Elon Musk-owned aerospace company SpaceX is reportedly approaching a valuation of $400 billion, with plans to raise money and sell insider shares, according to reporting from Bloomberg. This development would represent the largest-ever valuation for a privately held U.S. company, the article mentioned.
SpaceX specializes in developing rockets and satellites — most notably the company’s Starship rocket and its Starlink satellite broadband service. Starship combines a spacecraft and a heavy rocket with the goal of providing reusable transportation of passengers and cargo into Earth’s orbit and beyond. The Starlink system features a large panel that points skyward, working to provide high-speed internet connectivity for streaming, video calls, gaming and more, even from remote locations.
The company’s fast-growing valuation could be attributed to advancements with its Starship rocket program, as well as its high-revenue business surrounding its Starlink satellite internet unit. To achieve a $400 billion valuation, SpaceX will launch a primary fundraising round by selling a small number of new shares to investors, followed by a secondary offering in which it would sell employee and early investor shares.
