SpaceX is working on a deal for employees to sell shares at a $400 billion valuation. That is a 16% increase in the last six months. This puts their market cap above legacy defense contractors like Boeing and Lockheed Martin. There is currently no IPO planned. The company has over $3 billion in cash and is on track for $16 billion in revenue for 2025, so they don't need to raise outside capital. Musk also noted that Starlink won't go public until its revenue growth is smoother and more predictable. Since retail investors can't buy shares directly, the article mentions the ARK Venture Fund as one way to get exposure. Publicly traded alternatives in the sector include L3Harris, Rocket Lab, and Virgin Galactic, though SpaceX is trading at a significantly higher valuation of 25x sales.