SpaceX IPO Could Create More Wealth Than All IPOs in the Last 20 Years Combined. Here’s Why Early Investors Are Banking On It

SpaceX's S-1 reveals $18.7B in 2025 revenue, with Starlink hitting 10.3M subscribers and 50% growth as the core IPO value driver.

NVDA 's 18,311% decade return benchmarks the early SpaceX investor thesis, while RKLB 's 122x sales multiple signals SpaceX enthusiasm is already in public comps.

Private SpaceX investors who entered years ago at low valuations will capture the bulk of returns before public buyers ever see a ticker.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rocket Lab didn't make the cut. Grab the names FREE today .

On a recent Earn Your Leisure segment, co-host Rashaad Bilal quoted investor Barry Atlas with a claim that stops you mid-scroll: "these companies are going to make more money than all of the IPOs in the last 20 years put together," creating "a whole new class of billionaires" from just a handful of listings. SpaceX is the marquee name driving that thesis.

I have been studying the SpaceX cap table and reading every leaked secondary tender for the better part of three years now, and the May 2026 S-1 finally puts numbers behind the hype. Here is what the filing says, why early private investors are dancing, and what public-market buyers should realistically expect.

SpaceX organizes the business into three segments: Space, Connectivity, and AI. In 2025, consolidated revenue was $18,674 million with Adjusted EBITDA of $6,584 million. The Connectivity segment, which is essentially Starlink, did $11,387 million in revenue and $7,168 million in Segment Adjusted EBITDA, growing 50% year over year.

Starlink ended Q1 2026 with 10.3 million subscribers at $66 monthly ARPU, more than double the prior-year subscriber count. The Space segment ran 170 launches and 2,213 metric tons to orbit in 2025. The newly acquired AI segment is burning cash on purpose: $7,723 million in Q1 2026 capex alone, per the S-1 filed with the SEC.