.5 trillion, with optimistic estimates going as high as $3.1 trillion, while a more conservative outlook puts it at $1.7 trillion. Winton emphasizes that SpaceX's prospects go beyond just launch services, thanks to its satellite infrastructure, ambitions in artificial intelligence, and the reusable Starship rocket development.
ARK's research suggests that if Starship becomes operational at scale, Starlink's network could grow quickly, allowing for much larger satellite deployments and aiding future AI computing operations in space.
Notably, SpaceX is already the largest holding in ARK's venture fund, which has seen gains of over 70% in the past year.
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