SpaceX launches over 10,000 Starlink satellites, setting new operational milestone

SpaceX achieved a groundbreaking milestone this week, placing over 10,000 active Starlink satellites into orbit through a series of back-to-back Falcon 9 launches. This achievement underscores the company’s dominance in the satellite internet space and highlights the central role Starlink plays in SpaceX's continued growth.

This record-setting deployment marks a significant step for SpaceX as it inches closer to what could become the largest Initial Public Offering (IPO) ever. According to Polymarket, a prediction market platform, the odds of SpaceX achieving the biggest IPO by market capitalization in 2026 sit at 87%, with total trading volume reaching $1.2 million. Other notable companies rumored to go public in the same year include Anthropic, OpenAI, and Discord.

Focus on Starlink and IPO Potential

Starlink, SpaceX's satellite internet division, has been a major driver of the company's revenue. Last year, SpaceX reportedly generated $15 billion to $16 billion in revenue, with Starlink accounting for the majority. Profit reached approximately $8 billion, showcasing the profitability of the satellite internet venture. Analysts at Payload Space estimate the company’s revenue could grow to $24 billion by 2026.

Polymarket’s prediction contracts further suggest that SpaceX may take its IPO debut as early as June 30, with traders assigning a 60% probability to this timeline. Investment banking giant Goldman Sachs leads the race to underwrite the IPO, holding a 57% chance of securing the role. This represents a reversal from earlier in the year when Morgan Stanley was the frontrunner.

Financial Projections and Market Excitement

Reports indicate that SpaceX is targeting a valuation of approximately $1.75 trillion for its IPO, with plans to raise $50 billion. If achieved, this would surpass Saudi Aramco's historic 2019 debut, which was valued at $1.7 trillion. Polymarket’s contracts also give SpaceX a 92% chance of closing its first trading day with a market capitalization above $1 trillion and a 45% chance of surpassing the $2 trillion mark.

Despite these optimistic projections, the company’s forward valuation could raise questions. Even if the estimated revenue of $24 billion for 2026 is achieved, SpaceX’s forward sales multiple would exceed 70 times. By comparison, Tesla trades at roughly 16 times trailing sales, and Saudi Aramco's IPO priced at around six times.

Strategic Moves and Challenges

SpaceX’s strategy has also been shaped by its February merger with xAI, Elon Musk’s artificial intelligence company. The merger valued SpaceX at $1 trillion and xAI at $250 billion. Musk described the deal as a bet on orbital data centers, but xAI has faced challenges, including heavy spending of around $1 billion per month. Additionally, several xAI co-founders have since departed the company. Musk admitted on X (formerly Twitter) that "xAI was not built right first time around, so is being rebuilt from the foundations up", but he maintained confidence, stating that SpaceX would "far exceed everyone combined" in the race for AI dominance.

Looking Ahead

The historic achievement of launching over 10,000 Starlink satellites not only underscores SpaceX's operational capabilities but also sets the stage for what could be a record-shattering IPO. With plans for continued growth in Starlink and other ventures, SpaceX is positioning itself as a leader across multiple industries, from space exploration to satellite internet and artificial intelligence. Whether the company can meet its ambitious IPO valuation and revenue projections remains to be seen, but for now, SpaceX continues to push boundaries on Earth and beyond.

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