Billionaire Elon Musk’s SpaceX is set to launch a tender offer that would reportedly value the space exploration firm at a whopping $210 billion — a record for a privately held US company.
SpaceX will sell shares to employees and other insiders at $112, Bloomberg reported, citing people familiar with the matter.
The round will boost the satellite-launching company’s valuation up from $180 billion.
The projected valuation has surpassed initial expectations due to strong interest from investors, the report added.
The tender offer’s terms have yet to be finalized and are subject to change.
The Post has reached out to SpaceX for comment.
The tender offer, if concluded, would place SpaceX just behind ByteDance, the China-based parent company of TikTok, as the most valuable private firm in the world.
ByteDance was valued at $268 billion last December.
SpaceX, the world’s largest satellite company, operates Starlink, the high-speed internet service tailored for rural and remote locations.
The company had approximately 5,000 satellites in orbit as of late last year.
Musk’s firm is also a NASA contractor.
Earlier this week, NASA awarded an $843 million contract to SpaceX to develop a vehicle that will allow “for the safe and responsible deorbit of the International Space Station in a controlled manner after the end of its operational life in 2030.”
Musk, the world’s richest person with an estimated net worth of more than $220 billion, has repeatedly touted plans to reach Mars with SpaceX’s massive “Starship” rocket.
In May, Musk tweeted that “SpaceX has no need for additional capital and will actually be buying back shares.”
“We do liquidity rounds for employees and investors every ~6 months,” Musk said at the time.
Aside from SpaceX, Musk also serves as CEO of electric car maker Tesla, the social media platform X and the AI firm Grok.
Grok recently raised $6 billion from investors as it looks to compete with the likes of Microsoft-backed OpenAI in the race to develop advanced artificial intelligence models.
Credit: Source link
