HAWTHORNE, Calif. July 26 — A new regulatory filing from Alphabet has placed SpaceX’s valuation under an extraordinary spotlight. The filing, an SEC disclosure by Google’s parent company, values its 6% stake in SpaceX at $94.1 billion—implying a total company valuation of $1.57 trillion.
That figure would make the aerospace firm more valuable than Tesla, Meta, or Berkshire Hathaway. The encouraging part for those tracking this story is how this milestone was reached.
Early findings from the filing suggest the market is pricing in the full potential of SpaceX’s two primary revenue engines. Starlink, the satellite internet constellation, is projected to generate $10 billion in revenue by 2025. The company’s launch business now conducts over 90% of all U.S. orbital launches, with a backlog of contracts from NASA and the Department of Defense worth billions.
SpaceX’s valuation has climbed steadily over the past decade. In 2015, after a $1 billion investment from Google, the company was valued at $12 billion.
By 2017 it had risen to $21 billion, and by 2020 it reached $36 billion. A funding round in 2022 pushed that figure to $127 billion, making SpaceX the most valuable private startup on the planet. A 2024 tender offer saw shares trade at a $180 billion valuation.
The implied $1.57 trillion figure from Alphabet’s filing represents a nearly ten-fold increase in just a few years. This surge reflects more than just investor enthusiasm. SpaceX has delivered a series of technical milestones.
The Dragon crew capsule has flown dozens of astronauts to the International Space Station. The Starship and Super Heavy system—the most powerful rocket ever built—completed its first successful full flight test in 2024 and is expected to enable missions to the Moon and Mars.
Investors taking note include sovereign wealth funds such as the Saudi Arabian Public Investment Fund, mutual funds like Fidelity, and venture capital firms including Founders Fund and Draper Fisher Jurvetson. The implied valuation would place SpaceX among the most valuable companies in the world. Patients should approach these numbers with measured optimism.
The valuation is based on secondary market transactions and may not reflect a full company-wide valuation. The encouraging part is that SpaceX’s fundamental business continues to strengthen, with both Starlink and its launch operations showing robust growth.
For those interested in the broader picture, the company’s trajectory offers reason for hope, though as with any investment, caution is warranted.
