SpaceX to Reach $800 Billion Valuation: The Future of Space Business as Seen by the World's Largest Private Company

Introduction

At the end of 2025, shocking news hit the space business world. SpaceX, led by Elon Musk, is reportedly preparing for a listing at a valuation of $800 billion (approximately 120 trillion yen). If realized, this would surpass OpenAI to become the most valuable private company in the United States.

According to TechCrunch, this valuation has doubled from its recent $400 billion, clearly illustrating SpaceX's rapid growth.

The Rapidly Growing Starlink Business

The growth engine for SpaceX is its satellite internet service, "Starlink." As of November 2025, the number of active users worldwide has exceeded 8 million. The service is deployed in over 150 countries and regions, gaining millions of new subscribers in just a few months.

Revenue is also strong. Sales in 2024 reached approximately $7.8 billion, growing to account for about 60% of SpaceX's total revenue. It is expected to exceed $10 billion in 2025, serving as the backbone supporting the company.

Compared to conventional satellite internet, Starlink, which utilizes low-Earth orbit satellites, achieves low latency and high-speed communication. In the U.S., it provides a median download speed of approximately 200 Mbps, enabling high-quality internet connectivity even in areas where fiber-optic lines do not reach.

The Current State of Starship Development

Development of the next-generation heavy-lift rocket, "Starship," is also progressing steadily. In October 2025, the 11th test flight was conducted, successfully concluding the final flight of Version 2. Multiple test objectives were achieved, including the sea landing of the booster and the deployment of dummy satellites.

According to reports from Spaceflight Now, SpaceX is currently moving toward the larger Version 3.

Additionally, the construction of a Starship launch facility at the Cape Canaveral Space Force Station in Florida has been approved. The company is establishing a system capable of 76 launches per year, strengthening its ability to support NASA's Artemis program and national security missions.

Why Has SpaceX Grown So Much?

SpaceX's strength lies in "vertical integration." From rocket design and manufacturing to launch, and even the operation of satellite services, everything is completed in-house. Through the reuse technology of the Falcon 9 rocket, launch costs have been significantly reduced, and this low-cost structure allowed for the rapid expansion of the Starlink satellite network.

In 2025 alone, the company achieved over 150 Falcon 9 launches, maintaining an overwhelming share of the commercial launch market.

Conclusion

A valuation of $800 billion indicates that SpaceX has evolved from a mere rocket company into a "space infrastructure company." Based on stable revenue from Starlink, its grand vision of aiming for Mars with Starship is highly valued by investors.

Space business is no longer the stuff of science fiction. It is steadily growing as a massive industry directly linked to our daily lives.

Reference Articles

o SpaceX reportedly in talks for secondary sale at $800B valuation, which would make it America's most valuable private company (December 5, 2025)

o SpaceX launches final Version 2 Starship-Super Heavy rocket (October 14, 2025)

○ SpaceX gets Environmental Approval for Starship at SLC-37 (December 5, 2025)

https://www.nasaspaceflight.com/2025/12/spacex-environmental-approval-starship-slc-37/

○ With 8 Million Users Globally, Starlink Likely Seventh Largest Fixed U.S. ISP (November 6, 2025)