Elon Musk’s aerospace company SpaceX is reportedly in discussions to sell insider shares that could shoot up the startup’s valuation to a hefty $350 billion, according to Bloomberg. This is $100 billion more than the expected value reported in November.
With the new valuation, SpaceX will be cemented as the world’s most valuable private startup and could surpass TikTok’s parent company ByteDance. Last month, Reuters reported that ByteDance’s valuation amounted to $300 billion after it approached investors about a share buyback program.
SpaceX, officially known as Space Exploration Technologies Corp., was previously valued at $255 billion. However, the company’s latest potential valuation surge highlights significant gains in Musk’s empire since the U.S. presidential election. According to Bloomberg Billionaires Index, Tesla Inc.’s shares are up 42% since Nov. 5, while Musk’s own net worth has risen to an estimated $330 billion.
READ: SpaceX to send first high-speed internet satellite into space in 2019 (November 20, 2017)
Musk, who has supported the U.S. President-elect Donald Trump in his 2024 campaign, has been appointed to spearhead the newly formed Department of Government Efficiency (DOGE), an initiative aimed at running government operations efficiently in Trump’s upcoming administration.
Founded in 2002, SpaceX’s unique trait that sets itself apart from its competitors is its pursuit of commercialization of the space industry. At the forefront of the aerospace startup’s endeavours is Starlink, a satellite internet service designed to provide high-speed broadband to underserved and remote regions worldwide. So far, its services are rolled out in 60 countries, including critical deployments in Ukraine to ensure connectivity during the ongoing conflict.
Beyond Starlink, SpaceX continues to revolutionize space travel with its reusable rocket technology and ambitious plans for interplanetary exploration including the Starship program.
In addition to SpaceX, Musk-owned X had its valuation increase last month. This is due to Musk’s recent venture xAI, an artificial intelligence company with the aim of developing AI models capable of solving complex problems, which uses X as its source of training data.