Ron Baron Sees SpaceX Worth $30 Trillion by 2040
ron baron says SpaceX could be worth $30 trillion over the next 10 to 15 years, a call that caps a sharp increase in the value of Baron Capital’s private stake. He said in May that the company could become the largest on the planet, with a valuation that could land at $10 trillion, $20 trillion or $30 trillion.
That view comes after Baron Capital built a $1.7 billion position in 2017 and saw it rise to $15 billion on private-market marks, a 1,312% gain. For investors in Baron Capital, the math is straightforward: a larger SpaceX valuation would push the fund’s exposure higher if and when the company reaches public markets.
Baron’s May valuation call
Baron said in a CNBC interview in May, “This is going to become the largest company on the planet.” He added, “I think that the company over the next 10 or 15 years is going to be worth $10 trillion, $20 trillion, $30 trillion, and I could be very low.”
The scale of that forecast is unusual even by the standards of late-stage private markets. SpaceX reportedly sought to raise $75 billion at a $1.78 trillion valuation in its IPO, and the company had the option to sell underwriters an additional $11.2 billion worth of shares.
Baron Capital’s $15 billion stake
$15 billion is the current private-market value Baron Capital assigns to its SpaceX stake, up from the $1.7 billion it built after investing in 2017 when the company was still private. The increase reflects a 1,312% return on the position, one of the most striking gains tied to Baron Capital’s portfolio.
If SpaceX raises at least $70 billion in its initial public offering, Baron Capital’s position would be worth $24 billion at the time of the IPO. The reported demand for SpaceX shares was $150 billion, more than two times the amount sought, a detail that supports Baron’s argument that public-market appetite could be deep when the company lists.
SpaceX data centers by 2028
2028 is the earliest date SpaceX said in its registration statement that it could begin putting data centers in space. Baron said he thinks space will be the best place for data centers because people on Earth do not want them located near where they live, and he pointed to electricity as less of a concern there because SpaceX could theoretically generate much more solar power by being closer to the sun and avoiding cloud cover.
$56 billion is roughly where Baron Capital is valued now, up from the $10 million with which it was launched in 1982. For readers tracking the fund, the immediate question is not whether the SpaceX thesis sounds bold; it is whether that public listing arrives with the size and demand needed to lift the stake from $15 billion toward the $24 billion mark Baron has already outlined.
