Project management value has moved from ideas of 'value management' to ideas of 'understanding how stakeholders value different things'. In line with this new paradigm, value in megaprojects is influenced by the complex morass of stakeholders involved. This paper explores how stakeholders engage with the megaproject delivery process and value creation. From extant literature, the author reviews the definition of megaprojects and discusses their characteristics. Value and stakeholder value was also discussed. It was proposed that internal stakeholders are concerned with the value from 'project management deployment' while external stakeholders are primarily concerned with the 'value from project outcome'. Using a framework, the relationship between external stakeholders and value from project outcome was argued for. Internal stakeholders and the relationship with value from project management deployment were also argued for. Hence, a Value framework that can be used to determine what value needs to be generated for internal and external stakeholders is proposed. Future research is discussed including the need to further develop this value framework to identify different internal and external stakeholder value across project life cycle and product life cycle.