Billionaire Elon Musk’s SpaceX is set to launch a tender offer that values the space exploration company at $210 billion, a record for a privately held U.S. company.
SpaceX will sell the shares to employees and other stakeholders at $112 a share. Bloomberg reportedHe said this citing a source close to the matter.
The funding raises the satellite launch company’s valuation from $180 billion.
The report added that strong interest from investors led to the expected valuation exceeding initial expectations.
The terms of the tender offer have not yet been finalized and are subject to change.
The Washington Post has reached out to SpaceX for comment.
If the tender offer goes through, SpaceX will become the world’s most valuable private company after ByteDance, TikTok’s Chinese parent company.
ByteDance was valued at $268 billion as of December last year.
SpaceX, the world’s largest satellite company, operates Starlink, a high-speed internet service customized for rural and remote areas.
The company had about 5,000 satellites in orbit as of the end of last year.
Musk’s company is also a contractor for NASA.
Earlier this week, NASA awarded SpaceX an $843 million contract to develop a spacecraft that will enable “the safe and responsible de-orbit of the International Space Station in a controlled manner after it reaches the end of its operational life in 2030.”
Musk, the world’s richest man with an estimated net worth of more than $220 billion, has repeatedly touted SpaceX’s plans to reach Mars using its giant rocket, Starship.
Musk tweeted in May. “SpaceX does not need additional capital and in fact plans to buy back its own shares.”
“We run liquidity rounds for our employees and investors approximately every six months,” Musk said at the time.
In addition to SpaceX, Musk is also CEO of electric car maker Tesla, social media platform X and AI company Glock.
Grok recently raised $6 billion from investors as it aims to compete with the likes of Microsoft-backed OpenAI in the race to develop advanced artificial intelligence models.
