Elon Musk’s SpaceX has initiated discussions about selling insider shares at a price that values the closely held company at $175 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 some of the people, 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 capitalization, on par with T-Mobile USA Inc. ($179 billion), Nike Inc. ($177 billion) and China Mobile ($176 billion), according to data compiled by Bloomberg.
Representatives for SpaceX, formally known as Space Exploration Technologies Corp., didn’t immediately respond to a request for comment.
The Hawthorne, 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 capitalize on robust demand for communications via space.
New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
