Bill Ackman highlights SpaceX’s $4.4 billion operating income from Starlink but avoids investing due to valuation concerns.
Billionaire investor Bill Ackman called Elon Musk the most talented entrepreneur of his generation but revealed he is not investing in SpaceX. Ackman praised SpaceX’s Starlink, noting its $4.4 billion operating income in 2025 and near-monopoly in satellite internet with 12 million subscribers.
Starlink accounted for 97.1% of global satellite speedtest samples in Q3 2025, underscoring its dominance. Ackman also highlighted SpaceX’s AI infrastructure, where it is a key provider for GPU rentals. Despite the strengths, he cited valuation as a reason for staying out of the stock.
Ackman’s comments reflect cautious optimism about SpaceX’s business model but no immediate market reaction was reported.