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We introduce a notion of stable spherical variety which includes the spherical varieties under a reductive group $G$ and their flat equivariant degenerations. Given any projective space $\bP$ where $G$ acts linearly, we construct a moduli space for stable spherical varieties over $\bP$, that is, pairs $(X,f)$, where $X$ is a stable spherical variety and $f : X \to \bP$ is a finite equivariant morphism. This space is projective, and its irreducible components are rational. It generalizes the moduli space of pairs $(X,D)$, where $X$ is a stable toric variety and $D$ is an effective ample Cartier divisor on $X$ which contains no orbit. The equivariant automorphism group of $\bP$ acts on our moduli space; the spherical varieties over $\bP$ and their stable limits form only finitely many orbits. A variant of this moduli space gives another view to the compactifications of quotients of thin Schubert cells constructed by Kapranov and Lafforgue.

Stable spherical varieties and their moduli