According to CNBC, ARK Invest's chief futurist Brett Winton believes that SpaceX's upcoming initial public offering could be one of the most significant stock issuances in history. The company's satellite internet service, Starlink, on its own justifies an approximate $2 trillion valuation.
SpaceX has set its IPO price at $135 per share, with plans to list on the Nasdaq on June 12. Prior to the offering, the company is valued at around $1.77 trillion. The IPO involves selling 5.556 billion shares, aiming to raise roughly $75 billion. Underwriters retain the option to purchase an additional 83.33 million shares at the IPO price, which would amount to approximately $11.2 billion. Following the completion of the offering, Elon Musk will control more than 82% of the voting power.
Starlink as the Core Valuation Driver
Winton noted that while the market often focuses on SpaceX's achievements in reusable rockets, ARK Invest's valuation thesis is predominantly driven by Starlink. Currently, the Starlink satellite constellation delivers approximately 500 Tbps of bandwidth and generates annual revenue of about $13 billion. With the introduction of the Starship rocket, launch costs can be drastically reduced, enabling faster satellite deployment and further accelerating Starlink's growth.
Long-Term Growth Tied to AI Expansion
Winton emphasized that SpaceX's growth prospects extend beyond launch services and are closely tied to the rapid expansion of artificial intelligence. ARK estimates that by 2030, the combined enterprise value of companies developing and operating foundational AI models could range between $15 trillion and $20 trillion. This outlook reinforces SpaceX's unique value positioning in the satellite internet sector.