SpaceX's exchange-set market cap is $1.96T. Our market cap page carries the day-to-day figure and the share-class detail behind it. This page covers how the company got to that number and what multiple it implies.
SpaceX raised through tender offers rather than traditional priced rounds for most of its life as a private company. In a tender, existing shareholders sell to new investors at a negotiated price, and the resulting valuation is an artefact of that one transaction rather than a continuous market view. Figures below are outside estimates, since SpaceX published no audited financials before 2026.
| 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 | September 27, 2026 | $1.96T |
The IPO row multiplies the $135.00 offer price by total shares outstanding as reported in SpaceX's July 2026 10-Q. It is an approximation: the exact share count on the pricing date itself is not separately disclosed, and the count changed between pricing and the filing.
SpaceX trades at about 85.0 times trailing revenue. Price-to-earnings, the multiple most investors reach for first, cannot be calculated for a company with no earnings, so price-to-sales is the one that does work. It answers a narrow question: how many dollars of market value the market assigns per dollar of annual revenue. It says nothing about whether that revenue will ever convert into profit.
One caveat worth carrying into any comparison. A single multiple applied to the whole company averages three very different businesses: a profitable subscription network at 54.9% of revenue, a launch business with government contracts and long lead times, and an AI segment spending far more than it earns. Valuing them as one thing is a convenience, not a finding.
The companies SpaceX competes with for launch and defense contracts are all profitable, all decades older, and all valued on a small multiple of revenue. The gap between their multiples and SpaceX's is the clearest single statement of what the market expects from each.
| Company | Market cap | Revenue (TTM) | P/S multiple |
|---|---|---|---|
| SpaceX (SPCX) (this page) | $1.87T | $23.04B | 81.0× |
| 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× |
The primes convert revenue into earnings today and grow slowly. SpaceX grew revenue by more than 90% year over year and lost money doing it. A buyer of the primes is paying for current cash flows. A buyer of SPCX is paying for revenue that does not exist yet, which is a different risk, not a smaller one.
The traditional prime contractors SpaceX competes and partners with in launch and national-security space. See the valuation page for the full comparables table and its sources.
Boeing co-owns United Launch Alliance with Lockheed Martin, one of the few companies that competes directly with SpaceX for national-security launch contracts. Boeing trades at roughly 2 times trailing revenue. SpaceX trades at roughly 76 times, which is the gap between pricing a company on the cash it earns now and pricing it on revenue it has yet to make.
Lockheed Martin, ULA's other co-owner, is the defense industry's largest prime contractor by revenue. It is profitable today, on a net margin of about 8%, at roughly 1.8 times trailing revenue. SpaceX still posts a net loss while it funds Starship, the Starlink build-out and its AI infrastructure.
Buy LMT →Northrop Grumman builds satellites, missile-defense systems and strategic bombers. It is a diversified defense contractor rather than a direct launch-services rival, trading at roughly 1.9 times trailing revenue on a net margin of about 10%.
Buy NOC →The average analyst price target for SPCX is $222.42, implying upside of roughly 49.6% against the current price. Coverage of a company this newly listed is thin, and an average target is a summary of opinions, not a forecast. Treat it as one input.