What makes SpaceX so attractive to investors

A Private Giant in the Space Economy

Founded in 2002 by Elon Musk, SpaceX has grown from a niche rocket startup into one of the most valuable private companies in the world, recently valued at around $350 billion following its latest secondary sale. The company’s mission — to reduce the cost of space access and enable life beyond Earth — has translated into a highly profitable and vertically integrated business model that dominates multiple segments of the space industry.

What began with Falcon 1 has evolved into a full suite of reusable rockets, spacecraft, and a satellite broadband network that together form one of the most efficient aerospace ecosystems ever built. SpaceX now manages over 315 successful launches, has achieved a 99% success rate, and operates at a fraction of the cost of legacy players such as ULA or Arianespace.

The SpaceX Flywheel: Launches Powering Starlink

SpaceX’s early insight was simple but powerful: use launch services to fund continuous innovation. By mastering reusable rocket technology, SpaceX cut launch costs by more than 80%, offering Falcon 9 missions at roughly $62 million, compared with $400 million for traditional providers.

This efficiency has created a self-reinforcing flywheel. Revenue from launches — about $5.5 billion in 2024 — finances research into new vehicles like Starship, while also supporting the expansion of Starlink, SpaceX’s satellite internet business. Starlink now accounts for roughly 70% of total revenue, serving over 8.5 million subscribers worldwide with internet speeds up to 215 Mbps, far outpacing incumbents like Viasat and Intelsat.

Starlink: From Launch Customer to Growth Engine

Launched commercially in 2021, Starlink has quickly become the backbone of SpaceX’s cash flow. It leverages the same rockets that SpaceX uses for government and commercial missions to deploy a massive constellation of 7,000+ satellites in low Earth orbit.

This vertical integration gives SpaceX a cost advantage no competitor can match. By producing everything in-house — from engines and satellites to user terminals — the company reduced hardware costs from $3,000 to about $600 per terminal, expanding margins as adoption grows. With recent moves like the $17 billion acquisition of EchoStar’s spectrum and partnerships with T-Mobile, SpaceX is extending Starlink’s reach into direct-to-cell connectivity, allowing smartphones to connect directly via satellite.

Revenue Growth and Market Position

According to Sacra research, SpaceX generated $14.2 billion in revenue in 2024, up 63% year-over-year. Its dual-engine model — launch services plus recurring subscription income — has made it both capital-intensive and cash-generative, a rare combination in aerospace.

Every six months, SpaceX conducts tender offers for employees and early investors, a process that has seen its valuation rise from $210 billion to $350 billion in less than a year. This consistent upward trend reflects sustained private-market demand and the company’s strong operational execution.

A Strategic Position Before the IPO

With its dominance in launch, its rapidly growing broadband network, and its expansion into mobile connectivity, SpaceX now controls critical infrastructure in orbit and on the ground. As it approaches potential public-market readiness, understanding how the business generates and reinvests capital is essential for anyone exploring pre-IPO access.

How to Buy SpaceX Stock Before Its IPO

Why You Can’t Simply Buy SpaceX Stock

SpaceX is a private company.
Its shares are not listed on any public exchange, and therefore cannot be bought through traditional brokers such as Interactive Brokers, Fidelity, or eToro.
Ownership is limited to the company’s founders, employees, and institutional investors who participated in previous funding or liquidity rounds.

Elon Musk has made his intentions clear: SpaceX will remain private for the foreseeable future.
He has repeatedly said that going public would create short-term pressure that conflicts with SpaceX’s long-term mission.
The only entity that could eventually list is Starlink, once its cash flows are stable — but even that is not expected soon.
In short: there is no SpaceX ticker, no IPO date, and no plan to change that.

How to Invest in SpaceX Before Its IPO

Why You Can’t Simply Buy SpaceX Stock

SpaceX is one of the most valuable private companies in the world.
But as a private company, its shares are not publicly traded. You can’t buy them on any brokerage platform or through a ticker symbol.

Elon Musk has said multiple times that SpaceX will remain private for the foreseeable future, mainly to protect the company from short-term market pressure.
The only entity that might eventually list is Starlink, once its cash flows stabilize.
For now, there is no IPO on the horizon and no direct retail access.

Why You Can’t Buy Private Shares Directly

Even if a SpaceX employee or early investor wanted to sell, you couldn’t just buy their shares.
Like most private companies, SpaceX has tight transfer restrictions:

• Every transfer must be approved by the board of directors.

• The company and existing shareholders hold a Right of First Refusal (ROFR), meaning they can buy back the shares before anyone else.

In practice, SpaceX rarely approves outside transfers.
The only liquidity comes from internal tender offers, held roughly every six months, allowing employees and early investors to sell a small portion of their holdings to pre-approved institutions.
These rounds define the latest valuation — around $350 billion — but are closed to the public.

The Vehicles That Provide Exposure

Since direct ownership isn’t possible, qualified investors access SpaceX through vehicles that already hold or can legally acquire its shares.
At Liquidi, we typically see three main routes.

SPVs (Special Purpose Vehicles)

SPVs are dedicated entities created to hold equity in a single company.
You invest in the SPV, and the SPV holds the underlying SpaceX shares.

They’re typically structured by institutional sellers, family offices, or secondary specialists who already have allocations.
SPVs provide direct economic exposure to SpaceX’s valuation — but they’re illiquid until a liquidity event like an IPO or sale.

Public Funds That Hold SpaceX

A few publicly traded funds give indirect exposure to SpaceX because they hold small private positions.
For instance, investors can buy shares of:

• Baillie Gifford US Growth Trust (LSE: USA),

• ARK Venture Fund (ARKVX),

• Certain Fidelity growth funds.

In each case, SpaceX represents only a small portion of the total portfolio, but it provides a simple, regulated way to gain indirect exposure.

Internal Tender Offers

SpaceX organizes private tenders roughly twice a year, letting insiders sell to pre-approved institutional investors.
These tenders determine the reference price for the secondary market, but access remains limited to existing shareholders.

Where Investors Access These Opportunities

The SPVs and allocations above don’t circulate publicly — they’re discovered and negotiated through secondary market intermediaries.

Specialized Brokers and Secondary Platforms

Several professional marketplaces operate in this space, including Forge Global, Hiive, Augment Markets, and Setter Capital.
These brokers connect sellers (employees, early investors, or funds) with qualified buyers seeking exposure to late-stage private companies such as SpaceX, Stripe, or Databricks.

They don’t sell SpaceX shares directly — instead, they facilitate access to existing allocations or SPVs.
However, because SpaceX tightly controls share transfers, listings on these platforms are often conditional on company approval, and many transactions never close.
They remain useful for price discovery and market context, but verified allocations are rare and typically move through private networks.

Accessing Verified Opportunities Through Liquidi

Liquidi helps qualified investors access verified secondary opportunities in leading private companies like SpaceX.
We connect investors with institutional sellers, SPV leads, and fund managers that already hold the underlying shares.

Our platform sources and curates deal flow directly from the secondary market, allowing investors to:

• Discover real, verified opportunities,

• Compare multiple offers on the same company,

• Understand fair pricing based on recent private trades.

Liquidi doesn’t issue or hold shares.
We provide access — a bridge between institutional sellers and investors who want exposure to the world’s most sought-after private companies.

You’re not buying SpaceX stock from Liquidi — you’re using Liquidi to access the verified opportunities that already exist.

Final Takeaway

You can’t buy SpaceX stock on a public market, and that won’t change anytime soon.
But through structured vehicles like SPVs, through verified allocations sourced by trusted intermediaries, and through platforms such as Liquidi, investors can gain legitimate exposure to SpaceX before any future IPO.

At Liquidi, our role is simple: we help investors access real, verified opportunities — transparently and efficiently — in the global secondary market.

In private markets, access is everything.
Liquidi helps investors reach it.