The SpaceX IPO in June 2026 was, by any measure, the largest public listing in history. The $1.5 trillion valuation — which has risen to $1.77 trillion as of mid-2026 — makes SpaceX more valuable than most countries' annual GDP.
The Starlink question is separate and interesting for different reasons. In the SpaceX S-1, there was a reference to a $26.5 trillion total addressable market for space-based data centres. This is not a number Musk chose carelessly. It is a claim about the direction of Starlink's evolution — from satellite internet service to orbital computing infrastructure.
Starlink currently serves over 4 million subscribers globally. It is cash-flow positive. It operates in over 100 countries. It has demonstrated the ability to provide meaningful connectivity in conflict zones, to shipping, to aviation, and to rural markets that terrestrial internet infrastructure cannot reach economically.
A Starlink spinoff from SpaceX would allow the market to separately price the internet service business from the launch and spacecraft business. Whether Musk will do this — and when — depends on factors that are not publicly analysable. He has said the spinoff is possible. He has also said many things that did not happen on the stated timeline.
The FreeMalta read: SpaceX is public. Starlink spinoff is the next conversation. 2027 is the speculation. Musk's timeline is unpredictable.