SpaceX becomes world’s most valuable private startup at $350 billion

SpaceX and its investors have reportedly reached an agreement to purchase up to $1.25 billion in insider shares, valuing Elon Musk's rocket and satellite company at approximately $350 billion.

The per-share price of $185 is up substantially from the $112 set in a prior valuation less than three months ago, said the memo, which was separately confirmed by people familiar with the matter, News.Az reports, citing Bloomberg.

SpaceX alone is offering to purchase as much as $500 million worth of common stock, it said.

The company, formally known as Space Exploration Technologies Corp., didn’t immediately respond to a request for comment.

The staggering valuation, which confirmed a Bloomberg report from last week, cements SpaceX’s status as the most valuable private startup in the world, with a market capitalization rivaling some of the largest public companies. It reflects the post-election gains across the billionaire chief executive officer’s business empire.

SpaceX has established itself as one of the industry’s preeminent rocket launch providers, lofting satellites, cargo and people to space for NASA, the Pentagon and commercial partners, and is building out a large network of Starlink satellites providing internet service.

Musk’s businesses have seen an enormous boost since the US election, with investors seeking to capitalize on the billionaire’s deepening ties to President-elect Donald Trump. Musk’s own wealth has soared to about $384 billion, according to the Bloomberg Billionaires Index.

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

News.Az