Ron Baron bets $25B on SpaceX, projects $40T valuation within a decade

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 ...