SpaceX Could Soon Be Worth $2 Trillion. This $66 Metric Is the One to Watch

SpaceX could be valued at as much as $2 trillion when it begins a June 12 IPO that could raise as much as $75 billion, according to its S-1 filing. If priced at the top end, the offering would create the largest IPO ever and push SpaceX toward a roughly $1.75 trillion to $2 trillion valuation. The vast majority of 2025 revenue came from Starlink, which posted an average revenue per user (ARPU) of about $66 in 2025 and through the first quarter of 2026, a figure that has fallen 33% since 2023 as SpaceX expands internationally. Management says ARPU may fall further as scale grows, but efficiency gains and enterprise deals could boost margins and growth.