SpaceX Valuation History
SpaceX's current, exchange-set market cap is $1.76T — for the day-to-day number, see our market cap page. Below is how it got here, and how it prices against public peers.
Pre-IPO valuation history
SpaceX raised through tender offers rather than traditional priced rounds for most of its life as a private company. Figures below are Sacra's estimates, not SEC-filed numbers — pre-IPO valuations never are.
| Round | Date | Valuation |
|---|---|---|
| Series G 2015 | January 2015 | $12B |
| Series H 2017 | November 2017 | $21B |
| Growth 2018 | December 2018 | $30.5B |
| Growth 2020 | August 2020 | $44B |
| Growth 2021 | February 2021 | $74B |
| Tender Offer 2021 | October 2021 | $100B |
| Growth 2022 | June 2022 | $127B |
| Tender Offer 2023 | December 2023 | $175B |
| Tender Offer 2024 | December 2024 | $350B |
| Tender Offer 2025 | December 2025 | $800B |
| IPO (priced) | June 11, 2026 | $1.78T |
| Current market cap | August 12, 2026 | $1.76T |
The IPO row's valuation is price × total shares outstanding as of SpaceX's July 2026 10-Q — an approximation, since the exact share count on the IPO date itself isn't separately disclosed.
SpaceX vs. public aerospace & defense
SpaceX's price-to-sales multiple is far above the traditional primes it competes with for launch contracts — a sign markets are pricing it more like a hypergrowth technology company than a legacy aerospace contractor.
| Company | Market cap | Revenue (TTM) | P/S multiple |
|---|---|---|---|
| SpaceX (SPCX) (this page) | $1.76T | $23.04B | 76.2× |
| Boeing (BA) | $184.35B | $94B | 2.0× |
| Lockheed Martin (LMT) | $137.96B | $77.01B | 1.8× |
| Northrop Grumman (NOC) | $81.78B | $42.89B | 1.9× |
Traditional primes are typically profitable and trade on low-single-digit revenue multiples; SpaceX is not yet profitable and trades on a much higher one — the market is pricing in future growth, not current earnings.
Analyst price target
The average analyst price target for SPCX is $235.69, implying upside of roughly 77% from the current price. Analyst targets are opinions, not guarantees — treat this as one data point, not a forecast.