Billionaire investor Ron Baron has placed a $1 billion order for SpaceX shares ahead of the company’s IPO, a big vote of confidence as Elon Musk’s rocket company heads to the public market.
Baron, who founded Baron Capital, is buying in as SpaceX prepares to debut on the Nasdaq under the ticker SPCX. His firm has been building its position since 2017 and now holds a roughly $15 billion stake, so this latest order just doubles down on a bet he’s been making for years. Baron says he has no plans to sell any of it in his lifetime.
He’s also about as bullish on the long game as you can get. Baron thinks SpaceX could be worth somewhere between $10 trillion and $30 trillion over the next 10 to 15 years, and he figures most of that growth comes from Starlink. He sees the satellite internet network eventually hitting 300 million users and pulling in $1 trillion in annual revenue. For context on where it stands today, Starlink brought in $11.4 billion in revenue for 2025 and had 10.3 million subscribers as of the first quarter of 2026.
Wall Street isn’t quite as sold on the starting price. The current IPO pricing puts SpaceX at around $1.75 trillion, which has some analysts raising eyebrows. The knock is that the price works out to about 90 times revenue, plus the usual concerns about insider selling. Research firms like Morningstar have pegged the company’s fair value a lot lower, closer to $780 billion, pointing to the enormous spending SpaceX needs to fund Starship and its AI infrastructure.
The IPO price locks in on June 11, with SPCX expected to start trading on the Nasdaq the next morning, June 12.
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