Motley Fool Money Would You Buy the SpaceX IPO?
6 snips
Dec 15, 2025 
Rick Munarriz, an investment analyst renowned for his growth stock insights, joins Karl Thiel, an expert in company fundamentals, to discuss the upcoming SpaceX IPO expected in 2026. They explore SpaceX's diverse businesses, particularly Starlink's revenue growth and potential as a market disruptor. The duo debates the feasibility of SpaceX's staggering $1.5 trillion valuation and shares alternative investment strategies, emphasizing the importance of informed decision-making over impulsive trades in the fast-paced market.
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Starlink Is SpaceX's Core Revenue Engine
- SpaceX derives the majority of current revenue from Starlink satellite internet rather than launches.
- Starlink has grown to over eight million subscribers and drives most of SpaceX's cash flow today.
Starship Could Transform Launch Economics
- Fully reusable Starship could cut launch costs from ~$1,500/kg to under $100/kg if proven.
- That cost shift would radically change economics for launching payloads and enable new industries in space.
Valuation Reflects Large Optionality, Not Current Ops
- Private valuations jumped from $44B (2020) to about $800B (2025) alongside revenue growth to ~$15.5B.
- A $1.5T IPO implies paying extreme multiples (tens of times forward sales) for future optionality.