“We believe SpaceX will become the largest, most profitable company on the planet.
SpaceX has the scale, record of innovation and market position to lead the space economy, and we believe it will be very difficult for anyone to compete against them. Over the following 10 or 15 years, we think SpaceX could achieve a valuation of $10tn, $20tn, or $30tn.
With Starlink alone, we expect to see $1tn in revenue and $700 or $800bn EBITDA within the next ten years. The size of the addressable market is monumental. SpaceX could provide 3 billion people globally with access to reliable internet coverage.
We believe the market is underappreciating SpaceX’s growth potential in orbital data centers. We expect to see trillions of dollars a year in revenue in less than a decade and expect SpaceX to achieve its goal of a million satellites in orbit in the next four or five years.
We have never seen anything like SpaceX before. The company’s launch dominance and rocket reusability rates outperform its competitors in scale, efficiency and cost management, and its AI infrastructure and computing power are in heavy demand globally. SpaceX, bringing its chip manufacturing in-house, should create considerable efficiencies and further drive revenues and profitability. Notwithstanding the technological marvels Elon Musk has made possible for our world, the culture of brilliance, collaboration and innovation he has fostered at SpaceX further underpins our convictions that SpaceX is a long-term investment.
As a holding in Baron Capital US All Cap Focused Growth Fund, we will continue to research SpaceX with the same discipline, rigor, and long-term perspective that defines Baron Capital’s investment approach. The UCITS Fund is one of only a few investment vehicles available with exposure to SpaceX and is managed by Baron Capital Founder and CEO Ron Baron and his sons David Baron and Michael Baron.”
Background:
Baron Capital initially invested $400m in SpaceX between 2014-2016, generating $6-7bn in profits for clients. As of 2026, pre-IPO, Baron Capital has invested a total of almost $2bn, returning $12-13bn to shareholders. Baron Capital has ordered $1bn at IPO price to increase total stake to $16bn.
