SpaceX tender offer said to value Elon Musk’s company at record $285 billion
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The new valuation is a record for a US private company, but sitill lower than that of TikTok parent ByteDance.
PHOTO: EPA-EFE
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Los Angeles - SpaceX will sell insider shares at US$112 apiece in a tender offer, a higher-than-expected price that boosts the value of Mr Elon Musk’s space and satellite company closer to US$210 billion (S$285 billion), according to people familiar with the matter.
The company was last valued at US$180 billion in a transaction in December, Bloomberg News reported.
The world’s second-most valuable start-up decided to price its current tender offer – a transaction that enables employees and insiders like investors to sell shares – at higher than the US$200 billion valuation that was discussed in May, due to significant investor demand, the people said, who declined to be identified as they are not authorised to speak publicly.
The new valuation is a record for an American private company, but is still lower than the US$268 billion valuation of ByteDance
Already, SpaceX is on a par with some of the world’s largest, publicly traded companies by market capitalisation.
Terms are not finalised and the size of the tender offer could change depending on interest from both insider sellers and buyers.
Representatives for SpaceX, formally known as Space Exploration Technologies Corp, did not immediately respond to requests for comment. BLOOMBERG
