In February 2026, Elon Musk merged SpaceX with his AI startup xAI in what CNBC called the largest corporate combination in history - valued at $1.25 trillion. A month later, the combined entity is reportedly preparing a confidential SEC filing that could lead to a June 2026 IPO at a $1.75 trillion valuation. If that happens, it would dwarf Saudi Aramco’s $29 billion debut and become the largest initial public offering ever.

For a company that started with $100 million of PayPal money and three consecutive rocket failures, the numbers are almost absurd. SpaceX generated an estimated $15-16 billion in revenue in 2025 with roughly $8 billion in EBITDA. Starlink hit 10 million subscribers. Falcon 9 launched 165 times - more than every other launch provider on Earth combined. And yet, for all the public fascination with SpaceX, its ownership structure has remained opaque, its finances largely estimated from leaks and filings in the Netherlands, and its shares inaccessible to ordinary investors.

That’s about to change. Here’s a comprehensive look at who actually owns SpaceX, how its valuation reached the trillion-dollar club, and what the path to public markets looks like.

Who Owns SpaceX?

Elon Musk holds approximately 42-43% of SpaceX’s equity through a dual-class share structure that grants him roughly 78-79% of voting power. That gap between ownership and control is the single most important thing to understand about SpaceX’s governance. Musk doesn’t need to own a majority of shares to run the company exactly as he sees fit - the super-voting shares ensure that regardless of how much equity has been diluted across 31 funding rounds.

The rest of the cap table reads like a who’s who of institutional capital. Alphabet (Google’s parent company) holds an estimated 6-7.5% stake, dating back to a $900 million investment in SpaceX’s 2015 Series F round. At current valuations, that position could be worth north of $60 billion - which helps explain why Motley Fool analysts keep writing articles about Alphabet’s “hidden asset.” Fidelity Investments, which came in during the same 2015 round, remains one of the largest institutional holders; its Contrafund alone held about $2.7 billion in SpaceX shares as of early 2025.

Peter Thiel’s Founders Fund has been on the cap table since a $20 million Series C investment in 2008, with an estimated 1.5-3% stake that has appreciated roughly 62,000% at current valuations. Sequoia Capital entered during the 2021 Series J round, while Andreessen Horowitz led a $750 million raise in January 2023 at a $137 billion valuation. Other notable holders include Baillie Gifford, Baron Capital Group, T. Rowe Price, and Valor Equity Partners.

The ownership picture shifted meaningfully in 2024-2025. EchoStar became a major new shareholder after receiving up to $8.5 billion in SpaceX Class A common stock (at $212/share) as partial payment in a $17 billion spectrum acquisition. The deal was significant enough that EchoStar created an entirely new division - EchoStar Capital - just to manage the position. Middle Eastern sovereign wealth funds, including Saudi Arabia’s Public Investment Fund and Abu Dhabi Investment Authority, participated in 2023 financing rounds.

SpaceX Valuation - From $137 Billion to $1.25 Trillion in Three Years

SpaceX’s valuation trajectory from 2023 through early 2026 represents one of the most dramatic private-market appreciations in corporate history. The company hasn’t raised primary capital since January 2023, instead relying on tender offers - essentially company-organized secondary sales - to provide liquidity for employees and early investors while establishing ever-higher price marks.

The December 2024 round was particularly notable because SpaceX itself bought back $500 million in common stock - a rare share repurchase for a private company and a signal of confidence in the trajectory. By December 2025, CFO Bret Johnsen issued a shareholder memo confirming that SpaceX was preparing for a possible public offering in 2026, though he cautioned that timing and valuation remained uncertain. Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have all secured senior roles for the planned offering.

In total, SpaceX has raised approximately $11.9-12 billion in equity funding across 31 rounds from over 240 investors. On secondary markets like Forge Global and Hiive, shares were trading at $595-674 per share as of March 2026 - implying a valuation well north of $1 trillion even before accounting for the IPO premium analysts expect.

How SpaceX Makes Money

SpaceX’s revenue has roughly quadrupled in three years, driven overwhelmingly by Starlink’s explosive growth. The company doesn’t publicly report financials, but convergent analyst estimates and media reports paint a clear picture.

Starlink now accounts for roughly two-thirds of all SpaceX revenue. Consumer subscriptions generate the largest share, but the Starshield military and government division has emerged as a significant contributor - pulling in an estimated $3 billion in 2025 U.S. government revenue alone, including a $537 million Pentagon contract for services in Ukraine. Maritime installations cover over 150,000 vessels, and commercial aviation installations quadrupled in 2025, with 1,400 new aircraft added across United, Alaska, Emirates, Lufthansa, and other carriers.

On profitability, Reuters reported in January 2026 that SpaceX achieved approximately $8 billion in EBITDA on that $15-16 billion in revenue - an exceptional 50-53% EBITDA margin. That’s a dramatic improvement from an estimated $3 billion in adjusted operating profit in 2023, and it explains why the IPO conversation has shifted from “if” to “when.” The only official filing comes from Starlink’s Netherlands subsidiary, which reported $2.7 billion in revenue and a $72.7 million net profit in 2024 - its first profitable year - though this entity covers only international distribution and excludes U.S. sales, government contracts, and satellite manufacturing costs.

Starlink - 10 Million Subscribers and Counting

Starlink reached 10 million active customers on February 14, 2026, spanning 160 countries. The subscriber base has effectively doubled every year: from 2.3 million at the end of 2023, to 4.6 million at the end of 2024, to 9.2 million at the end of 2025. SpaceX was adding roughly 20,000 new users per day in early 2026, and Payload Space projects 18.4 million subscribers by year-end.

The United States remains the largest market with over 2.6 million subscribers, while Brazil surpassed 1 million to become the second largest. Starlink now accounts for 97% of all global satellite internet traffic - a figure that says as much about the failure of competitors as it does about SpaceX’s success.

Average revenue per user has compressed about 37% (from roughly $149/month to about $94/month) as SpaceX prioritized subscriber growth in lower-income markets. That’s a deliberate bet that volume and network effects will more than compensate for lower per-unit economics - a playbook that’s worked spectacularly so far.

Will SpaceX Go Public?

After years of Musk insisting SpaceX would stay private, the answer has shifted to a definitive yes - though with some significant complications.

Musk confirmed on December 10, 2025, that SpaceX would pursue a public offering in 2026. Bloomberg reported in late February 2026 that the company is preparing to confidentially file with the SEC as early as March 2026, targeting a June listing. The offering could raise as much as $50 billion at a target valuation of approximately $1.75 trillion. A dual-class share structure is under consideration to preserve Musk’s voting control post-IPO.

The key nuance: the IPO entity would be the combined SpaceX-xAI-X company, not Starlink as a standalone spinoff - which is what many analysts had expected for years. That means public investors would be buying into a conglomerate that spans rocket launches, satellite internet, artificial intelligence, and social media. Motley Fool put it bluntly in a December 2025 headline: investors want to buy a space stock, but they’ll get an ISP instead.

The financial case is compelling. At $1.75 trillion, SpaceX would trade at roughly 50x its estimated 2025 revenue - aggressive by any standard, but not outrageous for a company growing revenue at 20-30% annually with 50%+ EBITDA margins and no credible competitor in its core markets.

165 Launches, a Chopstick Catch, and the Starship Rollercoaster

The operational achievements backing up that valuation are real. In 2025, SpaceX completed 165 Falcon 9 launches - one rocket every 2.2 days, more than every other launch provider on Earth combined. Reusability records continued to fall: booster B1067 flew 33 times, fairing half SN185 was reused 36 times, and the fastest pad turnaround dropped to just 2 days and 15 hours. Across all Falcon missions, SpaceX maintained a 99.52% success rate.

The Starship program flew eight test flights across 2024-2025, producing both the most spectacular achievements and the most dramatic failures in recent spaceflight. The October 2024 Flight 5 “chopstick catch” - where the Mechazilla tower arms grabbed a returning Super Heavy booster mid-descent - was widely celebrated as a breakthrough moment. Flights 7 and 8 achieved additional successful catches in early 2025.

But the program also hit rough patches. Ships were lost on Flights 7, 8, and 9 due to engine fires and structural issues, scattering debris across the Caribbean. The Polaris Dawn mission in September 2024 reached the highest Earth orbit since Apollo at 1,400 km and conducted the first-ever commercial spacewalk. And the Fram2 mission in March 2025 became the first crewed polar orbit flight in history.

NASA awarded SpaceX an $843 million contract to build the ISS deorbit vehicle, while the Starship HLS lunar lander for Artemis III remains behind schedule, with the crewed lunar landing now postponed to Artemis IV in 2028. Block 3 Starship, featuring Raptor 3 engines, is targeting its first flight in mid-March 2026.

SpaceX Leadership

SpaceX’s executive team has been remarkably stable. Musk serves as CEO, CTO, and Chief Designer - there is no separate CTO role. Gwynne Shotwell continues as President and COO, overseeing day-to-day operations with 21 direct reports. She joined as SpaceX’s 11th employee in 2002 and is widely credited as the operational force that keeps the company running while Musk splits his attention across Tesla, xAI, X, The Boring Company, Neuralink, and his government advisory role. Bret Johnsen, CFO since 2011, is leading IPO preparations.

Other key leaders include Mark Juncosa (overseeing Starship development), Jon Edwards (VP of Falcon Launch Vehicles), and retired 4-star general Terrence O’Shaughnessy (VP, Special Programs/government projects). The only notable senior departure in recent years was Tom Ochinero, SVP of Commercial Business, who left in February 2024 after a decade managing more than a billion dollars in annual revenue.

How to Invest in SpaceX Before the IPO

Since SpaceX remains private (for now), retail investors have several indirect options.

The most direct public exposure comes through Destiny Tech100 (NYSE: DXYZ), a closed-end fund where SpaceX is the top holding at 23-52% of the portfolio. It trades on the NYSE but often at a significant premium to net asset value - meaning you’re paying more than the shares are technically worth. ARK Venture Fund (ARKVX) offers 11-16% SpaceX exposure with minimums around $500 through platforms like SoFi. Baron Partners Fund (BPTRX) holds roughly 13% in SpaceX, and Fidelity’s flagship Contrafund (FCNTX) held about $2.7 billion in SpaceX shares as of early 2025.

For public stock proxies, Alphabet (GOOGL) holds roughly 7% of SpaceX, while EchoStar (SATS) received approximately $11 billion in SpaceX stock from its spectrum deal - potentially the most concentrated public-market exposure to SpaceX available today.

Accredited investors can purchase shares directly on secondary market platforms: Forge Global (shares at $595/share as of March 2026), Hiive ($674/share), and EquityZen (minimums of $5,000-$200,000). SpaceX does exercise a right of first refusal on share transfers, which can block transactions.

If the IPO proceeds as reported, the June 2026 listing would give all investors direct access for the first time. At a potential $1.75 trillion valuation, it would represent a roughly 13x return from the January 2023 funding round in just three and a half years.

Frequently Asked Questions

Who owns SpaceX?

SpaceX is primarily owned by Elon Musk, who holds approximately 42-43% of equity and controls roughly 79% of voting rights through a dual-class share structure. Other major shareholders include Alphabet (~7%), Fidelity, Founders Fund, Sequoia Capital, Andreessen Horowitz, EchoStar, and various sovereign wealth funds. Following the February 2026 xAI merger, former xAI investors including Nvidia and Qatar Investment Authority also hold stakes.

How much is SpaceX worth?

Following the February 2026 merger with xAI, the combined entity was valued at approximately $1.25 trillion. Secondary market trading in March 2026 implies valuations above that figure. A planned mid-2026 IPO is reportedly targeting a $1.75 trillion valuation.

When will SpaceX go public?

Elon Musk confirmed in December 2025 that SpaceX would pursue an IPO in 2026. Reports indicate the company may file confidentially with the SEC as early as March 2026, targeting a June 2026 listing that could raise up to $50 billion.

Can I invest in SpaceX now?

Not directly through standard brokerage accounts. Indirect options include publicly traded funds like Destiny Tech100 (DXYZ), ARK Venture Fund (ARKVX), and Baron Partners Fund (BPTRX), or public companies with SpaceX exposure like Alphabet (GOOGL) and EchoStar (SATS). Accredited investors can buy shares through secondary platforms like Forge Global, Hiive, and EquityZen.

How does SpaceX make money?

SpaceX generates revenue from three main segments: Starlink satellite internet (roughly 65-70% of revenue, including consumer, maritime, aviation, and government subscriptions), commercial and government launch services via Falcon 9 and Falcon Heavy, and the Starshield military satellite program. Total estimated revenue for 2025 was $15-16 billion.

Is SpaceX profitable?

Yes. Reuters reported in January 2026 that SpaceX generated approximately $8 billion in EBITDA in 2025, representing a roughly 50% margin on estimated revenue. Starlink’s Netherlands subsidiary reported its first net profit in 2024.