SpaceX valuation forecasts for 2036 range from roughly $470 billion to over $40 trillion, driven by wildly different assumptions about its unproven businesses. The spread largely depends on future Starlink valuation growth and the emergence of an orbital data center economy, alongside Elon Musk’s track record for delivering on ambitious promises.
SpaceX valuation forecasts for 2036 circulating among analysts range from roughly $470 billion on the low end to above $10 trillion, with some bulls going as high as $40 trillion. The wide gap exists because a real forecast must price in businesses that are still unproven, including Starlink’s growth and an orbital data center economy.
The most bullish case comes from Ron Baron of Baron Capital and analysts at Raymond James. Baron, who recently added $1 billion to SpaceX shares, stated, “This is going to become the largest company on the planet. I think that the company over the next 10 or 15 years is going to be worth $10 trillion, $20 trillion, $30 trillion, and I could be very low.”
He later added that the company could be valued at “$20 trillion, $30 trillion, $40 trillion” in ten years. Raymond James initiated coverage with an $800 price target and a Strong Buy rating, implying a market cap well above $10 trillion, more than Apple and Nvidia combined.
Their analysts wrote that Starship represents the defining industrial innovation of our generation, reducing launch costs by over 99%. Raymond James’ revenue projections for SpaceX reach $837 billion by 2031, against actual revenue of $18.7 billion last year.
A more measured forecast comes from Goldman Sachs, whose 2030 base case sits near $470 billion, built on xAI revenue and Starlink growth. New Constructs has warned that trillion-dollar assumptions set an “impossible bar” given SpaceX’s capital costs and margin pressure. The orbital data center economy remains a concept, not a revenue source.
Elon Musk has stated that SpaceX will send “tens of thousands” of people to a lunar base within ten years, a goal he called a “pretty outrageous number.” He also said the company will launch its first AI satellites next year, scaling to a large commercial operation within two years.
