Ark Invest recently stated that its venture capital ETF holds shares in SpaceX. The firm noted that if the satellite internet business, Starlink, were to launch a standalone initial public offering, this single business alone could support a valuation of approximately $2 trillion, reflecting a notably optimistic view of its commercial prospects.
Valuation focus on Starlink
This valuation does not apply to all of SpaceX’s operations, but is focused on Starlink. Ark believes that as the low-Earth-orbit satellite network continues to expand, Starlink has the potential to independently support a valuation comparable to a major tech company.
Compared to rocket launch services, Starlink is more akin to a subscription and enterprise services model. For capital markets, this type of revenue structure typically commands a valuation premium associated with platform-based technology companies.
Ark has gained exposure to SpaceX through an ETF.
Ark stated that its venture capital ETF holds shares in SpaceX. This means the institution has not only made an external assessment but has also gained exposure to the equity of this private company through its product allocation.
Due to the lack of conventional channels for direct investment in SpaceX on public markets, any new statements regarding its valuation, fundraising, or potential IPO path typically attract rapid market attention.
Discussions about the listing are heating up again
Ark's statement has once again sparked external discussions about the potential future listing of SpaceX or Starlink. If Starlink ultimately lists independently, its valuation would rank among the largest tech IPOs in the world.
The currently confirmed information remains institutional perspectives, not an official company listing plan. The key variables to watch next are whether Starlink’s user growth, expansion of commercial clients, and profitability can continue to support this valuation expectation.