Elon Musk’s SpaceX valued at $175bn in tender offer

Elon Musk’s SpaceX has initiated discussions about selling insider shares at a price that values the closely held company at $175 billion (€163 billion) or more, according to people familiar with the matter.

The most valuable US startup is discussing a tender offer that could range from $500 million to $750 million, said the sources, who asked not to be identified because the information is confidential. SpaceX is weighing offering shares at about $95 apiece, the people said.

Terms and the size of the tender offer could change depending on interest from both insider sellers and buyers.

A $175 billion valuation is a premium to the $150 billion valuation the company obtained through a tender offer this summer. The increase would make SpaceX one of the world’s 75 biggest companies by market capitalisation, on par with T-Mobile USA ($179 billion), Nike ($177 billion) and China Mobile ($176 billion), according to data compiled by Bloomberg.

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

The California-based company dominates the market for commercial space launch services with its Falcon rockets. SpaceX also sends payloads to orbit for private-sector customers, as well as for the National Aeronautics and Space Administration and other government agencies.

SpaceX also operates its internet-from-space Starlink service, anchored by a growing constellation of satellites in low-Earth orbit.

SpaceX is on track to book revenues of about $9 billion this year across its rocket launch and Starlink businesses, Bloomberg News reported last month, with sales projected to rise to around $15 billion in 2024. The company is also discussing an initial public offering for Starlink as soon as late 2024 — a bid to capitalise on robust demand for communications via space. - Bloomberg