SpaceX could one day be worth $12 trillion, according to a new Citi analysis that points to the company's latest Starship test flight as evidence the rocket program is moving closer to its long-term goals.
The analyst note, reported by MarketWatch, ties that eye-popping valuation to a potential stock price of $900 per share. Citi credits the recent Starship launch with advancing several priorities that underpin the bullish case.
Starship is SpaceX's fully reusable mega-rocket, designed to carry both crew and cargo to Earth orbit, the Moon, and eventually Mars. Each successful test moves the vehicle closer to operational status, and Citi sees that progress as central to the company's financial future.
The launch in question is the latest in a series of flight tests. SpaceX has been iterating quickly, blowing up prototypes and refining designs in public as it pushes toward full reusability. That approach has drawn both skepticism and praise from analysts and engineers.
Citi's $12 trillion figure is not a near-term target. It represents a long-range scenario in which Starship hits its stride across multiple markets: satellite launches, NASA contracts, point-to-point travel on Earth, and eventually deep-space missions. The $900 share price reflects that same optimistic trajectory.
SpaceX remains privately held, so retail investors cannot buy its stock today. But the company's valuation has climbed steadily through private funding rounds, and its Starlink satellite internet business is already generating revenue. A future IPO, while not announced, is a persistent topic of speculation on Wall Street.
The analyst's note does not guarantee any outcome. It is a projection based on current progress and assumptions about how fast Starship can scale. SpaceX has not commented publicly on the Citi report.
What the analysis does show is how much weight the financial community places on Starship's success. If the rocket delivers on its promise, Citi argues, SpaceX's market value could dwarf that of nearly every public company today.
For now, the company continues testing. Each launch brings new data, new refinements, and, according to Citi, another step toward a valuation that would have sounded impossible just a few years ago.
