Elon Musk denies that SpaceX has hit an $800B valuation despite reports

Reports claim SpaceX reached a record valuation

When the Wall Street Journal reported that SpaceX was preparing a secondary share sale valuing the company at $800 billion, the reaction was immediate.

That number would make SpaceX the most valuable private company in the world, surpassing even OpenAI.

Investors and analysts quickly began asking what this meant for future launches, Starlink expansion, and the long-running possibility of an IPO.

Elon Musk publicly denies the reported valuation

Musk quickly responded, saying the claim that SpaceX was raising money at an $800 billion valuation was not accurate. His post on X pushed back against the idea that the company was actively targeting that figure.

For a founder accustomed to speculation, Musk seemed intent on resetting expectations and making it clear that the rumors were running ahead of reality.

SpaceX insists it is already cash flow positive

Elon Musk says SpaceX has been cash flow positive for many years, a claim that cannot be independently verified from publicly audited financial statements.

He said that SpaceX conducts periodic stock buybacks, roughly twice a year, to provide liquidity for employees and some investors.

That approach enables the company to remain private while still providing early stakeholders with opportunities to unlock value.

Starship and Starlink drive long-term growth in valuation

Musk explained that any change in SpaceX’s valuation comes from progress in two areas. First is Starship, the heavy-lift rocket system meant to transform deep-space travel and cargo delivery.

Second is Starlink, the global satellite internet network that has become the company’s largest revenue engine. As these programs expand, the company’s addressable market becomes larger.

NASA remains a partner, but a smaller revenue source

SpaceX’s work with NASA helped establish its launch and spacecraft credentials; however, in recent years, the company has diversified into commercial launches, defense contracts, and Starlink, resulting in NASA accounting for a relatively small share of total revenue.

While he expressed deep respect for NASA, he also noted that Starlink’s commercial business now far exceeds government contracts. A single customer no longer defines SpaceX.

Musk pushes back against subsidy accusations

Musk also pushed back against claims that SpaceX survives on government subsidies. He argued that the company won competitive NASA contracts because it offered the best product at the lowest cost.

SpaceX’s Crew Dragon is an operational crew transport vehicle certified by NASA, while Boeing’s Starliner is still undergoing additional testing and certification after in-flight anomalies, so the United States now has one fully operational commercial crew system and a second system under review.

Secondary share sales fuel speculation about an IPO

Reports of a secondary share sale added fuel to the ongoing speculation about SpaceX eventually going public. Such sales typically allow existing investors and employees to cash out some of their holdings.

When the price is high enough, it sends a signal about market confidence. Even if Musk denies the $800 billion figure, interest in SpaceX equity continues to surge.

Some investors are told an IPO may come in 2026

According to insiders, SpaceX has privately indicated that it might consider an IPO as early as late 2026. That does not guarantee a listing, but it marks one of the first times the company has attached a potential timeline to the idea.

If SpaceX goes public, Starlink would be part of the offering, which could attract massive investor demand.

Musk has mixed feelings about public company pressures

Musk has said before that he dislikes running public companies. He argues that they attract unnecessary lawsuits, restrict long-term decision-making, and force leaders to focus on quarterly expectations.

That is one reason SpaceX has remained private for so long. Still, Musk admits he wants Tesla shareholders to benefit from SpaceX’s success someday.

Starlink’s growth strengthens SpaceX’s private valuation

Starlink has become the company’s revenue powerhouse. As of November 2025, Starlink had launched several thousand satellites, and SpaceX and its carrier partners reported roughly 8 million customers, providing the service with a recurring revenue stream that investors cite when valuing the company.

Every successful rocket launch expands this network. For some analysts, Starlink alone could justify a valuation that rivals the world’s largest telecom companies, even before accounting for the Starship program.

SpaceX keeps expanding its launch capacity

The company continues to break its own launch records, sending dozens of payloads into orbit each month. Its reusable rockets significantly reduce costs compared to competitors, making the business more efficient each year.

Whether or not the $800 billion figure is correct, the company’s operational dominance has made it one of the most significant aerospace firms in the world.

Rumors persist because SpaceX keeps outperforming expectations

One reason valuation rumors spread so quickly is that SpaceX repeatedly achieves milestones years ahead of schedule. Investors are trying to price in future dominance in launch services, global communications, lunar missions, and potentially Mars transport.

Even without official confirmation, analysts see a company that could redefine multiple industries simultaneously.

And if you want to see one of the deals fueling those soaring expectations, take a look at Musk’s SpaceX strikes $17B deal to expand deeper into the wireless industry.

For now, the real valuation remains behind closed doors

Despite headlines, leaked numbers, and investor chatter, only Musk and SpaceX’s private shareholders truly know the company’s valuations. If the company continues scaling Starlink and advancing Starship, its worth will likely continue to rise.

For now, Musk is signaling that the world may be getting ahead of itself, even as SpaceX moves closer to a future where an IPO is unavoidable.

And if you want to see how SpaceX is expanding its reach into everyday devices, take a look at SpaceX’s Starlink service, which is now available on Apple Watches in Canada and Japan.

What do you think about Elon Musk denying reports that SpaceX is being valued at $800 billion? Please share your thoughts in the comments.

This slideshow was made with AI assistance and human editing.

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