SpaceX is currently valued at $400 billion as of late 2025. Reports suggest they are targeting an IPO for mid-to-late 2026, though that could slide into 2027 depending on market conditions. The company is on track for $16 billion in revenue this year with $3 billion in cash on hand. Starlink has been a major growth factor after doubling revenue in 2024. Musk indicated a Starlink spinoff won't happen until cash flow is more predictable. Since it is still private, retail investors can't buy shares directly. Employees are liquidating shares through internal agreements. Options for outside exposure include the ARK Venture Fund or publicly traded peers like Rocket Lab, L3Harris, and legacy defense contractors.