Ron Baron, the founder and CEO of Baron Capital, has placed a staggering $1 billion order for shares in SpaceX ahead of the company’s much-anticipated stock market debut. Baron also made it clear that he has no intention of selling his stake during his lifetime, describing SpaceX as one of the strongest investment convictions of his career.

His comments came during a client call held on June 2, attended by nearly 3,000 participants, and have added new excitement ahead of SpaceX’s expected Nasdaq debut around June 12. 

A bet that started nearly a decade ago 

Baron’s faith in SpaceX dates back to 2017. Over the years, he kept buying shares through employee tender offers, gradually building one of the firm’s biggest bets. The strategy has worked remarkably well. His investment, which totalled around $1.7 billion, has swelled to roughly $15 billion and now stands as the largest holding at Baron Capital. 

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During the client call, which also featured co-president Michael Baron, chief operating officer Pat Patalino, lead Elon Musk analyst Isai Leven and host Katya Rosenblatt, Baron laid out an extraordinarily ambitious vision for the company.

He believes SpaceX could eventually be worth anywhere between $10 trillion and $30 trillion within the next 10 to 15 years, despite being expected to go public at a valuation below $2 trillion. Baron said the company could become “the largest, most profitable company on the planet.”

He added that some people inside the company have even told him that his forecasts may be too conservative.

Baron’s bullish outlook is on SpaceX’s satellite internet business, Starlink. He predicts Starlink could grow to 300 million subscribers over the next decade. If that happens, he estimates the business could generate around $1 trillion in annual revenue and achieve a standalone valuation of roughly $14 trillion.

SpaceX reported revenue of approximately $18.7 billion in 2025, with Starlink serving more than 10 million users and contributing significantly to the company’s growth. 

One of the biggest IPOs ever 

SpaceX’s planned public listing is already shaping up to be one of the largest IPOs in history. The company is reportedly targeting a share price of $135, which would give it a valuation of about $1.75 trillion. It is also aiming to raise around $75 billion through the offering.

Goldman Sachs is leading the deal alongside Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan. 

SpaceX filed its S-1 paperwork in April 2026. Its rapid growth has been driven by the expansion of Starlink, its dominance in reusable rockets and strategic developments that include integration with elements of Musk’s artificial intelligence venture xAI. 

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Baron had previously spoken about SpaceX’s potential during a May appearance on CNBC’s Squawk Box. Baron entered the financial industry as an analyst in 1970 and eventually launched his own investment firm. One of the most important decisions of Baron’s career began with a rejection.

In 2010, he met Elon Musk when Musk was pitching the initial public offering of Tesla. At first, Baron was unconvinced. A few years later, however, he changed his mind.

Between 2014 and 2016, Baron purchased roughly $400 million worth of Tesla shares. According to Baron Capital, that investment has generated more than $6 billion in profits for its funds.

Disclaimer: The valuation forecasts, revenue estimates and future growth projections mentioned in this story are based on statements and opinions expressed by billionaire investor Ron Baron. These projections are speculative in nature and are not guarantees of future performance.