G.L.A. INVEST RESEARCH INFINITE INNOVATION NEWSLETTER
Issue: Private-to-Public Alpha – June 2026Ron Baron & The SpaceX Thesis: “The Largest, Most Profitable Company on the Planet”
Watch the media linked in this archived editionDear G.L.A. Investors,
Few investors have backed Elon Musk’s ventures as early, as aggressively, or as profitably as Ron Baron of Baron Capital. Since 2010, Baron has built one of the deepest relationships in the ecosystem — turning roughly $2 billion invested in SpaceX (across 27 tender offers since 2017) into $12–13 billion in realized profits to date. Tesla investments have added another ~$7–8 billion in gains. In a recent investor call with nearly 3,000 participants, the 83-year-old founder laid out why he believes SpaceX is still in the earliest innings of what could become the defining wealth-creation story of our lifetimes.
The Baron SpaceX Thesis in Ron’s Own Words – SpaceX is not just a rocket company. It is the low-cost provider to an entirely new economy— enabled by reusable launch technology that has now flown successfully ~600 times (165 in one recent year alone, with thousands per year on the horizon). Ron’s core convictions:
Reusability has driven launch costs from $150M+ per competitor flight down to tens of millions today — heading toward $3–5 million. This unlocks economics no one else can match. They are over ten years ahead of the competition on this fact.
Starlink: Internet for the entire planet. From 9 million subscribers last year to 15 million this year, scaling toward 300+ million customers plus in the next ten years. Ron projects ~$1 trillion annual revenue and $700–800 billion EBITDA in 10–12 years, valuing Starlink alone at ~$14 trillion.
Space-Based Data Centers: Satellites powered by solar, cooled by vacuum — no terrestrial power or water constraints. A mesh network of up to 1 million satellites for inference and AI compute. Solving the energy bottleneck for AI is priceless.
Vertical Integration: Custom chips, manufacturing scale, and Grok-level AI advancing rapidly. Elon Companies are the definition of vertically integrated.
Culture of “Faster, Better, Cheaper”: Fixed-price bidding, relentless cost scrutiny, and a mission-driven workforce.
Baron sees these forces compounding into $10–30 trillion enterprise value for SpaceX over the next 10–15 years —he said that these projections could turn out extremely conservative, making it the largest and most profitable company on Earth. At a prospective IPO valuation in the $1.5–2 trillion range, he views it as dramatically undervalued.
Baron’s Conviction in Action – At the IPO, Ron Baron has placed an order for an additional $1 billion in SpaceX shares specifically to avoid dilution and maintain his ownership stake. He stated he “can’t imagine ever selling” his personal or family shares in his lifetime. Baron Capital already holds one of the largest institutional positions, and this incremental purchase underscores their long-term belief.
Coach Kyle’s Two Cents –As your coach at G.L.A. Invest, here’s my plain-English take: I would Buy it on the first day of trading. In five years, these IPO prices are going to look like pennies. The same way early Tesla investors look back at sub-$50 splits and shake their heads, SpaceX at $1.5–2T will feel like the bargain of the decade. You’re not buying a rocket company — you’re buying the picks, shovels, and highways of the entire space-AI economy. When Starlink alone is throwing off hundreds of billions in high-margin cash flow and orbital data centers are printing money with zero terrestrial constraints, the market will re-rate this thing aggressively higher. Volatility on day one? Expected. But if you have the capital and the horizon, this is one of those “take your shot” moments. Ron Baron is adding another billion at these levels for a reason.
Investment Implications –SpaceX represents the rarest of opportunities: a Category Creator transitioning from private to public with explosive growth still ahead. For investors who can access pre-IPO secondaries or position at/near the IPO, Baron’s thesis — backed by Coach Kyle’s conviction — suggests multi-decade compounding potential at scale. We continue to view elite SpaceX exposure as one of the highest-conviction ideas in global markets — consistent with our mandate of uncovering generational opportunities before they become obvious to all.
G.L.A. INVEST RESEARCH
Greatest Living Americans (G.L.A.) – Uncovering Generational Opportunities Disclaimer: This is not investment advice. All projections and statements are attributed to Ron Baron / Baron Capital or represent G.L.A. views. Conduct your own due diligence. Past performance does not guarantee future results. Valuations and timelines are speculative.
