Elon Musk’s SpaceX has set formidable targets for subsequent yr, aiming to roll out the following era of Starship, launch its first uncrewed mission to Mars, and reveal key technical feats akin to in-orbit refueling. Amid media stories of hovering valuation, Musk has shared new particulars concerning the firm’s funds heading into fiscal yr 2026.
Final week, the Wall Avenue Journal reported that SpaceX was initiating a secondary share sale that may increase the corporate’s valuation to $800 billion, doubling its mid-2025 valuation. Musk denied this in a Saturday X submit however didn’t deal with the report’s declare that SpaceX is weighing a possible preliminary public providing for 2026.
“There was plenty of press claiming [SpaceX] is elevating cash at $800B, which isn’t correct,” Musk wrote, clarifying that the corporate has been “money circulation constructive for a few years” and does common inventory buybacks twice a yr to offer liquidity for workers and buyers. He didn’t share a extra correct valuation for SpaceX.
Gizmodo reached out to SpaceX for remark however didn’t obtain a response by the point of publication.
There was plenty of press claiming @SpaceX is elevating cash at $800B, which isn’t correct.
SpaceX has been money circulation constructive for a few years and does periodic inventory buybacks twice a yr to offer liquidity for workers and buyers.
Valuation increments are a…
— Elon Musk (@elonmusk) December 6, 2025
Huge issues on SpaceX’s horizon
Whereas Musk’s submit gives some readability, it additionally raises extra questions on SpaceX’s monetary state. With the reported $800 billion valuation in query, it’s unclear how a lot the corporate is presently value, and the way a lot of a lift these inventory buybacks might present. In June, Musk stated SpaceX’s 2025 business income could be roughly $15.5 billion.
The aerospace firm is competing with OpenAI—presently value about $500 billion—to grow to be the world’s most precious non-public firm. However the query of whether or not SpaceX might go public in 2026 is maybe much more tantalizing.
SpaceX has achieved dominance within the business spaceflight sector, securing its position as a important launch supplier for the U.S. authorities. It additionally operates the most important constellation of broadband web satellites in low-Earth orbit: Starlink. An IPO would unlock huge worth for buyers, however SpaceX has not formally introduced any plans to go public.
2026: A possible landmark yr for SpaceX
SpaceX could also be NASA’s most lively launch supplier, however these contracts make up a surprisingly small portion of the corporate’s income. Musk adopted up his Saturday X submit by stating that Starlink is by far the corporate’s best income driver, and that NASA will contribute to lower than 5% of SpaceX’s income subsequent yr.
“Some folks have claimed that SpaceX will get ‘sponsored’ by NASA. That is completely false,” Musk wrote, including that the corporate gained its NASA contracts based mostly on advantage and affordability. “With regard to astronaut transport, SpaceX is presently the one possibility that passes NASA security requirements.”
He makes a sound level, however it’s additionally necessary to notice that SpaceX has rather a lot to realize in 2026 if it hopes to maintain its largest NASA contract: the Artemis Human Touchdown System (HLS). NASA awarded SpaceX $2.89 billion in 2021 to construct the spacecraft that can land the Artemis 3 astronauts on the Moon, however improvement is severely off-track for a launch goal of mid-2027.
Appearing NASA Administrator Sean Duffy reopened the contract in October, and now, SpaceX is racing towards Blue Origin to offer a viable lunar lander. To win, SpaceX will first need to get Starship Model 3 off the bottom, then reveal key capabilities akin to full reusability, in-orbit refueling, and an uncrewed Moon touchdown.
It’s a tall order. Looking forward to subsequent yr, SpaceX faces daunting technical challenges that would affect investor confidence and future valuations if the corporate decides to go public. Whereas a lot stays unsure, 2026 is shaping as much as be a high-stakes yr for SpaceX.
