Musk Says Starlink, Not NASA, Is SpaceX’s Money Cow

Elon Musk’s SpaceX has set formidable targets for subsequent yr, aiming to roll out the next generation of Starship, launch its first uncrewed mission to Mars, and demonstrate key technical feats resembling in-orbit refueling. Amid media experiences of hovering valuation, Musk has shared new particulars in regards to the firm’s funds heading into fiscal yr 2026.

Final week, the Wall Avenue Journal reported that SpaceX was initiating a secondary share sale that will increase the corporate’s valuation to $800 billion, doubling its mid-2025 valuation. Musk denied this in a Saturday X put up however didn’t handle the report’s declare that SpaceX is weighing a possible preliminary public providing for 2026.

“There was loads of press claiming [SpaceX] is elevating cash at $800B, which isn’t correct,” Musk wrote, clarifying that the corporate has been “money circulate constructive for a few years” and does common inventory buybacks twice a yr to offer liquidity for workers and traders. He didn’t share a extra correct valuation for SpaceX.

Gizmodo reached out to SpaceX for remark however didn’t obtain a response by the point of publication.

There was loads of press claiming @SpaceX is elevating cash at $800B, which isn’t correct.

SpaceX has been money circulate constructive for a few years and does periodic inventory buybacks twice a yr to offer liquidity for workers and traders.

Valuation increments are a…

— Elon Musk (@elonmusk) December 6, 2025

Large issues on SpaceX’s horizon

Whereas Musk’s put up presents some readability, it additionally raises extra questions on SpaceX’s monetary state. With the reported $800 billion valuation in query, it’s unclear how a lot the corporate is at present price, and the way a lot of a lift these inventory buybacks might present. In June, Musk said SpaceX’s 2025 industrial income can be roughly $15.5 billion.

The aerospace firm is competing with OpenAI—at present worth about $500 billion—to develop into the world’s most useful personal firm. However the query of whether or not SpaceX might go public in 2026 is probably much more tantalizing.

SpaceX has achieved dominance within the industrial spaceflight sector, securing its function as a essential launch supplier for the U.S. authorities. It additionally operates the most important constellation of broadband web satellites in low-Earth orbit: Starlink. An IPO would unlock huge worth for traders, however SpaceX has not formally introduced any plans to go public.

2026: A possible landmark yr for SpaceX

SpaceX could also be NASA’s most energetic launch supplier, however these contracts make up a surprisingly small portion of the corporate’s income. Musk adopted up his Saturday X put up by stating that Starlink is by far the corporate’s biggest income driver, and that NASA will contribute to lower than 5% of SpaceX’s income subsequent yr.

“Some folks have claimed that SpaceX will get ‘sponsored’ by NASA. That is completely false,” Musk wrote, including that the corporate received its NASA contracts based mostly on advantage and affordability. “With regard to astronaut transport, SpaceX is at present the one choice that passes NASA security requirements.”

He makes a sound level, nevertheless it’s additionally essential to notice that SpaceX has so much to attain in 2026 if it hopes to maintain its largest NASA contract: the Artemis Human Touchdown System (HLS). NASA awarded SpaceX $2.89 billion in 2021 to construct the spacecraft that can land the Artemis 3 astronauts on the Moon, however growth is severely off-track for a launch goal of mid-2027.

Performing NASA Administrator Sean Duffy reopened the contract in October, and now, SpaceX is racing against Blue Origin to offer a viable lunar lander. To win, SpaceX will first need to get Starship Model 3 off the bottom, then show key capabilities resembling full reusability, in-orbit refueling, and an uncrewed Moon touchdown.

It’s a tall order. Looking forward to subsequent yr, SpaceX faces daunting technical challenges that would affect investor confidence and future valuations if the corporate decides to go public. Whereas a lot stays unsure, 2026 is shaping as much as be a high-stakes yr for SpaceX.