Elon Musk seems to defy expectations when it comes to his companies like Tesla and SpaceX. Now billionaire investor Ron Baron is making a bold prediction that Musk's private aerospace firm SpaceX could skyrocket in value to become a $500 billion business within 8 years.

In an interview with CNBC, Baron stated that he believes SpaceX revenues could reach $100 billion per year by 2030. With a typical valuation multiple of 5x revenue, that would imply a total enterprise value for SpaceX of $500 billion by the end of the decade. 

For reference, SpaceX was valued at only $100 billion as of 2021 after a private funding round. Jumping to $500 billion would cement its status as the world's most valuable private company. It could even potentially dethrone Saudi Aramco as the largest global company overall.

Baron has proven to be a keen believer in Musk's companies, with his funds investing billions into Tesla stock long before its meteoric rise. Now he is making a similarly ambitious call on SpaceX's future.

But can SpaceX truly scale its human spaceflight, satellite internet, and other divisions rapidly enough over an 8 year span to become a half trillion dollar behemoth?