SpaceX is preparing a new secondary share sale that could value the rocket-maker at an unprecedented $800 billion, people familiar with the discussions tell The Wall Street Journal.

If the deal goes forward at that level, it would make SpaceX the most valuable privately held company in U.S. history, surpassing OpenAI and dwarfing the valuations of nearly every non-public global tech giant.

Chief Financial Officer Bret Johnsen has reportedly briefed investors on the offering in recent days. As with previous rounds, the transaction would be a secondary sale, allowing employees and early investors to sell shares rather than bringing in new outside capital.

The numbers highlight the astonishing speed of SpaceX’s ascent. The company was valued at roughly $400 billion just months ago during a July secondary sale — itself a record-setting level at the time.

That July event, which priced shares at around $212 each, represented a sharp jump from the company’s late-2024 valuation near $350 billion and reflected rapidly rising investor confidence in both SpaceX’s launch business and its expanding satellite-internet division, Starlink.

The July valuation near $400 billion was driven by strong operational momentum across SpaceX’s businesses. Starlink continued its global rollout, reaching millions of subscribers and steadily improving profitability, while the Falcon 9 launch system maintained an unprecedented cadence that kept customer demand high and revenue flowing reliably.

But the biggest driver of investor enthusiasm has been the company’s next-generation rocket program, Starship. Repeated test flights — each demonstrating increasing capability — strengthened confidence that Starship may soon transform the economics of orbital transport.

If successful, it would dramatically reduce launch costs, unlock entirely new commercial markets, and solidify SpaceX's dominant position for years to come.

Beyond Starship, investors have also been betting on the long-term earnings potential of Starlink. The satellite-internet network is increasingly seen not just as an add-on business but as a global telecommunications play with tens of millions of potential customers.

The new $800 billion valuation figure suggests investors expect an acceleration in revenue, profitability, or strategic positioning strong enough to justify doubling SpaceX’s worth in less than six months.