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SpaceX’s $1.75 Trillion Valuation Raises Questions Ahead of IPO

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SpaceX is targeting a $1.75 trillion valuation in its anticipated IPO, a figure that would place it among the most valuable companies globally and ahead of firms like Meta Platforms and Berkshire Hathaway.

Despite the scale, investor demand appears strong. The company could raise more than $75 billion, potentially setting a record for a public offering. Interest has already spilled into secondary markets, where investors are seeking early exposure.

Valuation Drivers

The primary foundation of SpaceX’s valuation is its Starlink business, which has over 10 million users and accounts for a significant share of revenue. The company’s launch division also plays a key role, with its reusable rocket program—particularly the Falcon 9—dramatically reducing launch costs and increasing frequency.

In 2025, SpaceX generated approximately $15–16 billion in revenue and about $8 billion in EBITDA, reflecting strong growth. However, much of the valuation also depends on future projects such as the Starship program and integration with AI ventures like xAI.

Stretching Traditional Metrics

Using aggressive growth assumptions, SpaceX would trade at roughly:

  • 56× price-to-revenue
  • 109× price-to-EBITDA

These multiples significantly exceed even high-growth tech companies such as Tesla and Palantir Technologies, indicating that investors are pricing in substantial future expansion.

Risks and Uncertainty

The valuation depends heavily on continued growth in Starlink and successful execution of unproven initiatives. Delays in the Starship program or slower-than-expected adoption of satellite-based data services could pressure future performance.

Additionally, unlike publicly traded peers, SpaceX lacks transparent consensus forecasts, making valuation comparisons less precise.

Market Context

The company’s dominance in low-Earth orbit satellite deployment and launch frequency gives it a structural advantage. However, competitors such as Amazon are investing heavily in rival satellite networks.

Overall, SpaceX’s valuation reflects not only current performance but also investor confidence in founder Elon Musk and the company’s long-term role in space infrastructure, global connectivity and AI-driven services.

US Moves to Ease Satellite Power Limits, Boosting Space Broadband

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The Federal Communications Commission is preparing to relax long-standing power limits on satellite spectrum usage, a move expected to significantly enhance space-based broadband services.

The proposed rule changes, scheduled for a vote on April 30, would allow more intensive use of wireless spectrum for satellite operations. According to the FCC, this could increase broadband capacity by up to seven times current levels, enabling faster speeds, lower latency and improved reliability.

The decision is seen as a major boost for companies such as SpaceX and its Starlink network, which already operates the world’s largest satellite constellation with over 10,000 satellites.

Current regulations, dating back to the 1990s, impose strict limits on transmission power. Regulators argue that these constraints are outdated and restrict the performance of next-generation satellite systems. The FCC estimates the updated framework could generate up to $2 billion in economic benefits.

The changes are particularly relevant for rural and remote areas, where satellite broadband often serves as the primary connectivity option. Higher power levels would allow stronger signals and more consistent service in underserved regions.

However, the proposal has drawn opposition from competitors such as Viasat and DirecTV, which have raised concerns about potential signal interference and orbital congestion.

SpaceX has argued that current rules unnecessarily constrain innovation and limit service quality for millions of users. The company has also been expanding its network, including approval earlier this year to deploy thousands of additional next-generation satellites.

If adopted, the regulatory shift would mark a structural change in satellite communications policy, potentially accelerating the global expansion of space-based internet services and intensifying competition in the broadband market.

Iranians Use Musk’s Starlink to Bypass Internet Blackout Amid Protest Crackdown

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Some Iranians are continuing to access the internet through Starlink, the satellite-based network operated by Elon Musk, despite a near-total nationwide communications blackout imposed by authorities, according to people inside the country.

Iranian officials have in recent days launched a deadly crackdown on nationwide protests, accompanied by widespread internet shutdowns affecting fiber-optic and mobile networks. However, Starlink—which delivers connectivity directly from thousands of low-Earth orbit satellites—remains operational in some parts of Iran, despite being officially banned.

Three Starlink users inside Iran told Reuters that the service was still functioning in certain locations. One user in western Iran said dozens of people in his area were using Starlink and that access in border towns and cities appeared largely unaffected.

Alp Toker, founder of internet monitoring group NetBlocks, said he had also received reports of continued Starlink access, though at reduced levels. “It is patchy, but still there,” he said. According to NetBlocks data, the broader internet blackout that began on January 8 continued on Monday, with non-satellite connectivity operating at roughly 1% of normal levels.

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It remains unclear how Iranian authorities are attempting to disrupt Starlink’s service. Some specialists said any interference could involve jamming Starlink terminals by overpowering their ability to receive satellite signals. SpaceX, which owns Starlink, did not respond to requests for comment. Iranian authorities were also unreachable due to phone and internet outages.

CRITICAL TOOL AMID GLOBAL CONFLICTS
Starlink’s role in Iran highlights the growing influence of Musk’s satellite internet network in global conflicts and political unrest. The service has been a critical communications tool for Ukraine since Russia’s full-scale invasion in 2022, and has also been used in countries such as Myanmar and Sudan, where authorities have repeatedly imposed internet shutdowns.

U.S. President Donald Trump said on Sunday he plans to speak with Musk about restoring internet access in Iran, without explicitly referencing Starlink.

Musk previously shipped free Starlink terminals to Ukraine and offered complimentary service there. By contrast, standard Starlink terminals typically cost about $599, plus a monthly subscription fee, putting them out of reach for many Iranians.

Starlink is not licensed to operate in Iran, but Musk has previously said the service is active there. In December 2022, he wrote on his social media platform X that the company was “approaching 100 Starlinks active in Iran,” a small number relative to the country’s population of roughly 92 million. In June last year, responding to calls for Starlink access to Iran, Musk posted simply: “beams are on.”

Following a 12-day conflict between Iran and Israel in June, Iran’s parliament passed legislation formally banning Starlink and imposing severe penalties for using or distributing the unlicensed technology, according to state media. Despite those restrictions, the continued use of Starlink underscores how satellite internet has become a powerful, if uneven, tool for bypassing state-imposed information controls.