SpaceX and its investors have agreed to purchase as much as $1.25 billion of insider shares in a transaction valuing Elon Musk’s rocket and satellite maker at about $350 billion, according to an internal email seen by Bloomberg.
Destiny Tech100 Inc rose 15% in Wednesday trading. (Destiny Tech100 is a fund that offers retail investors access to high-profile private startups, and SpaceX is Destiny Tech100's largest holding, making up about 37.6% of the portfolio.)
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. SpaceX alone is offering to purchase as much as $500 million worth of common stock, it said.
“What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!” Musk wrote in a post on X following Bloomberg’s report. “SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in.”
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 his 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.
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