SpaceX vs Relativity Space: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between SpaceX and Relativity Space.
SpaceX
Falcon, Starship and Starlink.
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Deep tech with milestone-driven upside; ISO/NSO options; patient capital essential
Relativity Space
3D-printing rocket company pivoting from the failed Terran 1 small launch vehicle to the fully reusable Terran R (targeting 2026 debut).
No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Deep tech with milestone-driven upside; ISO/NSO options; patient capital essential
Key differences for employees
Equity structure
SpaceX grants ISO/NSO with strike prices ranging from $175–$215 depending on your grant year. Relativity Space grants ISO/NSO with strike prices from $12–$20.
Secondary market signal
The secondary market prices SpaceX at +18% vs its last primary round ($1.3T → $1.5T, source: Hiive). Relativity Space has no recent verified secondary signal. A higher secondary premium typically signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
SpaceX runs at $15.5B ARR, growing +50% YoY (fast). Relativity Space does not publicly disclose revenue. Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
SpaceX: IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Relativity Space: No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Calculate your specific grant
Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value using peer-multiple, secondary-market, time-decay, and sector-momentum methods.