According to persons familiar with the situation, SpaceX is getting ready to sell insider shares in a deal that would put Elon Musk's rocket and satellite manufacturer at a valuation higher than OpenAI's record-breaking $500 billion.
According to the people, who asked not to be named because the information is confidential, SpaceX may be worth up to $800 billion in the company's most recent tender offer. According to one source, SpaceX may attempt an IPO as early as late next year.
Some of the people indicated that the specifics, which were addressed by SpaceX's board of directors on Thursday at its Starbase hub in Texas, might change depending on demand from insider buyers and sellers or other circumstances.
The share price under negotiation, according to another person knowledgeable on the subject, is more than $400 per share, which would put SpaceX's valuation between $750 billion and $800 billion, though specifics could alter.
If verified, SpaceX would surpass the previous record of $500 billion set in October by ChatGPT owner OpenAI to become the most valuable closely held corporation in the world once more.
Compared to the $212 per share set in July, when the corporation raised funds and sold shares at a valuation of $400 billion, the most recent amount would represent a significant gain.
A request for comment was not answered by a SpaceX spokesman. A acquisition would value SpaceX at $800 billion, according to earlier reports from the Wall Street Journal and Financial Times, which cited anonymous persons with knowledge of the situation.
Shares of the satellite TV and wireless operator EchoStar Corp. increased by as much as 18% after learning of SpaceX's valuation. In addition to an earlier deal to sell over $17 billion in cellular spectrum to Musk's business, EchoStar last month agreed to sell spectrum licenses to SpaceX for $2.6 billion.
SpaceX, the most successful rocket launcher in the world, rules the space sector with its Falcon 9 rocket, which launches people and satellites into orbit.
Additionally, SpaceX leads the business in offering internet services from low-Earth orbit via Starlink, a network of over 9,000 satellites that outperforms rivals like Amazon.com Inc.'s Amazon Leo.
SpaceX is one of a select few businesses that can raise capital at valuations of $100 billion or more while postponing or denying any plans to go public.
A $800 billion initial public offering (IPO) would propel SpaceX into the 20 biggest publicly traded corporations, just below Musk's Tesla Inc.
SpaceX would have to sell $40 billion worth of stock if it sold 5% of the firm at that price, making it the largest initial public offering (IPO) in history and significantly more than Saudi Aramco's $29 billion listing in 2019. In that sale, the corporation sold only 1.5% of the business, a far lower portion than most publicly traded companies offer.
In contrast to private companies whose valuations are closely guarded secrets, a listing would expose SpaceX to the volatility of becoming a public corporation. 2025 has seen a varied response to the initial public offerings (IPOs) of space and defense companies.
While Firefly Aerospace Inc. and Voyager Technologies Inc. have had double-digit percentage declines since their launches, Karman Holdings Inc.'s stock has almost tripled since its debut.
The idea of splitting out SpaceX's Starlink division into a distinct, publicly traded company has been brought up by SpaceX management on several occasions.
President Gwynne Shotwell first proposed this idea in 2020. But over time, Musk publicly questioned the possibility, and Chief Financial Officer Bret Johnsen stated in 2024 that a Starlink IPO would be more likely "in the years to come."
According to a secondary story published on Friday by The Information, which cited persons familiar with the talks, SpaceX has informed investors and representatives of financial institutions that it intends to go public with the complete business in the second half of next year.
Investors in closely held companies like SpaceX might generate liquidity through a so-called tender or secondary offering, which allows employees and some early shareholders to sell shares.
In order to transport people and cargo to the moon and, eventually, Mars, SpaceX is developing their new Starship vehicle, which is billed as the most potent rocket ever created.
