by Bryan Perry
January 27, 2026
The SpaceX IPO is being forecasted to be “the mother of all IPOs,” with a target valuation making it immediately one of the most valuable companies in the world. SpaceX is reportedly targeting an IPO valuation of $1.5-trillion. This is nearly double its private secondary market valuation of $800-billion as of late 2025. Analysts have cited this $1.5-trillion as roughly the current valuation of Tesla, suggesting Musk is positioning SpaceX to become the new flagship of its public universe of assets.
This offering is expected to be record-breaking in terms of the actual capital raised: SpaceX is looking to raise significantly more than $30-billion in new capital, and four-big banks are selected to lead the deal.
While some speculate an IPO date coming as early as June 2026, the company has officially entered a quiet period as of December 2025, which typically precedes a listing by six-to-12-months.
Aside from private sales by SpaceX employees over recent years, retail investors who want a position without paying a premium over current valuations can do via shares in Baron Partners Fund (BPTRX).
Co-portfolio managers Ron Baron and Michael Baron manage this unique non-diversified, all-cap growth fund. As founder of Baron Capital, Ron Baron’s New York City-based firm managing the Baron Funds has $45-billion in assets under management. (Baron has an estimated net worth of $6.5-billion).
Within its $9.7-billion in assets, BPTRX has amassed a large position in SpaceX representing the fund’s largest holding (28.6%), with Tesla Inc. (TSLA) as its second largest holding. (26.7%, see table, below).
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
Following the December 2025 revaluation, when SpaceX was marked up to an $800-billion valuation, the dollar amount held by BPTRX surged. Because Ron Baron has been buying and holding SpaceX since its early stages, the fund owns millions of shares across several series (including the Series H, I, and N).
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
Much of the BPTRX position in SpaceX was purchased at a split-adjusted price of roughly $15 to $30-per share. As of January 2026, the fund is valuing those same shares at approximately $135-per share.
A major part of the anticipated $1.5-trillion future valuation of a post-IPO SpaceX is based on Space-Based Data Centers, and SpaceX is pitching itself as the ultimate infrastructure provider for the AI boom, using Starlink satellites to host “orbital compute” for companies like xAI and OpenAI.
There were long-standing rumors Musk would spin off Starlink (the satellite internet business) as a separate IPO. However, the 2026 forecast indicates he will likely take the entire company public as one unit. Keeping Starlink and the launch division (Starship) together allows massive cash flow from Starlink to fund the “Capex burn” of the Mars and Starship programs.
In late 2025 and early 2026, Ron Baron has become much more vocal about the geopolitical risks China poses to his Tesla and SpaceX, his primary investments. His convictions about China making a move on Taiwan is a relatively new and sharp pivot. He has moved from being neutral-to-optimistic about China’s market to concerned over an invasion of Taiwan becoming a major Black Swan Event for global markets.
He also said Xi is racing to make China sanction-proof by achieving breakthroughs in domestic AI and chips, both of which Xi bragged about in the 2026 speech.
In response to this specific threat, SpaceX is currently ramping up Starshield (the military version of Starlink). The U.S. Space Force recently fast-tracked a contract with SpaceX for a 480-satellite MILNET constellation, designed for resilient communication in a contested environment (i.e., the Pacific).
There have been some recent headlines about Congress pressuring Elon Musk to ensure Starshield will be fully active over Taiwan, as it is seen as the only invasion-proof communication network for U.S. troops in the region. Baron believes Xi sees a strategic window due to U.S. politics and China’s tech milestones. In his 2026 New Year’s speech, President Xi used specific language Ron Baron (and many other analysts) interpreted as a transition from long-term aspiration to an active operational objective.
Xi explicitly declared the reunification of Taiwan as a trend of the times, now “unstoppable.” While Xi has used the term “unstoppable” in the past, he framed it as a goal for this year, not as a distant goal for 2049 but a “next step” in China’s national rejuvenation. Baron has said when a leader with absolute power uses such definitive, time-sensitive language, to me, it signals the internal political clock is ticking faster.
Xi’s speech heavily promoted the newly institutionalized Taiwan Recovery Day (first established in 2025). By celebrating the 1945 return of Taiwan from Japan to China, Xi is reframing a potential invasion not as a new war, but as the completion of World War II. Baron has suggested this is psychological conditioning for the Chinese public and a legalistic justification intended to blunt international criticism.
Xi delivered the speech just one day after the People’s Liberation Army (PLA) concluded “Justice Mission 2025,” a massive, 48-hour live exercise simulating a complete blockade of Taiwan. In the speech, Xi praised the military’s heightened readiness and innovative combat capabilities.
With this more aggressive tone from Xi, I believe it would make sense for the SpaceX IPO to go public soon. The capital raised could be gigantic, providing funds to fast-forward systems deployment in controlling space.
Navellier & Associates; a few accounts own Tesla (TSLA), per client request only. Bryan Perry owns Tesla (TSLA) personally.
All content above represents the opinion of Bryan Perry of Navellier & Associates, Inc.
Also In This Issue
A Look Ahead by Louis Navellier
President Trump Takes on Davos…and the World
Income Mail by Bryan Perry
An Opportunity to Own SpaceX Pre-IPO
Growth Mail by Gary Alexander
Black Swans May Shock Us, But the Market Ignores Them
Global Mail by Ivan Martchev
Unintended Consequences (and Fed Chair Announcement) Alert
Sector Spotlight by Jason Bodner
How to See Clearly While Flying Through Dense Market Fog
View Full Archive
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Bryan Perry
SENIOR DIRECTOR
Bryan Perry is a Senior Director with Navellier Private Client Group, advising and facilitating high net worth investors in the pursuit of their financial goals.
Bryan’s financial services career spanning the past three decades includes over 20-years of wealth management experience with Wall Street firms that include Bear Stearns, Lehman Brothers and Paine Webber, working with both retail and institutional clients. Bryan earned a B.A. in Political Science from Virginia Polytechnic Institute & State University and currently holds a Series 65 license. All content of “Income Mail” represents the opinion of Bryan Perry
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