LOS ANGELES, July 14 — For investors looking to get a piece of SpaceX, the path has never been straightforward. Unlike Apple or Tesla, the rocket company remains privately held, with no shares available on public stock exchanges. Instead, those who want to buy in must turn to secondary markets like SharesPost and Forge Global, where accredited investors can purchase stakes from existing shareholders — typically employees and early backers.
That secondary market has been telling a difficult story in recent months. As of October 11, 2025, SpaceX’s valuation on these platforms had fallen to $108 billion, a dramatic drop from $180 billion in June 2025.
That represents a decline of 40% in just over four months. The all-time low price per share during this period was reported at $62.50, a far cry from the peak of $112 recorded in July 2024. Trading on secondary markets is inherently less liquid and more volatile than public exchanges.
Prices can swing sharply on news events, contract wins, or technical milestones — and SpaceX has seen its share of all three.
What analysts are pointing to
Analysts at Morgan Stanley, in a note dated October 11, 2025, pointed to two key factors behind the slide: the Blue Origin contract win and delays to the Starship program. Blue Origin, the space company founded by Jeff Bezos, secured a major contract that shifted market sentiment. Meanwhile, Starship — SpaceX’s next-generation rocket system that Elon Musk has tied to the company’s long-term future — has faced repeated delays.
It is worth noting that the secondary market valuation does not reflect the company’s most recent primary fundraising. SpaceX last raised primary capital in December 2023, a $750 million round at a $137 billion valuation.
That figure sits between the June 2025 peak and the October 2025 low on secondary markets, illustrating the gap between what institutional investors pay in private rounds and what secondary traders are willing to pay. The company has no announced plans for an initial public offering, though Musk hinted in 2024 that an IPO could occur “once Starship is flying regularly.”
What it means for investors
For accredited investors, secondary markets offer the only current avenue into SpaceX. But the volatility carries real risk. A 40% valuation drop in four months is the kind of swing that would rattle even seasoned public-market investors.
On secondary platforms, where liquidity is thinner, selling during a downturn can be even more challenging. The path forward hinges on Starship.
If the rocket begins flying regularly, as Musk has suggested, sentiment could shift quickly. Until then, the secondary market will continue to react to each headline, each delay, and each competitor’s win.
