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Elon Musk's space exploration company, SpaceX, is reportedly poised to reach a staggering valuation of up to $800 billion (approximately 1,180 trillion KRW), a figure that would cement its status as the world's most valuable private enterprise, surpassing even the developer of ChatGPT, OpenAI.

According to anonymous sources cited by the Wall Street Journal (WSJ) and Bloomberg, an imminent internal share sale by SpaceX is on the horizon. The sources indicated that the stock price currently being discussed is above $400 per share, which would place the company's total valuation between $750 billion and $800 billion.

Doubling Down on Valuation

If the $800 billion valuation holds, it represents a dramatic doubling from its previous recorded valuation of $400 billion established in earlier stock sales. This new valuation would comfortably eclipse the previous record for a private company—$500 billion—set by OpenAI just two months prior in October.

However, Musk himself took to his social media platform, X (formerly Twitter), on December 5 to dispute the media reports, stating they were "inaccurate." He clarified the nature of the stock activity: "We regularly buy back shares twice a year to provide liquidity to employees and investors." This suggests the company is engaging in tender offers to repurchase existing shares from insiders, rather than facilitating an external sale at the reported price.

Musk attributed the escalating valuation to the "progress of the Starship and Starlink businesses, and the securing of Direct-to-Cell (DTC) frequencies which significantly expand the potential market." The Starlink satellite internet service, in particular, is emerging as the dominant revenue driver.

Starlink: The Commercial Powerhouse

Musk emphatically stressed that SpaceX's revenue is overwhelmingly driven by its commercial sector, with missions for the National Aeronautics and Space Administration (NASA) constituting a minor fraction of its income.

"While I have a great affection for NASA, NASA will account for less than 5% of SpaceX’s revenue next year," Musk stated. He highlighted that commercial Starlink is the company's largest contributor to revenue, which is projected to reach between $15.5 billion and $16 billion for the current year.

He also directly refuted claims that Starlink receives subsidies from NASA, asserting that SpaceX secures NASA contracts strictly by offering the "best product at the lowest price."

IPO Prospects and Ethical Scrutiny

Musk has historically expressed a cautious, somewhat negative stance toward an Initial Public Offering (IPO), citing the risk of becoming entangled in "unreasonable lawsuits." Nonetheless, he has kept the possibility open, acknowledging that the company must eventually become publicly traded.

Should SpaceX successfully go public at an $800 billion valuation, it would effortlessly surpass the current record for the world's largest IPO, set by Saudi Aramco in 2019.

The strong emphasis on the commercial nature of SpaceX’s revenues—and the downplaying of NASA's financial contribution—is viewed by some analysts as an attempt to quell a recent conflict-of-interest controversy. The controversy arose after Jared Isaacman, a close associate of Musk who financed the Inspiration4 mission via SpaceX, was recently nominated for a senior position at NASA. By stressing that NASA is a low-percentage client, Musk appears to be actively working to mitigate perceptions of undue influence or favoritism.

As SpaceX continues to dominate the commercial launch and satellite internet sectors, the question of its true valuation—and the timing of its inevitable IPO—remains one of the most compelling narratives in global finance and aerospace.

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