The Starlink IPO is framed as appealing to investors who want the profitable cash engine without the baggage of the parent SpaceX.

Starlink now accounts for a large share of SpaceX’s revenue, potentially around 76% of the $15.5 billion revenue in 2025, making it an attractive standalone IPO candidate.

Musk has long resisted taking SpaceX public, preferring to keep it private to pursue interplanetary goals and Mars ambitions.

Recent fundraising hints at an $800 billion valuation target in a secondary sale, with Bloomberg noting this could imply a $1.5 trillion IPO valuation, though not guaranteed.

2026 may not see a SpaceX IPO, with discussions pointing toward a Starlink IPO as the alternative.

Two main theories are considered: using a Starlink IPO to unlock profitability, or pursuing a traditional SpaceX IPO via Starlink or delaying further.

Starlink has been floated as an IPO candidate since 2020, with past statements suggesting it could go public once revenue and profitability are more predictable.

The story suggests Starlink could be a strategic, more viable IPO path than SpaceX itself, though a SpaceX IPO remains possible.

If Starlink IPOs, investors would gain exposure to SpaceX’s cash-generating satellite internet business without the broader Mars-focused risks.