HAWTHORNE, Calif., July 14 — SpaceX’s secondary-market valuation has taken a significant hit, with its special purpose vehicle share price falling to an all-time low of $45.20 on October 26, 2023. The figure that matters: that was down from $58.10 on October 1, 2023, a decline that erased $15 billion in market capitalization for the most valuable private company in the United States. The bottom line for investors watching the space economy: SpaceX remains a privately held company, founded by Elon Musk in 2002 and headquartered in Hawthorne, California.
As of September 2023, secondary market trades valued the company at roughly $150 billion. That valuation was built on $4.6 billion in revenue in 2022, driven primarily by launch services and subscriptions to its Starlink satellite internet network.
The SPV Mechanism
SpaceX’s stock is not publicly traded on major exchanges. Instead, a special purpose vehicle, or SPV, created in 2020, tracks the company’s Class A common stock. This vehicle allows accredited investors to trade shares on secondary markets including Forge Global and SharesPost.
The SPV’s price drop from $58.10 to $45.20 in late October 2023 represented a sharp reversal for a company that had raised over $10 billion in funding from investors including Founders Fund, Google — which invested $1 billion in 2015 — and Fidelity. Investors will note that the SPV price serves as a proxy for SpaceX’s valuation between formal fundraising rounds.
The October 2023 decline wiped out $15 billion in market capitalization in a matter of weeks, based on the $150 billion September 2023 estimate.
No IPO in Sight
SpaceX has not disclosed plans for an initial public offering. Elon Musk stated in 2021 that an IPO is unlikely until Mars missions become regular. That timeline keeps the company’s shares confined to secondary markets and private placements, limiting liquidity for investors who want in or out.
The company’s revenue base of $4.6 billion in 2022 — split between launch services and Starlink subscriptions — provides the underlying financial picture. Starlink has been a key growth driver, with its subscriber base expanding globally.
Launch services, meanwhile, continue to serve government and commercial customers, including NASA.
What to Watch
The SPV price will be a key indicator for investors tracking SpaceX’s trajectory. The October 2023 low came amid broader market turbulence for high-growth, pre-IPO companies. Whether the SPV recovers or sinks further depends on factors including Starlink’s revenue growth, launch cadence, and any new fundraising rounds.
For now, SpaceX remains the most valuable private company in the U.S., but the SPV data shows that value is not static. The $15 billion decline from early October to late October 2023 is a reminder that even the most hyped private tech names face real market discipline.
Sources
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