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Ron Baron has never been accused of thinking small. The founder of Baron Capital first bought into SpaceX back in 2017, when the rocket company carried a valuation south of $22 billion. Fast forward to June 2026, and that position has ballooned to roughly $25 billion following SpaceX’s blockbuster IPO.
Now Baron is projecting the company could reach a market capitalization of $20 trillion to $40 trillion over the next decade.
From private rounds to public rocket fuel
SpaceX went public on June 12, 2026, pricing its shares at $135 and raising approximately $75 billion in the process. The IPO valued the company at roughly $1.77 trillion to $1.8 trillion, making it one of the largest public debuts in history.
Within days of trading, SpaceX’s market cap briefly punched through the $2 trillion mark. Baron Capital didn’t just ride the wave. It added another $1 billion during the IPO itself.
Baron participated in 27 separate funding rounds before the company ever hit a public exchange. His SpaceX position now accounts for somewhere between 25% and 33% of certain Baron Capital mutual funds.
The math behind $40 trillion
Baron’s projection rests on a thesis about SpaceX’s expanding business lines and the leadership of Elon Musk, whom Baron has backed across multiple ventures.
SpaceX already dominates commercial launch services and operates Starlink, the satellite internet constellation. The Starship program, designed for deep space missions and eventual Mars colonization, represents a further dimension of the company’s ambitions.
What this means for the broader market
Baron Capital’s funds are now deeply correlated to a single company’s fortunes, with SpaceX comprising between 25% and 33% of certain mutual funds. This isn’t a diversified bet on the space economy. It’s a bet on one company’s ability to become the most valuable enterprise in human history.
For retail investors who couldn’t access SpaceX during its private years, the IPO opens a door that was previously locked. But at a $2 trillion starting valuation, the early-stage price appreciation is already behind us.
Baron added an additional $1 billion at IPO prices after already holding a roughly $25 billion position, signaling he believes the market has not yet priced in SpaceX’s long-term potential.
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