Could SpaceX be worth $12 trillion one day? Citi says Starship gets it a step closer.

Citi's analysis frames SpaceX's recent Starship test as more than an engineering milestone — it is a step toward the economics that would underpin an eventual public valuation. The bank's analysts see the launch advancing several of SpaceX's core priorities, from reusability to payload capacity, which together could support a long-run share price scenario of $900.

That figure matters because it implies a valuation in the trillion-dollar range, a scale that would place SpaceX among the most valuable companies ever listed. For markets, the significance is less about any single launch than about whether Starship can convert technical progress into repeatable, lower-cost access to orbit — the foundation for businesses such as Starlink and future commercial contracts.

What to watch: the cadence of Starship flights, progress on full reusability, and any signals about timing for a potential IPO. Each successful test narrows the gap between ambition and valuation, but the path remains long and execution-dependent.