SpaceX (SPCX) Market Cap
$2.10T as of November 13, 2026, spread across two share classes with very different voting rights.
Why "price times shares outstanding" gives the wrong number
Most financial data providers report a single "shares outstanding" figure that counts Class A only, because Class A is the class that actually trades as SPCX. Multiply that by the share price and you get roughly $1.08T, well short of the real $2.10T. The gap is Class B: 5.49B shares, held by insiders, that never trade publicly but are still real equity and still count toward what the company is worth.
The reverse mistake is just as easy to make. Dividing a reported market cap by a reported shares-outstanding figure, when the first spans both classes and the second covers one, produces a share price the stock has never traded at. If a number you have read anywhere puts SPCX around $228, this is why.
Shares outstanding, by class
| Class | Shares | Votes per share | Share of total votes |
|---|---|---|---|
| Class A (public, SPCX) | 7.70B | 1 | 12.3% |
| Class B (insider-held) | 5.49B | 10 | 87.7% |
| Total | 13.18B | – | 100% |
A third class exists on paper. SpaceX's charter authorises 10.00B non-voting Class C shares, none of which were outstanding at the last reporting date. They are absent from the table above for that reason, and absent from every market cap figure anywhere, including ours.
Share counts change quarterly, and this table carries the most recent counts SpaceX has actually filed, as of July 28, 2026. One event since then is already known: on August 14, 2026, SpaceX issued 389.29M new Class A shares as consideration for its acquisition of Cursor. Those shares are real and outstanding, and they are not in the count above, because the company has not yet filed a total that includes them.
Why the split matters
Class A shares carry one vote each. Class B shares carry 10, and each one converts into a Class A share when its holder sells it. Class B is a minority of the shares outstanding and a large majority of the votes, which means the outcome of any shareholder vote is effectively settled before public holders cast one.
Why the market cap changes every day
A market cap is the share price multiplied by the number of shares, so it moves whenever the price does. It also moves when the share count changes: SpaceX issued new Class A shares to complete its merger with Anysphere, the company behind Cursor, in August 2026, which increased the number of shares outstanding without any move in the price.
Share counts are only updated when SpaceX files them, once a quarter. This page uses the last filed count and does not add shares the company has not yet included in a filed total; the note under the table lists any issuance known since then.
Market cap versus enterprise value
Market cap measures the value of the shares only. Enterprise value adds the company's debt and subtracts its cash, which gives a better sense of what the whole business is worth to someone who would have to take on its obligations. For a company spending as heavily as SpaceX on data centers, satellites and rockets, the gap between the two can be large and can change quickly.
When you compare SpaceX with other companies on a price-to-sales or similar ratio, check which measure each figure uses. Mixing a market cap for one company with an enterprise value for another gives a misleading comparison.
Market cap against the last private valuation
Before the IPO, the most-quoted SpaceX number came from private tender offers, in which existing shareholders sold stock to new investors at a negotiated price. The last of those, in December 2025, implied a valuation of about $800 billion. That figure and a market cap are not the same kind of measurement. A tender price is what one set of buyers agreed to pay in one transaction; a market cap is what every buyer and seller is agreeing on continuously. The exchange-set figure today is more than double the last private one, which is a good illustration of why a stale private valuation should never be presented as a company's current worth.
Three common mistakes with SpaceX's market cap
Using the Class A share count alone
Market data providers often multiply the price by the Class A shares only, because that is the class that trades. That leaves out the Class B shares and understates the company's value.
Quoting an old private valuation
Pre-IPO tender prices were set in single transactions and are now out of date. Since June 2026 the market sets the price every trading day.
Assuming votes follow shares
A share of market cap is not a share of control. Class B shares carry many more votes each, so public Class A holders own a large part of the value but a small part of the vote.