Has the market moved on from artificial intelligence (AI) mania to space frenzy? Probably not, but Elon Musk’s SpaceX has reportedly filed for an initial public offering (IPO), and some funds have popped up with access to the private company before it becomes public, such as the Ark Venture Fund (ARKVX +0.94%) and the Baron Partners Fund (BPTRX 0.08%).

As exciting as it sounds to invest in the largest private space exploration company in the U.S, it may not be the investment of your dreams. Here’s why.

The upside

SpaceX isn’t just a pie-in-the-sky idea; it’s already sending rockets into space and astronauts to the International Space Station (ISS), with 642 completed missions as I write this, but it has plans to send people to the moon, Mars, and more. It has figured out how to reuse launchers, making them more cost-effective and more widely accessible, and it has multiple clients, including NASA and satellite operators, in addition to private individuals.

It also operates the Starlink network, which provides satellite broadband internet capabilities to areas that don’t get standard coverage, and the company acquired xAI last year, which operates the Grok large language model (LLM).

It’s easy to see why this is a compelling company to own a piece of. It’s more than a futuristic view, providing real value to customers of many stripes. It also makes money. Although its financials aren’t yet public, it generated $15 billion to $16 billion in revenue in 2025, according to Reuters. It also made $8 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA). Reuters says annul revenue growth has ranged from 51% to 100% between 2021 and 2024.

According to Bloomberg, 2026 revenue is expected to be $20 billion, with $14.2 billion in EBITDA, or a high 71% margin.

The limitation

Investing in the stock market needs to be grounded in the simple language of buy low, sell high. SpaceX is going after a valuation somewhere between $1.75 trillion and $2 trillion, which would land it as the eighth-most valuable company in the world, right behind Broadcom as of this writing. For perspective, Broadcom generated $68 billion in sales over the past 12 months.

Using the estimates, SpaceX would trade at a price-to-sales ratio around 90, higher than the famously expensive Palantir Technologies. Whether it’s worthwhile is debatable, but getting back to the question of whether it can make you a millionaire, the answer is likely not unless you start with a very high investment. If you invest $10,000, for example, your investment would need to increase by 10,000%, or 100 times, to become $1 million. At a $2 trillion valuation, that’s an unlikely feat.