Elon Musk Prepares SpaceX IPO Valued At More Than RTX, Boeing, Lockheed Combined

The aerospace and defense industry is likely in for a massive shift in 2026 as SpaceX prepares for a public offering that could fundamentally redefine the sector's hierarchy.

RTX stock is climbing. See the chart and price action here.

SpaceX's projected valuation has reached a staggering $800 billion, a figure that eclipses the combined market capitalization of America's six largest defense contractors.

Here's a look at the Benzinga Pro data:

RTX Corp. (NYSE:RTX) – market cap of $239.54 billion
Boeing Co. (NYSE:BA) – market cap of $160.04 billion
Lockheed Martin Corp. (NYSE:LMT) – market cap of $111.13 billion
General Dynamics Corp. (NYSE:GD) – market cap of $90.58 billion
Northrop Grumman Corp. (NYSE:NOC) – market cap of $81.32 billion
L3Harris Technologies, Inc. (NYSE:LHX) – market cap of $53.68 billion

The combined value of the United States’ six top defense primes — RTX, Boeing, Lockheed Martin, General Dynamics, Northrop Grumman and L3Harris —s tands at $709 billion.

For decades, these titans were the untouchable pillars of the aerospace and defense industry.

SpaceX, a single private company, has surged past their collective worth by nearly $100 billion and that's at the low end of its valuation range.

Recent reports have pegged a potential SpaceX IPO as high as an estimated $1.5 trillion — more than double the combined value of the six mega contractors.

The $1.5 trillion figure is not far-fetched considering Elon Musk's Tesla, Inc. (NASDAQ:TSLA) closed last Friday with a $1.53 trillion market cap and was reaching higher on Monday.

SpaceX's latest valuation could signal a changing of the guard.

While legacy contractors like Boeing and Lockheed Martin rely heavily on traditional government contracts and have faced recent struggles with production delays and cost overruns, SpaceX investors are pricing in a monopoly on access to low-Earth orbit.

The company's dominance is driven by two massive engines: the Starlink satellite internet constellation, which generates recurring commercial revenue, and the Starship launch system, which promises to revolutionize heavy lift capacity.

The $800 billion figure shows that the market views SpaceX's reusable technology as more valuable than the entrenched, legacy infrastructure of the entire U.S. defense industrial base combined.

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