"You can't own enough of the greatest idea you've ever had. That's the way I feel about SpaceX."
He is telling the people closest to him, his friends, the executives of the companies he has backed, his own family that investing in SpaceX at the current price will change their lives, and he would not be saying that if he did not believe it completely.
That is worth understanding in the context of who Ron Baron actually is.
He is an 83 year old investor who first bought SpaceX in 2017 when it was valued at $20 billion.
And he has compounded that position through every fundraising round, every secondary market sale, and every moment of doubt holding through the years when SpaceX was losing money on Starship development, holding through 2022 when his fund fell 43%, and holding right now with the IPO six days away.
SpaceX has grown from that $20 billion entry to the $1.75 trillion listing on June 12, an 87 fold increase in enterprise value over nine years.
Baron Capital now has approximately $10 billion invested in SpaceX across its funds, making it the firm's single largest position, surpassing even Tesla.
He has said publicly and repeatedly that he is not selling a single share at the IPO, and that he expects SpaceX to grow ten times in value from its current level over the next decade.
To understand why that conviction is credible and not just promotional, you have to understand how Baron's investment philosophy actually works.
His framework is built on one central idea, the market is relentlessly short term, and that creates enduring opportunities for investors willing to hold through periods where a business is investing in itself at the expense of near term earnings.
The market has been penalizing SpaceX for years for spending billions on Starship development, on Colossus and Macro Hard data centers, on Starlink satellite launches, and on the next generation of orbital infrastructure that will power computing from space.
Baron's bet is that the investors focused on quarterly cash flow are going to look back at this period the same way investors who sold Amazon in 2002 look back at that decision today.
The SpaceX opportunity he is describing is genuinely multi layered in a way that very few businesses in history have been.
Starlink alone is on track to reach 100 million subscribers, at a level of margin that would make it one of the most profitable consumer businesses on earth.
The launch business is a near-monopoly with pricing power that is increasing, not decreasing, as aerospace demand grows.
The AI compute leasing business, $30 billion in already contracted revenue from Google and Anthropic alone was not even in any public financial model two weeks ago.
And Baron was describing space-based data centers as early as December 2025, noting that placing compute infrastructure in orbit eliminates cooling costs entirely, a structural cost advantage no terrestrial data center can ever match.
Come join Milk Road Pro for our full SpaceX IPO analysis, how we're thinking about position sizing at $1.75 trillion and our entire AI thsis.
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