SpaceX is set to reach a valuation of US$400 billion through a new share sale, a deal that would make it the most valuable private company in U.S. history.
The transaction would place SpaceX alongside the world’s most valuable companies—public or private—including TikTok parent ByteDance and ahead of artificial intelligence firm OpenAI.
The upcoming deal, first reported by Bloomberg, includes a tender offer allowing employees and early investors to sell up to US$1 billion worth of shares at a price of US$212 per share, according to multiple sources familiar with the transaction. The valuation leap follows a December 2024 tender offer that valued SpaceX at US$350 billion, and marks an even bigger rise from US$210 billion just a year earlier.
If completed, the US$400 billion valuation would put SpaceX on par with some of the top 20 most valuable publicly traded companies in the S&P 500—surpassing the likes of Bank of America and Procter & Gamble. It also positions the company ahead of rival innovators like OpenAI (valued at US$300 billion) and shoulder-to-shoulder with TikTok parent ByteDance, which was recently valued at over US$400 billion.
The soaring valuation is attributed largely to SpaceX’s two key business units: Starlink, its rapidly growing satellite internet division, and Starship, its next-generation rocket system.
Starlink, which already accounts for more than half of SpaceX’s annual revenue, continues to expand globally. The low Earth orbit (LEO) satellite network offers high-speed internet access even in remote regions and has recently secured major deals with airlines and governments. Its commercial success has been a critical driver of investor confidence.
Meanwhile, SpaceX is working to bring its Starship program back on track after a series of test failures, including a significant blast at a Texas test site in June. Starship, if successful, promises to revolutionize orbital launches with fully reusable hardware and the capacity for interplanetary travel.
Founded in 2002 with roughly US$100 million of Musk’s own capital from the sale of PayPal, SpaceX has grown from a scrappy startup into the world’s leading commercial launch provider. It holds contracts with NASA, the U.S. Department of Defense, and multiple international clients.
Unlike publicly traded giants, SpaceX remains a private company, allowing it to operate with far greater flexibility and long-term focus. However, the recent wave of secondary share sales—where insiders cash out without diluting the company—has become a popular method to reward employees while boosting market visibility.
The company reportedly plans to carry out a primary fundraising round alongside the secondary sale, using it to help determine the final share price.
SpaceX has yet to publicly comment on the deal. However, if the transaction proceeds as expected, it will solidify the company’s dominance not just in aerospace, but in the broader landscape of global tech and innovation.
