Elon Musk’s $900 Billion SpaceX Stake Is Built on More Than Rockets

Elon Musk owns a 48.4% beneficial stake in SpaceX, or roughly 6.42 billion shares, worth more than $900 billion at current market values.
SpaceX generated $18.7 billion in revenue in 2025, up 33%. Starlink has become its largest business, generating approximately $11.4 billion in revenue, compared with roughly $4 billion from rocket launches.
The company is also expanding into AI while continuing to invest heavily in Starship and other long-term projects. SpaceX’s IPO raised approximately $85.7 billion, followed by a $25 billion bond offering.
For investors, the SpaceX story is increasingly about more than rockets: it is a bet on recurring internet revenue from Starlink, AI, and the long-term commercialization of space.