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Something interesting happened 
the other day. 

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I was looking through our stats 
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show. 
That means 45% of you are 

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subscribed and I really do 
appreciate your support of the 

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other 55% of you are awesome. 
But I'm going to ask you for a 

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favor. 
Could you please hit the 

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subscribe button? 
It'll take you one second. 

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I'm going to promise you 10 
years of this podcast for free, 

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No pay walls. 
I'm not going to charge you 

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anything ever, but I'm going to 
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I've already been doing it for 

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five years and I plan on doing 
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And the only way that we can 
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support. 
So one second of your time to 

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hit the subscribe button right 
now would help the show 

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tremendously. 
Thank you so much. 

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SpaceX just set a secondary 
share price of $421.00 per 

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share, valuing Elon Musk's 
rocket company at roughly $800 

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billion. 
On October, Sam Altman's Open AI

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had reached a $500 billion 
valuation, making it the most 

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valuable private company in the 
world. 

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SpaceX held that title before 
Open AI took it. 

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Now Musk is taking it back, and 
the gap is not even close. 

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The $800 billion figure comes 
from an internal tender offer 

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where employees and early 
investors can share sell shares 

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to approved buyers. 
So what happens when two of the 

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biggest names in tech are racing
each other to the top spot on a 

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list that did not exist even 10 
years ago? 

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And the rivalry between Musk and
Altman started when they Co 

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founded Open AI together in 2015
that was turned into a public 

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valuation war. 
We're going to cover the new 

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SpaceX numbers, the IPO plans 
for 2026, why Google is about 

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the book, a massive paper gain 
from all of this, and what the 

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secondary sale tells us about 
where private tech valuations 

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are headed. 
And we'll get right back into 

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this right after the short 
break. 

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Spacex's 800 dollar, $800 
billion valuation was discussed 

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by the company's board at Star 
Base in Texas. 

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And the company is also 
preparing for a possible IPO in 

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late 2026. 
They could raise more than $30 

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billion. 
If that happens, it would be the

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largest public offering ever, 
beating Saudi Aramco's $29 

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billion listing in 2019. 
Now, here's the key point. 

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This is not a fundraising round.
SpaceX has been doing that for 

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years. 
SpaceX is not raising new 

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capital with this transaction. 
It is a secondary share sale, 

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which means existing 
shareholders like employees and 

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early investors can shell sell 
their stakes to approved buyers.

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Now, SpaceX runs these tender 
offers twice a year to give 

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people liquidity. 
In July, the share price was 

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$212. 
Now it's 421. 

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They doubled it in six months, 
and the company told 

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shareholders it's preparing for 
a 2026 IPO that would fund what 

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the internal memo called an 
insane flight rate for the 

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Starship rocket, artificial 
intelligent data centers in 

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space, and a base on the moon. 
Now, Musk confirmed the IPO 

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plans on X this week, responding
to Eric Berger with the words, 

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as usual, Eric is accurate. 
Now, the target valuation for 

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the IPO is $1.5 trillion. 
That would put SpaceX in the 

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same range as Meta or Amazon. 
All right, let's keep going 

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here. 
The October secondary sale at 

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Open AI valued the company at 
$500 billion after employees 

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sold about 6.6 billion in stock 
to investors, including Thrive 

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Capital, SoftBank and Abu Dhabi 
G or MGX. 

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Now, that deal pushed Open AI 
past SpaceX, which have been 

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valued at 400 billion, and Musk 
let Altman hold that lead for 

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about two months. 
Now. 

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SpaceX is $300 billion ahead 
now. 

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The Musk and Altman rivalry runs
deeper than valuations, though 

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runs deeper than money. 
They Co founded Open AI together

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in 2015 as a nonprofit research 
lab, and Musk left in 2018 and 

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later started his own AI 
company, XAI. 

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He since sued Open AI multiple 
times, accusing it of abandoning

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its original nonprofit mission. 
After taking billions from 

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Microsoft, Open AI is now 
restructuring into a for profit 

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company, which would allow it to
pursue its own IPO down the 

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road. 
Alphabet, Google's parent 

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company, is about to book 
another sizable paper gain money

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money because of Spacex's new 
valuation. 

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Alphabet has been an investor in
SpaceX since at least 2015 and 

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when it joined Fidelity and a 
billion dollar funding round for

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a combined stake of about 10% at
the time. 

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In April 2025, Alphabet 
disclosed an $8 billion 

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unrealized gain tied to its 
SpaceX investment after a tender

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offer valued the company at 350 
billion. 

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Now, that gain helped push 
Alphabet's quarterly net income 

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46% higher than the prior year, 
with SpaceX now valued at more 

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than double that figure. 
Investors are expecting another 

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accounting boost when Alphabet 
reports earnings. 

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So what do we know right now? 
What's going on? 

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Spaces is expected to generate 
about $15 billion in revenue in 

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2025 and between 2020, 22 
billion and 24 billion in 2026. 

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Most of that comes from 
Starlink, the satellite Internet

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service that now has thousands 
of satellites in orbit and 

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serves millions of people. 
The company already launches 

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more than 80% of global payload 
weight through its Falcon 9, 

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which is reusable and reliable 
enough to handle government 

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contracts and commercial 
customers. 

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And the IPO timeline is not 
locked in, though SpaceX CFO 

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Brett Johnson said in an 
internal memo the timing could 

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change and the company may 
decide not to even move forward 

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with it. 
Market conditions, regulatory 

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factors and execution on 
Starship all play into that 

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decision. 
The company had previously 

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floated the idea of spinning off
Starlink for a separate IPO, but

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the current plan is to list 
everything the entire company 

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that would give public investors
exposure to both the launch 

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business and the satellite 
Internet business in one 

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offering. 
And here's the bigger picture. 

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This valuation race isn't just 
about their egos. 

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Could be between Altman and 
Elon. 

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It's about how much money is 
flowing into frontier technology

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companies. 
SpaceX wants to make life multi 

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planetary open. 
EA wants to build artificial 

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general intelligence. 
Both ideas sounded like science 

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fiction about 10 years ago. 
Now they're attracting hundreds 

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of billions of dollars in 
private capital to do those 

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things. 
AI, robotics, and defense tech 

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startups have hit all time highs
of multibillion dollar 

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valuations in this past year, 
and the SpaceX and Open AI 

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valuations are the most visible 
examples. 

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But they're part of a broader 
surge now. 

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The valuation Musk is setting 
now is designed to level set the

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company's fair market value 
before their IPO. 

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If the tender offer succeeds at 
421 per share and the IPO 

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proceeds in late 2026, SpaceX 
would be positioned as one of 

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the largest public companies in 
the world. 

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Alphabet would see its stake 
jump even higher in value. 

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Employees who held shares 
through multiple tender rounds 

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would be sitting on a lot of 
money, and Musk would have 

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reclaimed the title of running 
the most valuable private 

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company, at least until the IPO 
paperwork is filed. 

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Hey, thank you so much for 
listening today. 

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I really do appreciate your 
support. 

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If you could take a second and 
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It helps out the show 
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