Startup with $400 Billion Valuation? Is World’s Most Valuable Startup Already Here?

In a development that could redefine the landscape of private startups globally, Elon Musk’s SpaceX is reportedly preparing for an insider share sale that would value the company at around $400 billion, according to sources cited by Bloomberg. The move not only underscores the private market’s continued confidence in the aerospace and satellite firm but also positions SpaceX as the most valuable startup and private company in the world.

According to the report, the company is said to be setting its per-share price at $212, up from $185 during a similar transaction in December last year. The near 14 percent increase in valuation within just over six months is significant, especially considering that SpaceX remains a privately held entity, with no public market forces driving its value.

The company has not issued any official statement confirming the development.

SpaceX Set to Become Biggest Startup

Sources suggest that the planned transaction is being structured in two stages. Initially, SpaceX would raise primary capital by selling a limited number of new shares to institutional investors. Following that, the company is expected to open up a secondary sale, allowing existing shareholders—primarily early investors and employees—to liquidate part of their holdings. The final share price in the secondary transaction would likely be determined based on the primary round.

This structure is not new to SpaceX. The company has previously adopted a similar model during earlier buybacks. In one such fundraising effort in 2021, SpaceX raised around $850 million, highlighting the continued investor interest in the company despite the capital-intensive nature of its operations.

What differentiates this round, however, is the sheer scale of the valuation being discussed. A $400 billion valuation would place SpaceX ahead of every other privately held technology company, including China’s ByteDance, the parent firm of TikTok, and Stripe, the U.S.-based fintech giant.

A New High for Private Aerospace

The rapid appreciation in SpaceX’s valuation is reflective of the company’s growing dominance in the private space and satellite communications sector. Over the last decade, SpaceX has transitioned from a promising space-tech startup to a central player in the global aerospace economy. The company’s successful launches, advances in reusable rocket technology, and deployment of the Starlink satellite internet constellation have helped it build strong operational credibility.

SpaceX’s increasing share in both government and commercial space contracts, including its long-term agreements with NASA and its role in defense communications infrastructure, has further bolstered its market position.

While many startups struggle to maintain momentum post-unicorn status, SpaceX has continued to evolve at a pace more comparable to large public corporations than private startups. Its scale, ambition, and vertical integration make it a unique case study in how a startup can grow deep within one of the world’s most capital-heavy industries while staying private.

What This Means for the Global Startup Ecosystem

The potential valuation milestone is significant not only in terms of market optics but also for its implications across the broader startup ecosystem. SpaceX’s funding model and operational strategy could serve as a blueprint for other deep-tech ventures, especially those operating in capital-intensive and hardware-led sectors.

The development also underscores the rising investor appetite for innovation-led startups that are solving problems at planetary scale—whether it's launching humans into orbit, building satellite-based internet infrastructure, or working on interplanetary transportation.

This is particularly relevant in the context of the growing space-tech ecosystem in India, where startups like Skyroot Aerospace, Agnikul Cosmos, and Pixxel are making headway. SpaceX’s trajectory highlights what’s possible for such ventures, particularly those that can blend long-term technological vision with sound business fundamentals.

For India’s emerging private space sector, SpaceX’s scale and valuation set an aspirational benchmark. The regulatory push through initiatives like IN-SPACe and ISRO’s support for private collaboration could further open up the ecosystem for Indian players to grow and attract institutional funding.

A Quiet Surge, A Loud Signal

What makes the timing of this development more noteworthy is the absence of any official announcement or fanfare. The report of this internal share sale has surfaced quietly, much like many of SpaceX’s previous internal funding rounds. Yet, the implications are loud and far-reaching.

If the deal goes through at the reported terms, SpaceX will not only become the world’s highest-valued startup but also prove that it’s possible to build a company of this scale, significance, and impact entirely within the private domain.

The path it has taken—staying private while working on one of the most ambitious engineering challenges of the century—may increasingly appeal to deep-tech startups and their backers, who are often caught between the demands of capital markets and the long gestation periods of breakthrough innovation.

While there is no indication yet of SpaceX heading towards a public listing, this latest valuation leap indicates strong internal liquidity management and investor interest. Whether this internal deal eventually leads to a future IPO or remains a private milestone, it solidifies SpaceX’s position as a bellwether for private deep-tech investment.

In an environment where many startups are recalibrating their growth stories post the funding winter, SpaceX’s near-$400 billion valuation tells a very different story—one where long-term bets on real technology continue to pay off.