Al Root

SpaceX continues to let investors know what sets it apart from the pack ahead of a potential blockbuster initial public offering.

Friday morning, a SpaceX Falcon nine rocket took off from Space Launch Complex 40 at the Cape Canaveral Space Force Station in Florida. On top was a Dragon space capsule carrying four astronauts to the International Space Station.

The astronauts will travel for about 34 hours before docking autonomously with the space station on Saturday at about 3:15 p.m. Eastern time, while traveling 17,000 mph in Earth orbit. It's an amazing technical feat that has become the normal course of business for SpaceX.

This was its 12th crewed mission to the ISS. SpaceX restored America's ability to launch crews into space in 2020, when it sent NASA astronauts Bob Behnken and Doug Hurley on a test mission, about nine years after the Space Shuttle was retired.

Back then, Morgan Stanley analyst Adam Jonas estimated SpaceX was worth about $50 billion. Much of that value was due to SpaceX's plan to offer Starlink, a space-based broadband system.

Today, Starlink is profitable, according to SpaceX, and has more than nine million paying customers. SpaceX, which recently acquired xAI, is valued at about $1.25 trillion. It is planning to raise tens of billion in an IPO this year to capitalize on its latest idea: AI data centers in space.

Using Jonas's call as a starting point, SpaceX's valuation is up 25-fold in about six years. That is an annual return of roughly 70%.

The IPO will give investors a chance to invest in a high-growth company with a near-monopoly. SpaceX does a lot more than launching astronauts for NASA. It accounts for more than half of all orbital launches worldwide.

Excluding China and Russia, SpaceX's share is closer to 75%. Its share of cargo carried to space is even higher.

The strength of that business is nearly unparalleled, making it the most valuable aerospace and defense company on Earth. Its next frontier to conquer is the stock market.

Write to Al Root at allen.root@dowjones.com

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February 13, 2026 09:29 ET (14:29 GMT)

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